Repsol has seen a 20% drop in profits as it rebounds from lower oil price leading to a loss from its upstream operations.
The company’s net income fell to €312millon from €390million the year previously.
Repsol, which reached a takeover deal for Talisman Energy last year, has relied on some of Europe’s biggest refining margins in a bid to weather the decline in crude price.
The halt in Libyan production was offset somewhat by the ramping up of other projects in regions including the US, Bolivia and Peru.
The announcement of Repsol’s second quarter earnings were revealed on the same day as Shell and Centrica, who both also revealed headcount reductions.
Oil and natural gas production has climbed to 525,000 barrels of oil equivalent a day from 338,000 barrels a year earlier.
Upstream operations saw a loss of €48million in the second quarter, while adjusted net income from its downstream business has almost tripled to €439million.
In the second quarter, 14 wells were completed, with six being successful while four others are being evaluated.
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