Repsol net profit jumps 27 pct as refining boost offsets cheap oil

Thu Feb 26, 2015 2:15am EST
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MADRID Feb 26 (Reuters) - Spanish oil group Repsol on Thursday said its 2014 adjusted clean net profit jumped 27.1 percent, boosted by a big boost in refining margins that more than offset a falling output amid plummeting world oil prices.

Average recurring net profit, adjusted for one time gains and inventory effects, for the whole of 2014 came in at 1.707 billion euros ($1.94 billion), slightly beating a 1.695-billion-euro forecast in a Reuters poll of analysts.

For the fourth quarter alone, adjusted clean net profit was 370 million euros, three times what Repsol made in the October-December period a year earlier. ($1 = 0.8797 euros) (Reporting by Julien Toyer and Jose Elias Rodriguez; Editing by Paul Day)