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Repsol 2016 adjusted net profit up 4 pct on better oil prices



Petroleumworld.com 02 24 2017

Spain's Repsol on Thursday reported a 3.8 percent rise in 2016 adjusted net profit to 1.92 billion euros ($2.03 billion), boosted by recovering oil prices and lower exploration costs which more than compensated declining refining margins.

Repsol, Europe's fifth-largest refiner by market value, said net debt fell to 8.14 billion euros at the end of December compared to just below 10 billion euros three months earlier.

The company said it would bring forward to this year a savings goal of 2.1 billion euros initially scheduled for 2018 in a bid to keep reducing debt. ($1 = 0.9482 euros)

Reporting by Julien Toyer and Jose Elias Rodriguez; Editing by Paul Day from Reuters.

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