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  • Spanish energy giant Repsol said Thursday it had swung back into profit during the first quarter due to a rise in global oil prices. The company said in a statement it posted a net profit of 648 million euros ($783 million), compared to a loss of 487 million euros recorded during the same time last year. The first-quarter performance this year benefitted from the recovery of benchmark oil prices to $61 a barrel in the first quarter from an April 2020 low of $15, it added. "Despite the pandemic continuing to hinder the global economy over the first months of the year, the measures implemented by the company have enabled it to take advantage of the recovery of crude oil prices following their abrupt drop in 2020," it said. Repsol posted a 2020 net loss of 3.3 billion euros as oil prices plunged due to a collapse in demand as economies around the world shut down due to the pandemic. That followed a 2019 net loss of 3.8 billion euros mainly due to the loss in value of its assets in North America. emi/ds/rl
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  • Repsol returns to profit due to higher oil prices
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