Repsol makes loss as oil, gas prices fall, climate charge bites [Reuters]
REPSOL SA SP/ADR (REPYY)
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Source: Reuters
Repsol makes loss as oil, gas prices fall, climate charge bites MADRID (Reuters) - Spain’s Repsol on Thursday reported a net loss for 2019, sapped by lower oil and gas prices and one-off charges mainly related to its pledge to cut its greenhouse gas emissions. Oil majors around the world have posted steep falls in 2019 income because of price weakness, particularly in Asia. A 2019 net loss of 3.8 billion euros ($4.10 billion), compared with net income of 2.3 billion euros in the previous year, was primarily because of a 4.8 billion euro impairment Repsol booked mainly on production assets in North America because of its climate targets. Adjusted net profit came in at 405 million euros ($437.08 million), missing an analyst estimate of 418 million euros provided by the company. Responding to global concerns about damage caused to the climate by fossil fuels, Repsol announced in December it planned to cut carbon emissions from the barrels it digs out of the ground to net zero by 2050. In
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