Repsol Q1 earnings jump on higher oil prices, refining margins

(Sharecast News) - Spanish oil producer Repsol targeted higher kerosene output as it reported a jump in first quarter earnings driven by higher prices caused by the Iran war. Adjusted earnings before interest tax, depreciation and amortisation soared 110% to €2.61bn. Adjusted net income rose by more than 50% to €873m although this still missed company-compiled estimates of €897m.

The refiner said it was aiming to boost kerosene production by 15% to 20% as the Iran war caused a disruption to jet fuel supplies globally.

Higher refining margins led to a rise in adjusted earnings at Repsol's industrial division rose to €440m compared to €308m last year.

Reporting by Frank Prenesti for Sharecast.com