Spanish Oil Company Repsol Reported Growth in Q1

Spanish oil company Repsol reported growth in first quarter of 2011 earnings on Thursday, beating forecasts thanks to a surge in oil prices and profit at the group’s liquid natural gas (LNG) business. Higher oil prices more than made up for falling production from the outage of the group’s operations in Libya, while a return to profitability at the group’s petrochemical business and well-defended margins helped the core refining business. According to "LNG World News" web- site, the -quarter net profit adjusted for one-time gains and inventory effects (CCS adjusted net) rose 29 percent to 654 million euros ($941.2 million). CCS adjusted earnings before interest and taxes rose 11 percent to 1.40 billion euros. Profits in LNG nearly tripled thanks to the Peru LNG business coming on stream and higher volumes at the group Canaport terminal, offsetting weakness in Argentina on lower production and flat sales.