Repsol Posts Higher Q4 Profit

reported a strong rise in its adjusted profit for the fourth quarter. Repsol's adjusted profit climbed to EUR370 million ($420 million) from EUR123 million. Average recurring net profit for 2014 was 1.707 billion euros ($1.9 billion), versus analysts' estimates of 1.695 billion euro. Repsol posted a quarterly net loss of EUR34 million, versus a year-ago net loss of EUR1.09 billion. Earnings before interest, taxes, depreciation and amortization declined 24% to 551 million euros in the quarter. Profit at the downstream division surged to 349 million euros, while profit at the exploration and production division dipped 98% to 4 million euros in the quarter. Oil and gas production climbed 16% in the quarter. Repsol shares gained 0.72% to close at $19.56 yesterday.