Oil and energy company Repsol YPF reported a drop of 8.5 percent in third-quarter net profit on Thursday, pressured by lower output.
Net profit for the third quarter came to euro869 million ($1.11 billion), compared to euro950 million in the same period the previous year.
Adjusted net profit, Repsol's preferred measure of profitability, fell more than 11 percent to euro844 million ($1.08 billion) in the third quarter, compared to euro951 million a year earlier. Adjusted net profit excludes payments to minority shareholders and non-recurring items.
Repsol's total output fell 2.5 percent in the third quarter to 1.128 million barrels of oil equivalent a day from 1.157 million in the same period a year earlier. The decline was mostly attributed to contract renegotiations in Venezuela as the nation enforced its demand for a majority share in operations by foreign companies.
Shares in the Spanish-Argentine company were down 1.16 percent to euro27.47 ($35.14) in Madrid. They have been volatile in recent months amid speculation on potential merger and acquisition activity.
In early October, Sacyr-Vallehermoso SA became the latest in a string of Spanish construction companies to jump into the country's energy sector, when it started buying Repsol shares in a friendly buildup to create a stable group of core local shareholders in the oil giant.
Sacyr currently owns 10.1 percent of Repsol and has another 7 percent through options contracts, positioning itself as Repsol's top shareholder above Catalan savings bank La Caixa.
Net profit for the third quarter came to euro869 million ($1.11 billion), compared to euro950 million in the same period the previous year.
Adjusted net profit, Repsol's preferred measure of profitability, fell more than 11 percent to euro844 million ($1.08 billion) in the third quarter, compared to euro951 million a year earlier. Adjusted net profit excludes payments to minority shareholders and non-recurring items.
Repsol's total output fell 2.5 percent in the third quarter to 1.128 million barrels of oil equivalent a day from 1.157 million in the same period a year earlier. The decline was mostly attributed to contract renegotiations in Venezuela as the nation enforced its demand for a majority share in operations by foreign companies.
Shares in the Spanish-Argentine company were down 1.16 percent to euro27.47 ($35.14) in Madrid. They have been volatile in recent months amid speculation on potential merger and acquisition activity.
In early October, Sacyr-Vallehermoso SA became the latest in a string of Spanish construction companies to jump into the country's energy sector, when it started buying Repsol shares in a friendly buildup to create a stable group of core local shareholders in the oil giant.
Sacyr currently owns 10.1 percent of Repsol and has another 7 percent through options contracts, positioning itself as Repsol's top shareholder above Catalan savings bank La Caixa.
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