Spanish oil company Repsol REP.MC said on Thursday that its first quarter net profit fell 20% from the same period a year ago as oil and gas prices shrunk from the first three months of 2022.

The company said its net profit was 1.11 billion euros ($1.23 billion).

On an adjusted base, Repsol booked a quarterly profit of 1.89 billion euros, which compares with 1.06 billion euros a year earlier and expectations of 1.51 billion euros, according to an average forecast provided by the company.

The uncertain economic outlook weighed on oil and gas prices, with crude oil prices down by an average of 20% compared with the first quarter of last year, when the war in Ukraine sparked a sharp increase in oil prices.

The sale of a 25% stake in its oil and gas exploration division helped the company cut its net debt to 880 million euros at the end of March. It was 2.26 billion euros at the end of last year.
Source: Reuters (Reporting by Pietro Lombardi, editingby Inti Landauro,)