MADRID: Spanish energy group Repsol on Thursday beat forecasts for adjusted net income in the fourth quarter, but writedowns on the value of oil and gas assets weighed.

Adjusted net income of 404 million euros ($486.54 million) far outstripped the 134 million expected by analysts in a poll compiled by the company.

Without the adjustments and assuming lower valuations for fossil fuel assets as part of a plan to cut carbon emissions, however, Repsol saw a net loss of 711 million euros.
Oil prices, which plummeted to as low as $15 per barrel in April, still ended the year 35% lower on average, Repsol noted.

Repsol lost almost 40% of its market value in the course of 2020, but its shares have enjoyed a 14% boost so far this year.

Repsol was an early mover among European energy firms in pledging to cut planet-warming emissions and invest more in renewable power as investors and governments call for action on climate change.

It now plans to spin off its low-carbon business and sell a stake to a partner or on public markets in the next two years.