MADRID, Oct 31 (Reuters) - Spanish oil and gas firm Repsol posted an 11.2% decline in adjusted net profit for the third quarter on Thursday as weak energy prices offset higher production and returns from downstream unit.
The net profit nevertheless beat market expectations.
Recurring net profit adjusted for one-off gains and inventory effects (CCS net profit) reached 522 million euros ($554 million) in July-September, down from 588 million euros in the same period of last year, the company said.
Oil prices have been dragged down this year by rising supply from the United States and expectations that slowing economic growth and the impact of trade disputes will weigh on demand.
Repsol reported a net income of 522 million euros. Analysts had expected net income of 479 million euros, according to a poll provided by the company. (Reporting by Andres Gonzalez, editing by XXXX)