* Profitable exploration and production outweigh lowerrefining
* Shares lead IBEX for most of trading day
* Venezuela pays some dues in cargoes(Recasts, adds shares, detail on Venezuela)
By Isla Binnie and Jose Elías Rodríguez
MADRID, Oct 31 (Reuters) - Higher oil prices boosted thirdquarter profit at Spanish oil major Repsol, which alsomanaged to recoup some of the money it had been unable to accessdue to a crisis in Venezuela.
A more than 40 percent rise in the price of crude helpedRepsol's exploration and production business, outweighing a dropin refining income and contributing to an 11 percent rise inadjusted net profit, the company said on Wednesday.
Oil companies including BP, Total andAustria's OMV have posted bumper profits in the pastquarter, energised by deep cost cuts since a 2014 downturn and ahigher oil price.
Repsol's shares climbed more than 4 percent on the higherprofit, while Chief Executive Josu Jon Imaz said the company sawsome positive signs from Venezuela, whose oil-rich economy hassunk into crisis under President Nicolas Maduro.
Some of the obligations state firm PDVSA has to Repsol werepaid in the form of two cargoes in October, and a further twoare expected to be delivered before the end of the year.
"We were paid with two cargoes, we have already receivedthem in our plants," Imaz told a conference call.
He did not say how much the two cargoes were worth, butadded Repsol planned to maintain its current total exposure toVenezuela - 800 million euros ($905 million) in equity, loansand receivables - into the end of the year.
A further two cargoes from a Venezuelan gas field Repsolruns with Italy's Eni are also expected, Imaz said.
PRODUCTION RISE
Repsol said its hydrocarbon production rose 4 percent in thefirst nine months to 713,000 barrels per day, while revenue fromexploration and production doubled compared to the same periodlast year.
Conversely, the refining and chemicals businesses took a hitfrom site maintenance in Spain and Portugal.
Recurring net profit adjusted for one-off gains andinventory effects (CCS net profit) hit 588 million euros ($667million), up from 528 million euros in the same quarter of 2017.
Repsol bases its targets on a cost of at least $50 perbarrel of oil, and has said that speeding up existing projectswould be on its agenda if oil prices remain high.
Elements of pressure on the price have built in recent daysas Russia signalled output will remain high and worries about aglobal economic slowdown raised the prospect of falling demand.
Five electricity plants Repsol bought from Spanish firmViesgo in June, in line with an industry-wide push intolow-emissions businesses, will be integrated into the company'sassets in the coming days, Imaz said.
Net debt, a past headache for Repsol, fell to 2.3 billioneuros by the end of the third quarter from 2.7 billion euros inthe second.($1 = 0.8838 euros)(Reporting by Isla BinnieEditing by Paul Day/Edmund Blair/Alexander Smith)
BP (BP.)
