Repsol’s net income increased 28% to 1.646 billion euros in the first nine months of the year. These results reflect Repsol's financial strength and the good progress of its businesses in a context of slowdown in global demand, lower production in Libya and falling crude oil prices during the last quarter.
In the Downstream business, the company's highly efficient assets led to a 20% gain in the refining margin over the year-earlier period. Repsol's high-quality assets and strategic positioning made possible a 40% gain in adjusted net income.
Repsol has continued its intensive exploration activity with new discoveries in Brazil, Russia and United States. The company also started up new production in those countries as well as in Peru and Bolivia.
Repsol has reached a high liquidity level of 10.448 billion euros and reduced its debt by 72% in comparison with the year-earlier period, rising to historic levels. Repsol reaches the optimal position for a new wave of growth.
Antonio Brufau has been chosen as Chief Executive Officer of the Year by Petroleum Economist for his strategic vision, excellent leadership skills and attitude in crisis situations. Repsol was named Best Energy Company of the Year due to its successful recovery following the expropriation of YPF.