In the context of sharply declining economic activity and falling crude prices

Repsol posts net profit of 2.711 billion euros for 2008

Press Release 26/02/2009 17:28
  • Adjusted operating income, excluding inventories, rose 5% to 5.503 billion euros
  • Net profit fell 15% from 2007, due to the sharp decline in the price of crude oil and economic activity.
  • Repsol presents a solid financial position, with liquidity of more than 6.8 billion euros
  • The total gross dividend proposed for shareholder approval is 1.05 euros per share, 5% more than in 2007.
  • Debt was reduced by 159 million euros, with the debt/capital employed ratio at 11.9%.
  • Profit at the Upstream (exploration and production) business rose 20%.
  • Repsol took part in three of the world’s top five oil finds in 2008, and this year has made significant oil and gas discoveries in Libya, Algeria and the Gulf of Mexico.
  • In the Downstream business (refining, marketing, LPG and chemicals), the sharp decline in the price of oil had a negative effect of 729 million euros in the value of inventories compared with 2007.
  • The Chairman, board and management have frozen their salaries.
  • The company implements an extraordinary savings plan.
  • Antonio Brufau: “We’ve cut non-essential spending to devote our efforts to the strategic investments, those which will guarantee the company’s future success.”

26 February 2009 - 00:00 CET | PDF | 75.84 KB