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In the first quarter of 2009, the company made a record number of oil and gas discoveries

Repsol posts operating profit of 963 million euros in a quarter dominated by the sharp fall in oil prices

Press Release 08/05/2009 15:00
  • Operating profit was 963 million euros excluding inventory gains, a fall of 28% when compared with the first quarter of 2008. Brent crude fell 54% and WTI crude declined 56%.
  • Net income was 516 million euros due to the fall in oil prices.
  • This year Repsol has participated in 10 oil discoveries in Brazil, Gulf of Mexico and the north of Africa, all key growth areas for the company. The finds follow success in 2008, when Repsol participated in three of the world’s five largest discoveries.
  • Repsol presents a solid financial position, with liquidity of 7 billion euros ensuring investment targets are met.
  • Downstream profit continues to be strong, rising 52% when inventory valuation differences are excluded.