Repsol net profit increases 30% to 688 million Euros
Press Release29/04/2010 16:00
In the first quarter of 2010, operating income was 1.538 billion euros, 61% higher than the same period of 2009.
The company’s core business, Upstream, LNG and Downstream, increased profit by 133.5%, 209.1% and 25.8% respectively. YPF increased 27.2% and Gas Natural Fenosa 51.5%.
Repsol increased its production by 10.4% compared to the first quarter of 2009, consolidating the upward trend started in the previous quarter.
These results have been obtained in a favourable context of recovery of international oil and gas prices, offset by lower Spanish refining margins and the depreciation of the dollar against the euro.
At the end of the first quarter the company’s financial liquidity was 6.481 billion euros, 489 million more than at the end of 2009.
The Repsol Annual General Meeting will be held tomorrow, during which the main projects and investments for Horizon 2014 will be presented.
During the first quarter of 2010, Repsol continued its successful exploratory campaign that includes the drilling of new wells in Brazil, and a second find in the Perla field in Venezuela that increased the original gas resources estimate by 30%.
The Upstream area will be the company’s growth driver, especially after the recent discoveries that consolidate Repsol among those with the most exploratory successes and best future outlook.
Repsol’s strong balance sheet will allow the company, in the expected scenario for 2010-14, to finance its growth and remunerate its shareholders appropriately during the coming years.