Repsol net profit increases 30% to 688 million Euros

Press Release 29/04/2010 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.

29 April 2010 - 00:00 CEST | PDF | 84.27 KB