Repsol has maintained through September the momentum of the first six months of the year, with enhanced growth in the company’s key business areas.
Net income was 1.786 billion euros in the first nine months of 2010.
Exploration and Production (Upstream) profit increased 69%, Refining and Marketing (Downstream) rose 34%, YPF earnings increased 82% and Gas Natural Fenosa profit rose 34%.
The group’s operating income was 58.4% higher than the first nine months of 2009 at 4.06 billion euros
A significant improvement in the company’s integrated refining margin, to $5.6 per barrel, makes it one of the industry’s most competitive.
Upstream Hydrocarbons production rose 5.2%, confirming the ascendant tendency begun in 2010.
Repsol in October signed an alliance with China’s Sinopec to create one of Latin America’s largest private energy groups. Valued at $17.8 billion, the deal reflects the value of Repsol’s exploratory activities in Brazil during the last few years.
At the end of the quarter, Repsol’s liquidity stood at 7 billion euros.
"Over the last nine months, we have taken decisive steps to achieve the targets set out in the Horizon 2014 strategic plan,” said Repsol Chairman Antonio Brufau.