Redemption of 100% of Repsol International Capital Limited’s Series A Preference Shares

Press Release 04/01/2011 15:25
  • Repsol’s operating income was 4.102 billion euros, slightly higher that that recorded in the first nine months of the previous year.
  • Exploration and Production (Upstream) profit rose 15.7% from the year-earlier period, due to the increase in crude oil and gas realization prices and lower operating costs.
  • An excellent performance was posted by the LNG (liquefied natural gas) unit, where profit rose to 276 million euros, mainly due to the start-up of the Peru LNG plant and improved sales margins and volumes. 
  • Profit at the Downstream unit (Refining, Marketing, LPG, Trading and Chemicals) was 1.097 billion euros, due to lower international refining margins and sales.
  • Operating income for YPF and Gas Natural Fenosa fell 16% and 5% respectively.
  • Repsol maintains its secure financial position thanks to sound management practices and continued financial discipline, with a 8.4% net debt over capital employed ratio, excluding Gas Natural Fenosa.
  • The last few months have seen three significant events for Repsol: The start-up of new units at the Cartagena refinery and the imminent start of Bilbao that make Repsol one of the companies with the highest conversion rate in Europe, the restart of production in Libya, and the largest oil discovery in Repsol’s history, made in Argentina in one of the world’s largest non-conventional hydrocarbon reservoirs.

04 January 2011 - 00:00 CET | PDF | 29.93 KB

The Board of Directors of Repsol International Capital Limited (RIC) has authorized the redemption of 100% of the outstanding Series A Preference Shares issued by RIC and guaranteed by Repsol YPF (the Series A Preference Shares). The Series A Preference Shares are currently listed on the NYSE under the symbol REPPRA (CUSIP G7513K103, ISIN No. KYG7513K1031, Common Code 011340539).

On December 30th, 2010, RIC’s Board of Directors resolved to carry out the redemption pursuant to the terms of the Memorandum and Articles of Association of the Company as amended from time to time, a Prospectus issued by the Company dated October 10th, 1997 and a Prospectus Supplement issued by the Company dated October 1997, of 100% of the outstanding Series A Preference Shares at the stated redemption amount of $25.00 per Series A Preference Share, plus accrued and unpaid dividends thereon from and including December 31st, 2010 (dividend date of the last dividend paid) to but excluding the date of redemption, amounting to $0.20 per Preference Share.  

Notice of redemption will be mailed to holders of the Series A Preference Shares on January 4th, 2011, and the date of redemption has been set for February 8th, 2011.