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