PR Repsol 2010 net income triples to 4.69 billion euros
Press Release24/02/2011 15:14
The significant profit increase was due to the good operating results in all business areas as well as the result of the capital increase of Repsol Brazil fully subscribed by China's Sinopec.
Recurring operating income rose 66.7%, to 5.213 billion euros.
All the company’s business areas experienced significant improvements in their recurring operating income: Upstream (+66.6%), Downstream (+45.5%), YPF (+106%) and Gas Natural Fenosa (+14%).
Especially significant was the 131% reserve replacement ratio at the company’s Upstream unit.
Repsol’s integrated refining margin again posted one of the best performances of the industry.
Net debt at year end, excluding Gas Natural Fenosa, was cut by 65% to 1.697 billion euros.
Repsol’s board will propose a total gross dividend of 1.05 euros per share from 2010 earnings.
During 2010, the company made significant advances in achieving the goals set out in its Strategic Plan, including the incorporation of Sinopec in Brazil, the placement of 4.2% of YPF and the sale of non-strategic assets.
"We have passed strategic milestones and taken decisive steps to complete key projects set out in our Horizon 2014 plan. Also, our reserve replacement rate already exceeds 100%," said Chairman Antonio Brufau”.