Repsol posts net income of 2.193 billion

Press Release 29/02/2012 15:00

Repsol’s net income was 2.193 billion euros, 53.3% lower than 2010 which included the result from Repsol’s agreement with Sinopec in Brazil. Recurring net income (excluding one-time gains) was 2.173 billion euros, 7.9% lower than in 2010.
Earnings were affected by external factors such as the armed conflict in Libya and the strikes and the suspension of the Petróleo Plus program in Argentina.
Repsol’s unprecedented exploratory success resulted in a record reserve replacement ratio of 131% for 2011 (162% in the Upstream unit and 112% in YPF).
Repsol added new discoveries, including major finds offshore Brazil and non-conventional discoveries in Vaca Muerta in Argentina.
The company increased its geographical diversification with the acquisition of stakes in blocks in Colombia, Alaska, Ireland, Norway, Portugal, United States and Russia.
In an environment of low international refining margins, the startup of the new units at the Cartagena and Bilbao refineries will allow Repsol to improve its refining margin between $2/bbl and $3/bbl.
Repsol in November signed a new collective agreement that links salaries to, amongst others, business unit performance. During 2011 the group created 3,299 jobs, 9% of a total workforce of 39,622. (ex Gas Natural Fenosa).

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