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Record reserve replacement ratio of 131%
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).