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Repsol posts net income of 1.036 billion euros
Press Release
26/07/2012 15:30
- Net income, excluding YPF, fell 14.6% to 903 million euros due to the negative effect of oil prices on the value of inventories, of 328 million euros. Including YPF, which is no longer consolidated in the Repsol Group, earnings declined 22.9%.
- Operating income for the Upstream unit, the company’s growth engine, grew 41.9% to 1.144 billion euros, based on the return to normality in Libya, increased production and better companywide oil and gas realisation prices.
- The Downstream unit posted operating income of 227 million euros, affected by the lower value of hydrocarbons inventories. The Repsol Group’s integrated refining margin improved 85.7% from the year earlier following the completion of the Cartagena and Bilbao refineries’ expansion and improvement programmes.
- Total hydrocarbons production for the first half was 3.8% higher. Liquids production increased 21.8%.
- The company has liquidity of 7.8 billion euros, with 3.1 billion euros in cash and 4.7 billion in undrawn credit lines.
- During the first half Repsol presented its 2012-2016 Strategic Plan based on four pillars: High growth in Upstream, maximisation of returns from Downstream and LNG, a solid financial position and competitive shareholder return.