Despite the confiscation of YPF and declining earnings from Spanish fuel sales

Repsol posts net income of 1.796 billion euros

Press Release 08/11/2012 15:00
  • Repsol’s strong results are reflected in that net profit at current cost of supply rose more than 4% to 1.706 billion euros compared to the first nine months of the previous year, which included YPF.
  • Net income for the third quarter was 760 million euros, 36% higher than the same period last year, which included YPF.
  • So far this year, Repsol has made five hydrocarbon discoveries including Pao de Açucar in (Brazil), one of the world’s largest finds in 2012. 
  • Liquids production increased 29% and total hydrocarbon production rose 9% in the first nine months of the year. Repsol’s realisation prices outperformed the international prices of reference. 
  • The Upstream unit’s operating income grew 49% to 1.801 billion euros, mainly due to production increases in Libya, Bolivia and the United States. 
  • The Downstream unit posted operating income of 893 million euros, supported by wider refining margins due to the completion of the Cartagena and Bilbao refineries’ expansion and improvement programmes.
  • Downstream results were significantly affected by reduced activity in the petrochemical business and a 9% decline in fuel sales in Spain.
  • The Group’s net financial debt, excluding Gas Natural Fenosa, declined by 1.857 billion euros to 4.918 billion euros. The company’s current liquidity excluding Gas Natural Fenosa, is more than 8.4 billion euros.

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