Production rises 11% and the reserve replacement ratio reaches a record 204%

Repsol posts net income of 2.060 billion euros

Press Release 28/02/2013 15:00
  • Net income was 2.060 billion euros, 6.1% less than in 2011. At current cost of supply, net income rose 5.4% compared with the previous year, which included YPF for the whole period.
  • The Upstream unit’s operating income grew 56% to 2.208 billion euros, demonstrating the strength and projection of the unit as the company’s growth engine.
  • Production rose 11% during the year, with significant increases in Bolivia, Libya, the United States, Spain and Russia. The reserve replacement ratio reached a record high of 204%.
  • During 2012, Repsol made one of the world’s largest discoveries, in Pão de Açucar in (Brazil), as well as other finds in Peru, Colombia and Algeria. 
  • The company increased its portfolio during the year, adding 68 new blocks in the United States, Angola, Aruba, Australia, Bulgaria, Romania and Namibia.
  • The Downstream unit posted operating income of 1.013 billion euros. The investments in the Cartagena and Bilbao refineries improved earnings despite lower sales in forecourts.
  • Repsol’s current available liquidity, excluding Gas Natural Fenosa, totals 9 billion euros, tripling the short term debt maturities.
  • The Board of Directors yesterday agreed to propose to the AGM the continuation of the “Repsol Flexible Dividend” program, and payment of a final dividend from 2012 earnings equivalent to 0.50 euros per share.
  • During 2012 Repsol completed the execution of four out of its ten key growth projects from the 2012-2016 Strategic Plan, and in 2013 begun commercial production from the giant Sapinhoá field.
  • After the year’s close, Repsol agreed to sell liquefied natural gas assets to Shell for $6.653 billion.
  • With the sale of the LNG assets, Repsol has more than met its asset divestment targets in the 2012-2016 Strategic Plan.   

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