Production rises 11% and the reserve replacement ratio reaches a record 204%
Repsol posts net income of 2.060 billion euros
Press Release28/02/2013 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.