Oil and gas production rose 11.4%

Repsol net income increases 1.6% to 631 million euros

Press Release 09/05/2013 15:10
  • Net income during the first quarter of 2013 rose 1.6% to 631 million euros. These earnings, at current cost of supply, are especially significant as the year-earlier quarter included earnings from YPF.
  • The Upstream unit consolidated the positive trend of previous quarters with an operating income of 655 million euros, based on increased production. 
  • Hydrocarbons output increased 11.4% during the quarter as the company started production from five of the key projects outlined in the 2012-2016 Strategic plan, and greater activity in Trinidad and Tobago.
  • The Downstream unit’s operating income increased 113.6% to 173 million euros at current cost of supply. 
  • Wider refining margins and higher distillation volumes achieved by the expansion projects at Cartagena and Bilbao more than made up for the fall in sales and sales margins at forecourts.
  • Repsol in February agreed to sell to Shell LNG assets for $6.7 billion. The deal will generate a pre-tax gain of $3.5 billion.
  • In March, Repsol sold treasury shares to Temasek for 1.036 billion euros. The agreement reflects the confidence by international investors in Repsol’s growth strategy and increases the company’s attractiveness.

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