Repsol net income increases 1.6% to 631 million euros
Press Release09/05/2013 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.