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Repsol’s oil and gas production continues to rise, gaining 12% in the first half of the year

Repsol posts net income of 1.054 billion euros

Press Release 25/07/2013 14:50
  • Net income during the first half of 2013 rose 2.6% to 1.054 billion euros. The increase is especially significant as the year-earlier period included earnings from YPF.
  • Hydrocarbons output increased 12% during the first half to 359,700 barrels of oil equivalent per day. In 2013, Repsol has started up production from important projects in Russia and Brazil.
  • In the first half of the year Repsol has made new discoveries in Alaska Brazil, Russia and Algeria which have allowed the company to meet the resources incorporation target for the whole of 2013 in only six months. Repsol is also carrying out an intense exploration campaign in Brazil, Canada, the Unites States, Libya, Colombia and Indonesia.
  • The Upstream unit consolidates the trend of earlier quarters, posting operating profit of 1.161 billion euros due to increased output.
  • The Downstream unit’s operating income increased 9.9% to 311 million euros at current cost of supply.
  • The fall in sales volumes and sales margins at forecourts has been compensated by greater distillation volumes and efficiency at refineries.
  • Financial discipline has allowed Repsol (ex Gas Natural Fenosa) to end the period with significant financial liquidity. Debt stood at 6.320 billion euros, 1.112 billion euros less than at the end of 2012.
  • Repsol maintained its “Repsol Flexible Dividend” shareholder remuneration policy which has been widely taken up by shareholders. The company also launched a preference shares buyback which had an acceptance rate of more than 97% of holders.
  • During the first half of the year, Repsol agreed to sell LNG assets to Shell and sold treasury shares to Temasek of Singapore.

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