Global
Español
English
Contact us Contact us
Repol approves an agreement with the Argentinean Government over the expropriation of YPF and calls its Annual General Meeting

Repsol posts recurring net income of 1.823 billion euros

Press Release 25/02/2014 00:00
  • The company’s recurring net income for 2013, which specifically measures the performance of its businesses, was 1.823 billion euros, 6.7% less than in the previous year.
  • Hydrocarbons production continued to grow, by 4% in 2013, thanks to the start-up of three new strategic projects in Brazil, Russia and Bolivia.
  • In 2013, Repsol again achieved a record reserve replacement ratio, at 275%, and the highest in the industry worldwide.
  • Exploratory success rate was above the industry average, with nine discoveries in Alaska, Algeria, Brazil, Colombia, Libya and Russia. 
  • The company led its European peers in integrated refining and marketing margins during 2013. The utilization rate of its conversion units was 99%. 
  • Repsol’s net debt - excluding Gas Natural Fenosa - fell 27.9% to 5.358 billion euros; while the company’s current available liquidity was 9.282 billion euros at the end of the year.  
  • The Board of Directors approved the agreement reached with the Republic of Argentina, by which the latter undertakes to compensate Repsol with $5 billion for the expropriation of the 51% stake in YPF. The Board agreed to submit the agreement to be ratified at the next Annual General Shareholders’ Meeting.
  • The agreement with Argentina will add income from the recovered value, reinforcing the company’s financial strength and increasing Repsol’s growth and investment capacity during the next few years.
  • Recurring net income at current cost of supply (1.832 billion euros) translated into a MIFO net income of 195 million euros The difference is explained by one-time impairments related to the YPF compensation agreement (1.279 billion euros) and the restatement of the value of North American assets (1.105 billion euros), partially offset by the gains from the sale of Liquefied Natural Gas (LNG) assets (1.263 billion euros).
  • The Board of Directors agreed to propose to the AGM the continuation of the "Repsol Flexible Dividend" program, and a complimentary dividend payment to shareholders from 2013 earnings equivalent to approximately 0.50 euros per share.

| PDF | 362.29 KB