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The adjusted net income was 532 million euros
Repsol posts net income of 807 million euros
Press Release
08/05/2014 00:00
- Repsol’s net income during the first quarter of the year increased 27.3% to 807 million euros. The adjusted net income rose to 532 million euros, reflecting the good performance of the company, which offset the interruption of output in Libya.
- At the end of the first quarter Repsol started commercial production from the Kinteroni field in Peru, which will initially produce around 20,000 barrels of oil equivalent per day (boepd) and which is expected to double through 2016.
- The company continued its successful exploratory activity, which last year resulted in a reserve replacement ratio of 275% (RRR), a new organic record for Repsol and the highest in the industry in 2013.
- Repsol’s refining margin during the quarter was 3.9 dollars per barrel, demonstrating the quality of the assets in an environment of continuous descent in European margins.
- At the end of the first quarter net debt was 4.722 billion euros, 12% less than at the close of 2013. At the same time, Repsol has significant liquidity.
- After the end of the quarter, Repsol sold 11.86% of YPF for $1.255 billion with an estimated pre-tax capital gain of $622 million..
- Repsol expects to receive today bonds from the Republic of Argentina as a means of payment of the compensation for the expropriation of its 51% in YPF and YPF Gas.