Repsol posts net income of 1.327 billion euros

Press Release 24/07/2014 15:00

Repsol’s net income during the first half of the year increased 47% from the year-earlier period to 1.327 billion euros.
The earnings reflect a good performance of the company’s businesses as well as the success in obtaining a compensation agreement for the expropriation of YPF.
The strength of the business units made up for temporary production halts in Libya, resulting in an adjusted net income at current cost of supply to 922 million euros.
The company’s upstream activity has resulted in the incorporation of new production from Brazil, the United States, Russia, Peru, Bolivia and Trinidad & Tobago.
The company made the largest discovery of the last two years in Russia as well as other relevant finds in Trinidad & Tobago, Brazil and Alaska.
Downstream, the refining margin for the first half was $3.5/barrel, a 9.4% gain in the first half of 2013, showing the resilience of the company’s assets as margins in Europe remain under pressure.
At the end of the first half net debt was 2.392 billion euros, 55.4% less than at the close of 2013. At the same time, Repsol retains significant liquidity, at 11.195 billion euros.
Repsol paid shareholders a one-euro-per-share extraordinary dividend as well as the final dividend from 2013 earnings, paid under the Repsol Flexible Dividend formula.
On April 30th the Board of Directors approved a new organizational structure and the naming of Josu Jon Imaz as Chief Executive Officer.

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