Company strength shown in adverse times

Repsol posts net income of 1.612 billion euros

Press Release 26/02/2015 00:00
  • The adjusted net income, which specifically measures the performance of the company's businesses, rose 27% to 1.707 billion euros.
  • The results reflect the strength of Repsol's business model and its resilience to adverse scenarios, such as the sudden drop in crude oil prices (48% over the course of the year) or the interruptions to production in Libya.
  • The fall in the price of crude reduced the value of inventories and reduced net profit for the year by 606 million euros.
  • The businesses’ strength and the success in recovering the value of the expropriated stake in YPF allowed the company to make an offer to acquire Talisman Energy ($8.3 billion), doubling the size of Repsol’s exploration and production unit.
  • In the Downstream business, the efficiency of the company’s assets resulted in a 111% increase in adjusted net income to 1.012 billion euros. 
  • Average hydrocarbon production increased by 2.5% to 354,500 barrels of oil equivalent a day. The increase would have been 8% without the interruption of activity in Libya.
  • This increase in production was greatly exceeded for the fifth consecutive year by the group's increase in reserves, posting a reserve replacement ratio of 118%. 
  • Repsol made 12 discoveries in 2014, including finds in Brazil, Russia and the United States.

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