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Supported by the strength of its refining business unit
Repsol posts net income of 761 million euros
Press Release
07/05/2015 15:00
- Adjusted net income, which specifically measures how the company's business units are performing, was 928 million euros.
- Net income was 761 million euros, a fall of 6% compared to the first quarter of 2014, which included 299 million euros of earnings from LNG assets and other businesses which were later sold.
- These results reflect the strength of Repsol's integrated business model and its resistance to adverse situations such as the conflict in Libya and the sharp decline in oil prices, which have fallen by more than 50%.
- The effect of the fall in oil prices on the Upstream unit (exploration and production) was partially compensated by a 3.7% increase in production, to 354,600 barrels of oil equivalent a day.
- In the Downstream unit (Refining, LPG, Marketing, Chemicals, and Gas & Power), the efficiency of Repsol's assets led to growth in adjusted net income to a total of 534 million euros.
- Net financial debt was 126 million euros at the end of the quarter, a fall of 1.809 billion euros compared to the end of the previous financial year.
- Repsol will complete the acquisition of Canadian company Talisman Energy tomorrow. This transformative operation will place it among the world's largest private oil companies, with a presence on every continent.