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The company maintains its guidance of a full-year adjusted net income of between 1.6 and 1.8 billion euros
Repsol obtains an adjusted net income of 1.399 billion euros
Press Release
12/11/2015 15:00
- In the first nine months of 2015 Repsol obtained an adjusted net income of 1.399 billion, a 5% increase from the 1.337 billion euros in the same period of 2014.
- The strength of Repsol’s integrated model has allowed the company to improve earnings in an environment marked by an almost 50% fall in the price of crude oil.
- Net income (MIFO) was 832 million euros, impacted by the effect of falling crude oil prices on the value of inventories (329 million euros) and by a non-recurring negative item of 238 million euros, essentially from extraordinary impairments booked in the period.
- Repsol’s average production reached 653,400 barrels of oil equivalent per day in the third quarter, almost 80% more than in the year-earlier period.
- The Downstream unit increased its adjusted net income by 158% to 1.655 billion euros, supported by its ability to extract maximum value from its refining and chemicals businesses.
- Repsol’s refining margin indicator was amongst the highest in Europe in the first nine months of the year, at 8.9 dollars per barrel.
- Repsol in October presented its 2016-2020 Strategic Plan, which marks the start of a period of extracting value from the growth achieved as a consequence of the its previous plan.
- The 2016-2020 Plan includes ambitious efficiency, cost reduction and portfolio management programs. The company has already agreed more than 1.6 billion euros in non-strategic asset divestments.