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Following impairments of 2.957 billion euros, net income was -1.227 billion euros

Repsol posts adjusted net income of 1.86 billion euros

Press Release 25/02/2016 15:00
  • This result, which reflects the performance of Repsol's business units, is 9% higher than the income from 2014, and was achieved in the context of very low oil and gas prices.
  • The industry was marked by very low oil and gas prices. As a consequence, Repsol decided to book extraordinary impairments of 2.957 billion euros (which can be reversed over the next few years in the event of a change in prices), resulting in net income of -1.227 billion euros.
  • The company's industrial and operational indicators improved significantly in 2015:   
    • Hydrocarbon production reached 697,500 barrels of oil equivalent per day in the fourth quarter; an increase of 88% compared to the same period in 2014. . 
    • Proved reserves increased by 54% in 2015, totaling 2.373 billion barrels of oil equivalent. 
    • The refining margin indicator was 8.5 dollars per barrel, twice the level of 2014.
  • The Downstream unit achieved excellent results in 2015, supported by the margins in refining and chemicals, and driven by investment in efficiency alongside operational improvements undertaken over the last few years.
  • The industry was marked by very low oil and gas prices. As a consequence, Repsol decided to book extraordinary impairments of 2.957 billion euros (which can be reversed over the next few years in the event of a change in prices), resulting net income of -1.227 billion euros.
  • In 2016, Repsol has introduced additional measures to reinforce its strategic objectives, including:   
    • Increasing the synergies from the Talisman integration to 400 million dollars from the initially-identified 220 million.  
    • Reducing the investments planned for the period 2016-2017 by an additional 20% (1.8 billion euros). 
    • Boosting the efficiency program to achieve 1.1 billion euros in 2016 (including synergies).
  • The Board of Directors has agreed to propose to the next Annual General Meeting a remuneration (as a final dividend payment) of 0.3 euros per share under the “Repsol Flexible Dividend” program. 

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