Repsol posts an adjusted net income of 572 million euros
Press Release05/05/2016 15:00
Repsol’s business units (Upstream and Downstream) saw improved results driven by measures to increase the company’s efficiency and savings. The positive results are especially significant in a context marked by a sharp fall in crude oil and gas prices (Brent by 37% and Henry Hub by 30%).
The Upstream business unit’s earnings (Exploration and Production) improved by 207 million euros, and Downstream results improved by 22 million euros, which reflects the resilience of Repsol’s businesses despite crude oil and gas prices that are at their lowest point in 12 years.
Adjusted net income was 572 million euros, compared with 928 million in the same quarter of the previous year, which included exceptional earnings of 500 million euros due mostly to the company’s dollar position after receiving funds for the expropriation of YPF, subsequently used for the acquisition of Talisman.
The company’s EBITDA, calculated at current cost of supplies (CCS), was 1.242 billion euros, an increase of 6% over the first quarter of 2015.
Average hydrocarbon production reached 714,200 barrels of oil equivalent per day, double that produced during the first quarter of 2015.
The Downstream business unit increased its adjusted net income by 4% to 556 million euros.