Repsol posted a net income of 1.120 billion euros in the first nine months of 2016, a 35% increase over the same period of the previous year.
All Repsol’s business units showed positive earnings, despite a context characterized by a 24% fall in the Brent crude price and an 18% decline in Henry Hub.
Average hydrocarbons production in the first nine months of the year increased 36% to 693,800 barrels of oil equivalent per day.
The Upstream business unit (Exploration and Production) posted adjusted net income of 35 million euros, an improvement of 668 million euros from the same period of the previous year.
The Downstream business unit (Refining, Chemicals, Marketing, Lubricants, Trading, LPG and Gas & Power) reported an adjusted net income of 1.329 billion euros, with an outstanding contribution from the chemicals business, which improved its sales and margins.
Repsol cut net debt by 1.946 billion euros since the end of 2015.
The Group’s EBITDA increased by 5% to 3.558 billion euros, supported by the implementation of optimization measures.
Net income and adjusted net income for the third quarter were 481 and 307 million euros respectively, significantly higher than in the year-ago period.