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Repsol increases net income by 35%
Press Release
03/11/2016 15:00
- 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.