Repsols net income increases by 59%

Press Release 04/05/2017 15:00

Repsol earned a net income of 689 million euros in the first quarter of 2017, a 59% increase from the same period the previous year, following the implementation of plans to boost and make more flexible its businesses in the current context of low crude oil prices.
The adjusted net profit reached 630 million euros, a 10% increase over the same period of 2016.
EBITDA rose to 1.844 billion euros, which constitutes an 80% increase over the first quarter of 2016.
Average hydrocarbon production between January and March was 693,400 barrels of oil equivalent per day, an increase over the production average reached at the end of 2016 thanks to contributions from Brazil, Libya and the United Kingdom.
The Upstream area (Exploration and Production) had an outstanding performance and increased its income by 207 million euros over the same period of the previous year, to 224 million euros.
In March, the company announced the largest discovery of hydrocarbons on U.S. soil in the last 30 years.
The Downstream area (Refining, Chemicals, Marketing, Lubricants, Trading, LPG and Gas & Power) obtained an income of 500 million euros and was a major cash generator for the company.
The refining margin indicator in Spain was 7.1 dollars per barrel, consolidating the excellent performance in this area during the last two years.

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