Repsol posts adjusted net income of €600 million in 2020 and advances its transformation to accelerate the energy transition

Press Release 18/02/2021 15:00
  • Repsol posted an adjusted net income of €600 million in 2020, a year in which it presented a new Strategic Plan to boost its transformation and meet the target of zero net emissions by 2050.
  • In 2020, the company launched initiatives to move forward towards this goal, notably two innovative industrial decarbonization projects in Bilbao; Spain’s first advanced biofuels plant, in Cartagena; and the development of renewable assets and the international expansion of this business.
  • The year was marked by the unprecedented global crisis caused by COVID-19, in which Repsol prioritized its work as an essential service provider by keeping its facilities in operation and guaranteeing the supply of products and services that are crucial for society.
  • The fall in international commodity prices had a negative impact of €978 million on the company’s inventories over the whole of 2020. Furthermore, in a year of financial prudence due to the global context, the company revised its future crude and gas price deck, adjusting downward the accounting value of exploration and production assets with a special item correction of €-2.911 billion. This impacted the net income for 2020 that was €-3.289 billion.
  • Repsol demonstrated its strength in this difficult scenario with a positive cash flow of €1.979 billion and a net debt reduction of €1.178 billion over the year to €3.042 billion.
  • Repsol’s Board of Directors yesterday approved to call for the company’s Annual General Shareholders' Meeting to be held on March 26, probably on second call.

18 February 2021 - 08:00 CET | PDF | 281.48 KB
-5%
Reduction of the Carbon Intensity Indicator
€404 M
Adjusted net income in the fourth quarter, similar to the same period in 2019
28%
Reduction of net debt over the year
€1.979 B
Positive cash flow