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First half 2020 earnings

Repsol posted an adjusted net income of 189 million euros for the first half of 2020

  • Repsol posted an adjusted net income of 189 million euros for the first half of 2020, specifically measuring the performance of the businesses in a context marked by the global pandemic.
  • The company responded to the Covid-19 crisis by prioritizing the supply of essential products and services through business continuity over its usual criteria of profitability, applying strict measures to protect the health of its workers, customers, and suppliers.
  • The unprecedented situation caused by the coronavirus led to a historic fall in oil and gas prices, resulting in a negative impact of 1.088 billion euros on the company’s inventories. Furthermore, Repsol has adjusted its price curves, which has affected the book value of its Upstream assets and is reflected in special item results of -1.585 billion euros. As a result of the above, net income was -2.484 billion euros.
  • In response to the current environment, Repsol is applying a Resilience Plan that includes additional reductions in operating costs (of more than 450 million euros) and in investments (of over 1.1 billion euros), as well as optimizations in working capital of nearly 800 million euros compared with what was budgeted at the start of the year.
  • Repsol maintains its commitment to lead the energy transition and achieve net zero emissions in 2050. In line with this objective, the company has announced two innovative industrial decarbonization projects and has commenced the construction of two important renewable assets.
  • The company has reinforced its financial robustness by issuing bonds for the amount of 3 billion euros. Net debt fell by approximately 500 million and liquidity reached nearly 10 billion euros, representing 2.43 times short-term maturities.
  • Josu Jon Imaz: “We are fulfilling the objectives of our Resilience Plan, ensuring the solidity of our balance sheet and reaffirming our commitment to lead the energy transition and reach net zero emissions in 2050”.

All Repsol businesses achieved a positive operational cash flow, in a very challenging environment

Repsol prioritized business continuity, focusing on the supply of essential products and services

Repsol has reaffirmed its commitment to lead the energy transition, even in the current crisis

€500 M

Decrease in net debt compared to March

Josu Jon Imaz, Repsol CEO

"We are fulfilling the objectives of our Resilience Plan, ensuring the solidity of our balance sheet and reaffirming our commitment to lead the energy transition and reach net zero emissions in 2050.”

Josu Jon Imaz, Repsol CEO

Conference call (Recorded broadcast) >

Webcast presentation slides >