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January - October 2020 earnings

Repsol posts adjusted net income of €196 million for the first nine months of the year

  • In the first nine months of 2020, Repsol recorded an adjusted net income — which specifically measures the performance of the businesses — of €196 million, in a context marked by the global crisis caused by COVID-19.
  • This figure reflects the effects of the measures adopted after the start of the pandemic. They have resulted in an improvement to the adjusted net income for the third quarter of the year of €265 million from the second quarter (€-258M). This was achieved in a context of extreme difficulty and one in which the supply of services essential to society was given priority.
  • The pandemic has caused a steep drop in crude oil and gas prices which in the first nine months of the year had a negative impact on the company’s inventories of €-1.048 billion. This was accompanied by a historic worldwide drop in demand.
  • In this context, Repsol adjusted its price curve in the second quarter of 2020. This affected the value of its Upstream assets and was reflected in a specific items’ result of €-1.726 billion. Due to these variables, net income up to September was €-2.578 billion.
  • Supported by the Resilience Plan put in place to manage the complex circumstances, Repsol showed its strength by generating positive operating cash flow of €2.122 billion in the period, at the same time as it reduced its net debt by €882 million to €3.338 billion.
  • The company continued advancing in its commitment to becoming a net zero emissions company by 2050 and to leading the energy transition. Among the most representative milestones are two innovative industrial decarbonization projects at the Petronor refinery in Bilbao, the start of construction of renewable assets and progress in the international expansion of this business, as well as the construction of Spain’s first advanced biofuels plant.
  • Josu Jon Imaz: “We are showing robustness and resilience in an unprecedented scenario while also implementing innovative projects to achieve a more decarbonized world and deploying all the technologies possible, as all energy sources are necessary to address this challenge in a fair and effective way.”
Josu Jon Imaz

"We are showing robustness and resilience in an unprecedented scenario while also implementing innovative projects to achieve a more decarbonized world and deploying all the technologies possible, as all energy sources are necessary to address this challenge in a fair and effective way."

Josu Jon Imaz, Repsol CEO

Conference call (Recorded broadcast) >

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