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First half-year 2019 results

Repsol posts net income of 1.133 billion euros

  • The Company’s net income was 1.133 billion euros in the first six months, compared with 1.546 billion in the same period of the previous year that included a capital gain of 344 million euros from the sale of its interest in Naturgy.
  • Adjusted net income, which specifically measures the performance of the businesses, was 1.115 billion euros, in line with the 1.132 billion euros in the first six months of 2018.
  • These strong earnings were achieved in a context of lower crude oil prices, a decline in international refining margins and the suspension of production in Libya during nearly half the period.
  • The strength of the earnings and the company’s ability to generate cash have motivated the Board of Directors to propose to the next Annual General Meeting (AGM) the increase of shareholder remuneration through the amortization of 5% of the company’s outstanding shares.
  • The Upstream business posted profit of 646 million euros, similar to that of the first half of 2018. The company made the world’s largest on-shore discovery in 2019 and started production in the Buckskin project in the U.S. Gulf of Mexico.
  • The Downstream unit earned 715 million euros, compared with 762 million in the same period of 2018. The commercial business continued pursuing innovative activity and opened the first ultra-fast electric charging point on the Iberian Peninsula. It also added three renewable energy projects under development with a total capacity of 800 MW to its portfolio.
1.115 billion euros

Adjusted net income similar to that of the first half of 2018

5% Share buyback and cancellation

Higher shareholder remuneration

800 MW of total capacity

Three new renewable energy projects under development

Josu Jon Imaz

"Thanks to these solid earnings and our ability to generate cash flow, we have proposed to increase shareholder remuneration through the amortization of 5% of the Company’s outstanding shares."
Josu Jon Imaz, Repsol CEO

2019