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2018 Results

Repsol's net income reaches 2.341 billion, the highest in eight years

  • Net income increased 10% from the previous year to 2.341 billion euros, the highest in the last eight years. 
  • Adjusted net income, which specifically measures the performance of the company’s businesses, grew 10% to 2.352 billion euros. EBITDA rose to 7.513 billion euros, a 12% increase. 
  • The earnings reflect the strength of the company’s businesses as well as its flexibility, adaptability and preparedness for any scenario. During this period, Repsol increased value-generation and enhanced its position as a multi-energy provider.
  • The Upstream unit (Exploration and Production) doubled its 2017 earnings to reach 1.325 billion euros, bolstered by implemented efficiency measures, higher volumes and the relative improvement in international prices. 
  • Hydrocarbon production (gas and oil) increased by 3% to 715,000 barrels of oil equivalent per day. This growth was supported by the start-up of projects in Algeria, Trinidad and Tobago, the United Kingdom, Peru and Malaysia, as well as the connection of new wells in Marcellus (United States) and the acquisition of Visund in Norway. 
  • The Downstream unit’s earnings (Refining, Chemicals, Marketing, Lubricants, LPG, Trading & Gas and Repsol Electricidad y Gas) totaled 1.583 billion euros, with improved performance in Marketing, LPG and Trading & Gas. The refining margin was in line with that of last year, and is among the best in Europe.
  • The company updated its strategy last June after meeting the objectives of the 2016-2020 Strategic Plan two years ahead of schedule. The update is based on three pillars: an increase in shareholder compensation, profitable growth in the Upstream and Downstream units, and the development of new businesses connected to the energy transition.
  • Significant steps were taken during the year to consolidate the low-emissions businesses, supporting Repsol’s commitment to becoming a leading global multi-energy provider.
  • In November, Repsol completed the purchase of Viesgo’s non-regulated, low-emissions electricity generation assets as well as its distributor, to become a relevant player in the Spanish generation market, with a total installed capacity of 2,952 MW and plans for a further 289 MW.
  • Repsol is implementing a digitalization program throughout the company, which will generate one billion euros in 2022 from new revenue and the optimization of investments and expenses.
  • During the period, net debt fell 45% to 3.439 billion euros.
2.341 billion euros

The highest earnings in eight years

7.513 billion euros

EBITDA a 12% increase

715 kboe/day

3% increase in production

6.7 dollars/barrel

One of the best refining margin indicators in Europe

Repsol CEO Josu Jon Imaz

"We're going to continue transforming our Company in order to progress in the energy transition towards a less carbon-intensive world, and we'll accomplish this through digitalization and efficiency."
Josu Jon Imaz, Repsol CEO

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Annual information

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2018