In line with the rest of the industry, net income fell 55.4%, due to the sharp decline in international oil (-49%) and gas prices (-60%) and Spanish refining margins (-74.3%).
The company’s operating income registered an improvement compared to the previous quarter, a reflection of a slightly improved economic situation.
The company has carried out a record exploration campaign during 2009 with 15 finds, including 2 in Brazil and Venezuela which are amongst the world’s biggest discoveries.
During October, the potential of the Shenzi field in the deepwater Gulf of Mexico (United States) was confirmed, with current production above 120,000 barrels per day representing 20% more than initial expectations.
Repsol Chairman Antonio Brufau said "the recent discoveries constitute a great value potential for the company and consolidate the transformation of its business structure."