07 November 2013 - 09:00 CET | PDF | 297.84 KB
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The company increased output by 8.2% year-on-year
Repsol posts net income of 1.41 billion euros
Press Release
07/11/2013 15:00
- Net income during the first nine months of 2013 was 1.41 billion euros compared with 1.706 billion euros in the same period of 2012. The decline is the result of production interruptions in Libya and narrower refining margins due to the weakness of the European market.
- Hydrocarbons output increased 8.2% during the first 9 months of the year to 354,300 barrels of oil equivalent per day. In 2013, Repsol started up production from large projects in Bolivia, Russia and Brazil.
- During the year, the company has made 10 hydrocarbon discoveries, comfortably exceeding its resource addition targets for the whole year.
- The Upstream unit (exploration and production), the biggest contributor to the group’s earnings, posted operating profit of 1.545 billion euros, despite being negatively affected by the interruptions in Libyan crude output.
- The start-up of the expanded Margarita-Huacaya facilities in Bolivia began to have a positive effect on gas realization prices, which will become more significant in coming quarters.
- The Downstream unit (refining, marketing, trading, chemicals and liquid petroleum) posted operating income of 435 million euros. Especially positive was the higher degree of conversion capacity utilization rates at the company’s refineries which partially compensates for the weakened economic climate in Europe.
- Spanish forecourts’ sales volumes and sales margins fell 6.9% through September, although in the third quarter there is a slight increase in gasoline and diesel sales.
- The Repsol Group, (ex Gas Natural Fenosa), has significant financial liquidity, 6.99 billion euros to September 30, which practically triples short-term debt maturities.