Repsol posts net income of 1.612 billion euros

Press Release 26/02/2015 00:00

The adjusted net income, which specifically measures the performance of the company's businesses, rose 27% to 1.707 billion euros.
The results reflect the strength of Repsol's business model and its resilience to adverse scenarios, such as the sudden drop in crude oil prices (48% over the course of the year) or the interruptions to production in Libya.
The fall in the price of crude reduced the value of inventories and reduced net profit for the year by 606 million euros.
The businesses’ strength and the success in recovering the value of the expropriated stake in YPF allowed the company to make an offer to acquire Talisman Energy ($8.3 billion), doubling the size of Repsol’s exploration and production unit.
In the Downstream business, the efficiency of the company’s assets resulted in a 111% increase in adjusted net income to 1.012 billion euros.
Average hydrocarbon production increased by 2.5% to 354,500 barrels of oil equivalent a day. The increase would have been 8% without the interruption of activity in Libya.
This increase in production was greatly exceeded for the fifth consecutive year by the group's increase in reserves, posting a reserve replacement ratio of 118%.
Repsol made 12 discoveries in 2014, including finds in Brazil, Russia and the United States.

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