REPSOL POSTS NET INCOME OF 608 MILLION EUROS IN THE FIRST QUARTER
· Repsol’s net income reached 608 million euros, in line with the 610 million euros earned in the same period of last year. Adjusted net income, which specifically measures the progress of the company’s businesses, increased by 6% to 618 million euros, compared with the 583 million euros earned last year.
· Repsol achieved these results despite lower oil prices than in the same period of 2018 (with a 6% decrease in Brent), and with production in Libya interrupted until March 4th, demonstrating the company’s ability to adapt and create value under any circumstances.
Repsol posted net income of 608 million euros in the first quarter of 2019, in line with the 610 million euros earned between January and March of the previous year.
Adjusted net income, which specifically measures the performance of the company’s businesses (at current cost of supply and excluding the non-recurring earnings), stood at 618 million euros, representing an increase of 6% from the 583 million euros recorded in the first three months of 2018.
These earnings demonstrate Repsol’s solidity and ability to adapt and create value under any circumstances. In this regard, the first quarter of 2019 was marked by oil prices lower than those recorded in the same period of the previous year, with Brent trading at an average of 63.1 dollars per barrel: 6% less than the average recorded between January and March of 2018, when it traded at 66.8 dollars per barrel.
In this context, the Upstream unit continued its trend of positive performance and increased its income by 12.5% to reach 323 million euros. The efficiency measures adopted by the company continued to demonstrate their effectiveness in improving this business unit’s earnings. The exploratory success of this period was also significant, with the company making, in Indonesia, the world’s greatest onshore discovery of the first three months of the year.
For its part, the Downstream unit earned 404 million euros, performing particularly well in the Refining, Trading, and Chemicals areas, and was positively influenced by the appreciation of the dollar against the euro. In addition, Repsol made progress in the development of its electricity and gas business by signing significant agreements with wholesalers and securing new customers. (...)