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Repsol posts net income of 1.466 billion euros

2019-10-31

Repsol posted net income of 1.466 billion euros in the first nine months of the year, compared with 2.171 billion in the same period of last year. Operating cash flow increased 22% to 4.074 billion.

The absence of any capital gains, such as that corresponding to the sale in 2018 of its interest in Naturgy, and the lower valuation of hydrocarbon inventories due to the drop in crude oil prices, had a comparatively negative effect of over 600 million euros relative to the previous year.

Adjusted net income, which specifically measures the performance of the company’s businesses, was 1.637 billion euros, compared with 1.720 billion achieved between January and September 2018.

The strength of the company’s earnings and its cash-generating capacity led the Board of Directors to agree to propose further improvement of shareholder compensation through the amortization of 5% of the share capital.

The Upstream business posted earnings of 864 million euros and continued its successful operating performance, a major highlight of which was the largest on-shore discovery of the year, in Indonesia, and the start of production at the Buckskin project (USA). • Downstream earnings stood at 1.087 billion euros. The unit advanced in the international expansion of its business, with the creation of a new joint venture to produce and distribute lubricants in Asia, and added to its portfolio three renewables projects, in an initial development phase, with a total capacity of 800 MW.