It is a 46% increase, compared to 1.056 billion euros of 2017
Repsol has posted net income for the first half of the year, recording the highest net income in the last ten years, an income of 1.546 billion euros, as against 1.056 billion euros earned in the same period of 2017, representing a 46% increase.
Adjusted net income showed a 12% increase at 1.132 billion euros, which specifically measures the progress of Repsol’s businesses and excludes inventory effects, compared to the 1.015 billion euros earned between January and June 2017.
With earnings of 647 million euros: 91% higher than the earnings obtained between January and June of last year, the Upstream unit’s performance was positive. Since 2012, this figure is the highest recorded by Repsol in the first half of the year, when Brent prices averaged 113.6 dollars per barrel, compared to an average of 70.6 dollars per barrel in the first six months of 2018.
For the six-month period, the Downstream unit earned 762 million euros, in which Marketing, Trading and Gas & Power and LPG stood out. The weakness of the dollar against the euro affected the Refining and Chemicals areas.
The strength of Repsol’s integrated model was demonstrated by EBITDA which stood at 3.811 billion euros—23% higher than the 3.108 billion euros earned between January and June 2017.
There was a decrease in Net debt by 64% in the year through June 30th to 2.706 billion euros. Repsol's shares saw a 14% increase in value, outperforming the Ibex 35 and peers in Europe, during this period.
Repsol presented its updated strategy through 2020 on June 6th, since the objectives set out in the 2016-2020 Strategic Plan were achieved two years earlier than projected, and after the sale of the stake in Naturgy Energy Group (formerly known as Gas Natural SDG). An increase in shareholder compensation; profitable business growth in Upstream and Downstream; and the development of new businesses connected to the energy transition, are the three pillars on which the strategy is based.
After the recent update of the Strategic Plan, the Board of Directors of Repsol, under the chairmanship of Antonio Brufau has decided to restructure the management team concluding, at the highest level. In order to face the new challenges in its commitment to the energy transition, this restructuring is aimed at boosting business and reinforcing the Company's technical capabilities. PWKD31072018
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