Repsol posts adjusted net income of 1.24 billion euros
During the first half of 2015, Repsol posted an adjusted net income of 1.24 billion euros, 35% more than the 922 million in the first half of 2014.
This result, which specifically measures the performance of the company’s business units, demonstrates the strength of Repsol’s integrated model.
Net income (MIFO) amounted to 1.053 billion euros compared with 1.327 billion euros obtained in the first half of last year which included 616 million euros of extraordinary income from the sale of LNG businesses and YPF shares.
International crude oil prices fell by approximately 50% in the first half of the year.
The Talisman integration has enabled Repsol to surpass its strategic production and reserves targets, becoming one of the 15 largest publicly-traded oil companies in the world, with a bigger presence in international markets and in OECD countries.
The group’s production reached 660,000 barrels of oil equivalent per day (boe/d) in June. This is an 86% increase from the 355,000 boe/d produced on average in 2014.
The 115% increase in Downstream earnings compensated for the sharp fall in crude oil prices. Repsol’s refining margin was at a record high in this period of 8.9 dollars per barrel, leading the sector in Europe.