The Spanish company intensifies its international activity./ Picture: Repsol
Julio García. Madrid
The fall in the price of crude in the last quarter, the slowdown in the world demand and a lower production in Libya have not been obstacles for Repsol to reach a net profit of 1,646 million euros in the first nine months of 2014, 27.9% more than in the same period of the previous exercise.
The Spanish energy company expresses its satisfaction with these results reflecting the good operation of its business and its financial strength. The net result in that period, whose calculations are based on the assessment of the inventories of reposition costs (CSS) and after eliminating the non-recurring results, amounted to 1,337 million euros, 9.6% more than in the first nine months of 2013.
In the business of exploring and producing (upstream), the company has achieved a result of 585 million euros and it has continued its exploration campaign with “successful” numbers. The average production during the year amounted to 349,000 equivalent barrels of oil per day, including 27,900 equivalent barrels of oil of new production per day. This year, between January and September, the Spanish energy company incorporated new production in Bolivia, Brazil, Peru, Russia and the United States, standing out that of the Kinterori project, in Peru, and that of the first stage of the field Sapìnhoá, in Brazil.
The Spanish company increases its investment in exploration and production by 21%
Besides, Repsol increased its investment by 21% in the upstream area during the first nine months of 2014, which amounted to 2,066 million euros and has allowed increasing its activity in exploration and production in the United States, Brazil, Russia, Colombia, Angola, Trinidad y Tobago, Algeria, Romania and Norway, among other countries. The Ministry of Natural Resources and Ecology of the Russian Federation points out that the discoveries would add 240 million barrels of recoverable resources to the Spanish company.
In the Downstream business (refining, chemicals, LPG, Marketing and Gas &Power), Repsol has increased by 40% the adjusted net result in relation to the same period of 2013, with 642 million euros. As it informs, the efficiency of its refineries and the current prices of oil lead to a greater margin of refining, which increased by 20% in the first nine months of the year, until reaching 3.6 dollars per barrel. To that adds the recovery of the petrochemical business, with an increase in the volume of sales of 11.3% when compared to the same period of 2013.
