Spain: Repsol Posts Drop of Net Income
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Monday, 16 November 2009 |
Repsol posted net income of €1.257 billion during the first 9
months of 2009, in an environment severely affected by the fall of oil
and natural gas prices. Net income fell 55.4% compared to the same
period in 2008, in line with the rest of the industry.
Repsol’s operating income was €2.484 billion, 51% less than in the
first nine months of 2008. Nevertheless, during the third quarter of
2009 operating income experienced a slight improvement compared to the
previous quarter, a reflection of the signs of recovery in the economic
environment.
Downstream operating income in the first 9 months of the year was €766
million compared to €1.540 billion during the same period of previous
year, representing a 50.3% fall due to a decline in refining margins
and the accounting effect of the cost of inventories.
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The savings plan implemented by the company has reduced fixed costs in
refining and helped compensate for the effects of weak refining margins
in 2009. Additionally, the good results from the LPG and Marketing
business during the third quarter have contributed positively to this
business results. Investment in the Downstream unit was €1.209
billion, mainly assigned to projects in progress in Cartagena and
Bilbao.
PetrolWorld 121109
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