Repsol obtained a net profit of 2,121 million euros in 2017, which represents an increase of 22% compared to the one achieved a year earlier. In a scenario of low prices of raw materials, the company, supported by the strengths of its businesses and its efficiency plans, achieved the highest net result of the last six years. | Imaz received 4 million CEOs in 2017 and Brufau 3 million CEOs.
The integrated business model of Repsol facilitated the company to face the situation in a "satisfactory manner" and take advantage of the slight recovery in oil and gas prices starting in June.
Repsol highlighted that management focused on creating value and the flexibility and diversification provided by the integration of businesses boosted the adjusted net profit, which grew by 25%, to 2,405 million euros, compared to 1,922 million euros. 2016, also the highest of the last six years.
The result of the upstream area (exploration and production) stood at 632 million euros, 12 times that obtained in the previous year. The measures adopted in its synergies and efficiencies plan, the resumption of activity in Libya and the rise in international reference prices contributed to this increase.
These results of the exploration and production business were recorded with an average quote of the international reference raw materials that remained in a low range during 2017, with 54.2 dollars per barrel in the case of Brent and 3.1 dollars per Mbtu. in the Henry Hub.
In addition, the company chaired by Antonio Brufau increased its production to reach an average of 695,000 barrels of oil equivalent per day, exceeding the target of 680,000 barrels marked for 2017, thanks to the resumption of activity in Libya, the increases obtained in various assets and the start-up of new projects, such as Juniper (Trinidad and Tobago), Lapa and Sapinhoa (Brazil and Shaw, Cayley and Flyndre (United Kingdom).
Strength in the downstream area In terms of downstream (refining, chemical and marketing), the result of 1,877 million euros remained in line with those of previous years, which refers to this business division as the "big generator" of the company's cash.
During the year, the areas of Refining, Marketing, Trading and Gas & Power and Peru increased their results, the Lubricants area increased its sales and the Chemicals area maintained the robustness of the last two years.
The oil company placed its refining margin last year at 6.8 dollars per barrel, 7.9% higher than the 6.3 dollars per barrel obtained in 2016.
The good performance of Repsol's business resulted in a 29% rise in the gross operating result (Ebitda), which with 6,723 million euros, achieved the best data for the last five years.
Reduce your debt and advance synergies In parallel, the company reduced its level of debt by 23%, to 6.267 million euros at the end of the year.
The execution of the synergies and efficiencies program generated nearly 2,400 million euros in savings, which meant that Repsol exceeded expectations and exceeded the target that had been set for 2018 in the strategic plan, which was 2,100 years ahead of schedule. millions of euros.
