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Repsol hints at loss of €1.2 billion on plunge in oil prices

by ChemOrbis Editorial Team -
  • 29/01/2016 (11:04)
According to media reports, Spain’s Repsol announced a write-down of €2.9 billion ($3.2 billion) on its 2015 financial results owing to plunging oil prices, leading to a loss of €1.2 billion ($1.3 billion). In October, the company announced a budget strategy based on an estimate of $50/barrel for oil prices. However, the strategy has been updated as oil prices currently stand around $30/barrel.

The company’s adjusted net profit for 2015, excluding the write-downs, was reported to have climbed more than 8% to around €1.85 billion ($2 billion) while its debt declined more than €1 billion by the year end.

Repsol is currently seeking to accelerate its plans to sell assets, cut investments and achieve cost savings and stated that total capital expenditure for 2016 would be around €4 billion ($4.4 billion) while investments would be further cut by around 20%.

Previously, the company reported in its strategic plan for the period of 2016-2020 that it aims to sell off €6.2 billion ($7.1 billion) in assets by 2020 as well as cutting investments by 38% over the next five years in order to protect dividends against plunging crude oil prices.
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