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Spain’s Repsol’s net income posts hefty jump in 2014

by ChemOrbis Editorial Team - content@chemorbis.com
  • 26/02/2015 (15:56)
Spain’s Repsol SA announced their financial results for 2014, according to a press release on the company’s website. The company’s net income surged 724% to €1.612 billion in 2014 from €195 million in the preceding year on the back of higher income from its downstream unit and due to the company’s booking one-time cleanup charges related to the expropriation of YPF in 2013. The company’s adjusted net income also rose 27% to €1.707 billion in 2014.

The plunging crude oil prices resulted in a €606 million loss on earnings, however in the downstream business, the company posted €1.012 billion in income, up 111% from 2013 due to improved refining, gas and chemicals margins and higher sales volumes.

In addition, the company’s hydrocarbon production increased 2.5% to 354,500 barrels per day (bpd), which was halted by interruption of activity in Libya.
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