REPSOL NET INCOME €610 MLN

REPSOL - Repsol posted net income of 610 million euros in the first quarter of 2018. Adjusted net profit, which specifically measures the performance of the company's business units, increased to 616 million euros.

The company increased its hydrocarbon production, reaching 727,000 barrels of oil equivalent per day, the highest since 2012.

Earnings from the Upstream unit (Exploration and Production) increased by 43% due to higher production volumes and efficiency measures implemented in recent years, which have contributed to improve the company's realization prices.

The Downstream unit (Refining, Chemicals, Marketing, Lubricants, Trading, LPG and Gas & Power) continued to demonstrate a strong performance, with earnings of 425 million euros supported by significant improvement in the Marketing, LPG, Trading and Gas & Power units.

The Board of Directors convened the Annual General Meeting, where and proposed an increase in shareholder distribution for the year to an equivalent of 0.90 euros per share.

In addition, the Annual General Meeting will vote on a reduction in share capital through the cancellation of the company's own shares by an amount equivalent to the shares to be issued in 2018 through scrip dividends.

Repsol posted a net income of 610 million euros in the first quarter of 2018, compared 689 million euros earned in the first quarter of 2017, when the company booked an extraordinary effect on the value of oil product inventories held as part of Spain's strategic reserve due to the appreciation in the price of oil.

Adjusted net income, which specifically measures the performance of the company's business units excluding inventory effects, reached 616 million euros, compared with the 570 million euros earned between January and March 2017, which represents an increase of an 8%.

The company relied on the flexibility afforded by its integrated business model and on the efficiency and value creation measures implemented to successfully navigate the period which, compared with the same period last year, was marked by higher crude oil prices (Brent +24%), lower gas prices (Henry Hub -9.4%), and a weak dollar against the euro (-15%) and an international environment that was generally less favorable to industrial businesses.

Performance of the Upstream unit was outstanding, with an income of 320 million euros, 43% greater than that obtained between January and March of last year. The measures taken as part of the synergies and efficiencies program, the greater production volume and the increase in realization prices of crude oil and gas led to improved performance.

Downstream earnings were 425 million euros, during a quarter in which the Marketing, LPG, Trading and Gas & Power units improved their performance. As for the Refining and Chemicals units, they were affected by planned maintenance shutdowns scheduled in three of the company's industrial facilities.

EBITDA reached 1.804 billion euros, in line with the 1.844 billion euros earned between January and March 2017.

After the end of the quarter, Repsol's Board of Directors agreed to call the Ordinary Annual General Meeting, which will take place May 11th. The Board agreed to propose a gross shareholder distribution equivalent to 0.50 euros per share, through the "Repsol Flexible Dividend" program and as a substitute for the final dividend of the 2017 fiscal year. This distribution is in addition to that approved by the company as part of the same program and as a substitute for the final dividend of 2017, for an equivalent gross amount of 0.40 euros per share. The total shareholder remuneration will increase to an equivalent of 0.90 euros per share.

In addition, at the Annual General Meeting the Board will propose a reduction in share capital, through the cancellation of treasury stock by an amount equivalent to the shares issued in 2018 through the scrip dividends.

Furthermore, on February 22nd, 2018, Repsol reached an agreement with Rioja Bidco Shareholdings, S.L.U., a company controlled by CVC-advised funds, for the sale of its 20.072% share in Gas Natural, for a total of 3,816,314,502 euros: equivalent to 19 euros per share.

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Earlier:

2017, December, 20, 19:05:00 REPSOL'S INVESTMENT NOK 8 BLN NPD - On Tuesday, operator Repsol submitted a new Plan for Development and Operation (PDO) for the Yme field in the North Sea. More eight billion kroner will be invested in the development. The planned start-up is 2020.

2017, July, 5, 12:05:00 REPSOL & GAZPROM DEAL Spain’s Repsol has agreed to establish a joint venture with Russian oil company Gazprom Neft, in the latest move by a European oil and gas company to deepen co-operation with Russia despite western sanctions targeting the country’s energy sector.

2016, June, 22, 18:00:00 REPSOL VS SINOPEC: $5.5 BLN The claim relates to a U.K. joint venture between the Chinese and a Canadian firm which the Spanish oil producer acquired last year.

2016, May, 5, 18:35:00 REPSOL NET INCOME €572 MLN Adjusted net income was 572 million euros, compared with 928 million in the same quarter of the previous year, which included exceptional earnings of 500 million euros due mostly to the company’s dollar position after receiving funds for the expropriation of YPF, subsequently used for the acquisition of Talisman.

2015, December, 11, 19:45:00 STATOIL & REPSOL TRANSACTIONS Statoil and Repsol announce transactions in Norway, UK, US and Brazil

2015, October, 19, 19:10:00 REPSOL WILL SELL $7.1 BLN, CUTS 38% Repsol SA said Thursday it will sell €6.2 billion ($7.1 billion) of noncore assets through 2020 as part of a cost-cutting drive, which also includes a significant cut in oil-exploration spending.

2015, October, 15, 19:30:00 REPSOL WILL DOWN 22% Spanish oil major Repsol said on Wednesday its net profit could fall by up to 22 percent in 2015, hit by low crude prices and a loss of value of some of its North-American assets which will trigger a big impairment charge in the third quarter.