Repsol Posts Net Income of €1.235B for the First Half of 2021

Source: www.gulfoilandgas.com 7/29/2021, Location: Europe

- Repsol has posted net income of €1.235 billion for the first half of 2021, a period in which the company has advanced towards the decarbonization objectives laid out in its Strategic Plan, supported by an efficiency-oriented management of the company.

- Adjusted net income, specifically measuring the performance of the businesses, was €959 million and positive in all business segments, especially in Exploration and Production.

- Repsol's integrated business model and the implementation of its 2021–2025 Strategic Plan have helped the company respond successfully to a complex environment, while taking advantage of increasing demand and raw material prices as they have recovered from the lows of 2020. This has enabled Repsol to obtain positive cash flow in all business segments and a net debt reduction of 6%.

- In line with its decarbonization objectives, Repsol has in the last six months launched various important industrial transformation initiatives and further consolidated its renewable generation assets portfolio. Repsol has boosted its international expansion in renewables through a deal with Hecate Energy in the U.S. and the beginning of operations at two photovoltaic (PV) solar farms in Spain.

- On July 7, Repsol shareholders received €0.30 gross per share in cash, from 2020 profits in addition to the dividend payout in January, following approval at the Annual General Meeting on March 26. On that same occasion, shareholders also approved the distribution of €0.30 gross per share, corresponding to the payment charged to 2021.

Josu Jon Imaz, CEO of Repsol
"The steps we've taken have allowed us to obtain the maximum possible value in this complex scenario, taking immediate advantage of the recovery indicators that we see, with signals that bring us closer to pre-pandemic levels. At the same time, we are responding to society's needs and moving decidedly towards our goal of zero net emissions by 2050."


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