Repsol YPF Reports 2% Increase in Annual Net Income

Spanish energy group Repsol YPF has reported net income of E3.18 billion for 2007, an increase of 2% compared to 2006. This increase was attained in spite of an 8.4% depreciation of the dollar against the euro and the drop of international petrochemical margins.

Repsol said that the increase in net income could have been partially compensated by the increase in crude oil prices and greater international refining margins. The firm reported operating results of E5.8 billion.

Repsol YPF said that, during 2007, it successfully continued to meet its objective to increase the profitability for its shareholders and at the same time, strengthen its financial structure. The firm also significantly reduced its debt and financial charges. Net debt as of December 2007 was E3.49 billion, compared to E4.39 billion in December 2006.

In 2007, Repsol YPF’s investments reached E5.37 billion, with exploration and production accounting for E2.91 billion, refining and marketing at E974 million, chemicals at E176 million and gas & power accounting for E651 million.