The adjusted net result (discounting the variation in the value of existing ones) has improved by 10% and stood at 2,352 million euros, while the gross operating profit (Calendar 2019 All Holidays) has reached 7,513 million euros, 11.8 million euros. % more, according to the accounts sent to the stock supervisor. «The results reflect the soundness of the business, as well as the flexibility and adaptability and anticipation to any scenario of Repsol, which during the year has increased the generation of value and boosted its position as a multi-energy supplier», have pointed from the multinational Spanish. With Brent prices 32% higher than in 2017, the “upstream” area doubled its adjusted result to 1,325 million, 109.7% more, continuing the positive trend of previous years.
Calendar 2019 All Holidays
The production of hydrocarbons (gas and oil) increased by 3% to 715,000 barrels of oil equivalent per day, supported by the new volumes obtained after the start-up of projects in Algeria, Trinidad and Tobago, the United Kingdom, Malaysia and Peru, for the connection of new wells in Marcellus (USA) and for the acquisition of Visund, in Norway. The total equity exposure of Repsol in Venezuela as of December 31, 2018 amounted to 456 million euros, so during the past year it has been reduced by more than one billion.
For business, the “downstream” area (refining, chemicals, marketing, lubricants, LPG, trading and gas, and Calendar 2019 All Holidays electricity and gas) generated an adjusted profit of 1,583 million, with a year-on-year decrease of 15.7%, basically , due to the lower margins and volumes in the chemical business and the lower contribution of the refining business in Spain and Peru. However, these effects have been partially offset by the better results in the commercial businesses (marketing and LPG) as well as by the good performance in the trading and gas businesses. The group’s net debt was reduced by 45% during the period, to 3,439 million euros. According to the same source, the company plans to increase the dividend to 1 euro per share in 2020, and a total repurchase of the shares issued in the Repsol flexible dividend program.