Repsol income and output soar
Multinational Repsol
The Spanish major reported a net income of USD 1.736 billion for last year, along with an increase in earnings before interest, taxes, depreciation and amortization (EBITDA) and a reduction in debt. The company’s EBITDA came out at USD 5.2 billion, up 18% over the USD 4.4 billion achieved in 2015. Net debt was reduced by 32% to USD 8.14 billion.
In its announcement, Repsol drew attention the performance of its upstream division, which overturned a USD 925-million loss in 2015 to achieve a net income of USD 52 million last year. The company achieved a 23% year-on-year increase in hydrocarbons production, hitting an average of 690,200 boepd during 2016.
Recent Posts
Iberdrola to triple offshore wind assets to $18 billion
Spain's Iberdrola plans to triple its offshore wind assets in the coming years, bringing their value to USD 18 billion,… Read More
Angola’s Azule Energy awards Saipem $850-million contract
Saipem has been awarded a USD 850-million contract for subsea works in Angola by local BP-Eni joint venture Azule Energy,… Read More
Arrow Exploration spuds new well in Colombia
Arrow Exploration has spud a new production well on the Tapir block in Colombia’s Llanos Basin, the company announced on… Read More
Petronas makes discovery off Suriname
Petronas has made a third oil and gas discovery in Suriname's offshore Block 52, the Malaysian company announced on Wednesday Read More
Japan’s JERA slates $32 billion for LNG, renewables, new fuels
Japanese power generation player JERA on Thursday announced plans to invest USD 32 billion in LNG, renewables and new fuels… Read More
Chevron planning UK North Sea exit
Chevron is planning to exit its North Sea operations after 55 years of activity in the oil hotspot, Reuters reported… Read More