Repsol reports profits in 2014

Peru

LIMA, February 27, 2015 – Spanish oil and gas operator Repsol posted an increase of 27.1 percent in its adjusted net profits for 2014, despite a fall in the price of oil last year, Agence France-Presse reported.

Repsol said that its adjusted earnings for the year amounted to $1.93 billion, an increase compared to 2013 when the company’s adjusted earnings were $1.52 billion.

Oil and gas production in 2014 averaged 355,000 barrels of oil equivalent per day (boepd), an increase of 2.5 percent compared to 2013 when the company produced around 346,000 boepd.

“The results of 2014 reflect the strength of Repsol’s business model and its resilience to adverse scenarios,” the company said in a statement.

The launch of the Sapinhoá oilfield in offshore Brazil and Kinteroni field in Peru, which will initially produce 20,000 boepd, meant that the company had begun producing from seven of its 10 projects included in its 2012-2016 strategic plan.

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