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In a scenario of high international oil prices,
net income in third quarter 2007 reaches Eu742 million
Unaudited figures (IFRS) |
3Q
2006 |
2Q
2007 |
3Q
2007 |
% Variation
3Q07/3Q06 |
THIRD QUARTER 2007 RESULTS
|
Jan-Sep 2006 |
Jan-Sep 2007 |
% Variation 07/06 |
| REPORTED EARNINGS (Million euro) |
| 1,772 |
1,440 |
1,420 |
-19.9 |
INCOME FROM OPERATIONS |
5,066 |
4,267 |
-15.8 |
| 869 |
818 |
742 |
-14.6 |
NET INCOME |
2,651 |
2,448 |
-7.7 |
| PROFORMA INDICATORS (Million euro) |
| 1,616 |
1,416 |
1,299 |
-19.6 |
ADJUSTED OPERATING INCOME |
4,802 |
4,124 |
-14.1 |
| 844 |
799 |
670 |
-20.6 |
ADJUSTED NET INCOME |
2,545 |
2,307 |
-9.4 |
EARNINGS PER SHARE |
| 0.71 |
0.67 |
0.61 |
-14.6 |
Euros per share |
2.17 |
2.01 |
-7.7 |
| 0.90 |
0.91 |
0.86 |
-4.4 |
Dollars per share |
2.75 |
2.84 |
3.3 |
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THIRD QUARTER 2007 HIGHLIGHTS
Adjusted Income from operations in the Exploration & Production area was up 28.1% against second quarter 2007 thanks to higher international crude oil prices and despite a weaker trend in gas prices in Argentina.
Production in third quarter, excluding the effect of contractual changes in Bolivia and Dubai, fell 3.2% (remaining at the same level over the first nine months). Increased production in Brazil, Trinidad & Tobago and Libya partially offset decline in certain fields in Argentina.
The sustained strength of the euro against the dollar had an adverse impact of Eu78 million on income from operations versus third quarter 2006. This effect, in the first three quarters of 2007 was Eu276 million.
Despite the drop in refining margins, at Eu389 million, adjusted income from operations was up year-on-year.
Income from operations in the quarter was Eu1,420 million, boosted by capital gains realised on the sale of land at Paseo de la Castellana in Madrid.
Financial income increased by approximately Eu90 million thanks to foreign exchange gains from the depreciation of the dollar vs. the euro and the Brazilian real.
On 31 October, the Repsol YPF Board of Directors approved a Eu0.50 per share gross interim dividend for 2007, payable in January 2008. This dividend is 40% higher than the Eu0.36 per share interim dividend paid in the previous year and in keeping with the company’s 2005-2009 Strategic Plan that contemplates a payout in the range of 40-50%.
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