Repsol Posts H1 MIFO Net Income Of EUR 1.05 Bln - Quick Facts

(RTTNews) - Spanish oil major Repsol S.A. (REPYY.PK), which acquired Canadian energy company Talisman Energy Inc. (TLM.TO, TLM), reported Thursday that its first half net income, calculated based on Middle In First Out or MIFO criteria, amounted to 1.053 billion euros, 20.6 percent lower than last year's 1.327 billion euros that included 616 million euros of extraordinary income from the sale of LNG assets.

Without that extraordinary income, net income this year would have exceeded that of last year.

During the first half, Repsol posted an adjusted net income of 1.24 billion euros, compared to 922 million a year ago.

Oil and gas production climbed 29.6 percent to 440 thousand boepd 340 thousand boepd last year. Sales of oil products were 22,721 Thousand tons, up 7.5 percent from 21,143 Thousand tons last year.

International crude oil prices fell by approximately 50% in the first half of the year. However, the 115% increase in Downstream earnings compensated for the sharp fall in crude oil prices.

Following the integration of Talisman's assets, Repsol reached an average production of 660,000 boe/d in June, an 86% increase on the 355,000 boe/d produced on average in 2014.