MADRID (dpa-AFX) - Repsol (REPYY.PK) posted first-half net income of 1.04 billion euros, down from 1.34 billion euros last year.
Net income, excluding YPF, fell 14.6% year-over-year to 903 million euros due to the negative effect of oil prices on the value of inventories, of 328 million euros.
Total hydrocarbons production for the first half was 321,665 barrels of oil equivalent per day, 3.8% higher than a year ago. Liquids production increased 21.8%.
Moving ahead, for the next few years, the company's Upstream unit will absorb nearly 80% of the investments included in the 2012-2016 Strategic Plan, centred on 10 key growth projects, that include some of its greatest worldwide exploration successes of recent years. The development of these projects will increase hydrocarbon production at an average annual rate of 7% to reach 500 thousand barrels per day by 2016.
Copyright RTT News/dpa-AFX