MADRID (dpa-AFX) - Spanish oil major Repsol S.A. (REPYY.PK) reported that its net income for the first quarter of 2019 edged down 0.3 percent to 608 million euros from 610 million euros in the same period last year.
However, adjusted net income for the quarter was 618 million euros, up 6 percent from 583 million euros in the year-ago period.
Repsol noted that it achieved these results despite lower oil prices as compared to the same period of 2018, and with production in Libya interrupted until March 4th.
EBITDA for the quarter was 1.810 billion euros, up slightly from 1.804 billion euros last year.
Net income for the Upstream unit, or Exploration and Production, increased 12.5 percent to 323 million euros from 287 million euros last year.
The downstream unit, including refining, Chemicals, Marketing, Lubricants, Trading, LPG and Gas & Power, reported net income of 404 million euros, down from 425 million euros in the year-ago period.
At the Annual General Meeting to be held on May 31, the company's board of directors will propose a gross shareholder remuneration equivalent to 0.525 euros per share. This will bring the total proposed remuneration for the year equivalent to 0.95 euros per share, which represents an increase of 5.6 percent.
In addition, the company's board of directors has agreed to appoint Mariano Marzo Carpio as Lead Independent Director.
Furthermore, the Board will propose the re-election of Directors Antonio Brufau, Josu Jon Imaz, José Manuel Loureda Martiñán, John Robinson West, and Henri Philippe Reichstul. It will also propose the appointment of Aránzazu Estefanía Larrañaga and María Teresa García-Milà Lloveras as Independent Outside Directors.
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