MADRID (dpa-AFX) - Spanish oil major Repsol S.A. (REPYY.PK) reported that its fourth-quarter net loss was 5.28 billion euros or 3.55 euros per share compared to net income of 170 million euros or 0.10 euros per share last year, mainly due to impairments in the Upstream business and the Addax arbitration.
Adjusted net income in the fourth quarter was 405 million euros, 36% lower year-on-year.
Operating loss widened to 5.48 billion euros from 278 million euros last year.
In Upstream, adjusted net income was 186 million euros, 124 million euros lower than in the same period of 2018 and mainly due to lower oil and gas realization prices and higher exploration costs. It was partially offset by higher volumes mainly from Libya as well as lower taxes as a result of a lower operating income.
In Downstream, adjusted net income was 369 million euros, 24% lower year-on-year as a consequence of lower results in the Refining, Chemical, Wholesale Gas and LPG businesses.
The company raised its dividend by 5 per cent and will reach 1 euro per share this year. Moreover, an additional 5 per cent share capital reduction will be executed, by the cancellation of own shares, after receiving the approval of the next Annual General Meeting, expected to be held in May.
Copyright RTT News/dpa-AFX