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Repsol’s net income reaches €1.939 billion between January and September





By Petroleumworld

Petroleumworld 10 28 2021

Repsol posted an adjusted net income, which specifically measures business performance, of €1.582 billion between January and September 2021, the period when implementation of its 2021-2025 Strategic
Plan began. The measures defined in the Plan, together with an efficiency-oriented management, have
allowed the company to capture the maximum possible value and return to pre-pandemic results in a
context in which there has been a clear recovery in raw material prices. At the same time, the company
has made steady progress toward achieving its decarbonization targets, recently reinforced with new,
more ambitious goals that mark its transformation to carbon neutrality by 2050.

Net income was €1.939 billion between January and September 2021, higher than in the same period in 2019 (€1.466 billion), prior to the COVID-19 crisis. Adjusted net income was flat compared to 2019 (€1.637 billion), demonstrating the effectiveness of Repsol's new strategy. Results for the third quarter beat the consensus of financial analysts who follow the company's activity.

Repsol's integrated business model, together with the implementation of its Strategic Plan, was decisive
in enabling the company to successfully overcome an unprecedented crisis scenario. All business segments achieved positive results, especially Exploration & Production, particularly influenced by the upward
trend in commodity prices. The Chemicals area continued the exceptional performance observed in previous quarters, Renewables increased its contribution to the Group, and the Mobility and Aviation businesses improved their performance after the lifting of part of the mobility restrictions resulting from the health crisis.

In the first nine months of the year, crude oil and gas prices returned to pre-pandemic levels, with Brent
crude trading at an average of $67.90 per barrel and the Henry Hub at $3.20 per MBtu.

In this context, the company also achieved positive operating cash flow in all its business segments,
amounting to €3.371 billion, as well as positive free cash flow in all segments, totaling €1.855 billion. In
addition, between January and September 2021, Repsol reduced its net debt by 9% (€642 million) compared to last December, to €6.136 billion. As a result, liquidity stood at €9.948 billion, representing 2.57
times the short-term maturities.

In 2021, the company strengthened its financial position with various bond issues and presented a comprehensive sustainable financing strategy, incorporating its sustainability roadmap into its financing strategy.

These tools will enable Repsol to continue advancing its ambitious decarbonization goals, as it has done even in the complicated environment caused by COVID-19. In this regard, Repsol went a step further on October 5, increasing its renewable generation and emissions reduction targets to accelerate its transformation until 2030.

The company also announced an increase in investments in the 2021-2025 period to €19.3 billion, with an additional €1 billion compared to the initial forecast in the Strategic Plan that will be dedicated to increasing
the company’s renewable electricity generation capacity and production of renewable hydrogen, as well
as promoting other low-carbon initiatives. With this new target, 35% of the investments made by Repsol
between 2021 and 2025 will be allocated to low-emission initiatives.

Josu Jon Imaz: “Our results have returned to the levels prior to the pandemic, and at the same time we are making firm progress in our decarbonization.”

Repsol has set more ambitious targets for renewable generation capacity and for reducing emissions
Press release

Business performance and cash flow generation due to higher commodity prices have led the Board of Directors to propose to the next General Shareholders’ Meeting an increase in the cash dividend by 5% to €0.63 per share.

This will be accompanied by a reduction in share capital through the redemption of 75 million shares, equivalent to 4.9% of the company’s current share capital. To this end, the Board of Directors has agreed to implement
a share repurchase program for up to 35 million shares, representing 2.29% of Repsol’s share capital.

In addition, the Board of Directors, at its meeting on October 27, 2021, took cognizance of the resignation
tendered by Mr. José Manuel Loureda Mantiñán from his position as member of the Board and, consequently, as member of the Remuneration and Sustainability Committees.

Source: Repsol



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