Production increases significantly in the quarter
and the reserve replacement rate continues to climb
and the reserve replacement rate continues to climb
Unaudited figures (IFRS)
(*) Data mentioned in this earnings preview related to fourth quarter 2008 and previous quarters in 2009 have been properly
amended in accordance with accounting standards and as a result of the change in the accounting classification of the Group's
stake in Alberto Pasqualini Refap, S.A., so as to facilitate the comparison with fourth quarter 2009 data (See Section 5:
Comparison of information).
| 4Q 2008 | 3Q 2009 | 4Q 2009 | % Variation 4Q09/4Q08 | FOURTH QUARTER 2009 RESULTS (*) | Jan-Dec 2008 | Jan-Dec 2009 | % Variation 09/08 |
|---|---|---|---|---|---|---|---|
| CCS REPORTED EARNINGS (M€) | |||||||
| 1,030 | 810 | 610 | -40.8 | CCS OPERATING INCOME | 5,515 | 2,877 | -47.8 |
| 475 | 320 | 167 | -64.8 | CCS NET INCOME | 2,876 | 1,331 | -53.7 |
| CCS PROFORMA INDICATORS (M€) | |||||||
| 1,020 | 768 | 750 | -26.5 | CCS ADJUSTED OPERATING INCOME | 5,440 | 2,761 | -49.2 |
| 467 | 296 | 241 | -48.4 | CCS ADJUSTED NET INCOME | 2,622 | 1,296 | -50.6 |
| REPORTED EARNINGS (M€) | |||||||
| -19 | 910 | 681 | - | OPERATING INCOME | 5,020 | 3,244 | -35.4 |
| -187 | 385 | 211 | - | NET INCOME | 2,555 | 1,559 | -39.0 |
| PROFORMA INDICATORS (M€) | |||||||
| -29 | 868 | 821 | - | ADJUSTED OPERATING INCOME | 4,945 | 3,128 | -36.7 |
| -195 | 361 | 285 | - | ADJUSTED NET INCOME | 2,301 | 1,524 | -33.8 |
| EARNINGS PER SHARE | |||||||
| -0.15 | 0.32 | 0.17 | - | Euros per share | 2.10 | 1.29 | -38.6 |
| -0.21 | 0.47 | 0.25 | - | Dollars per share | 2.93 | 1.85 | -36.9 |
FOURTH QUARTER 2009 HIGHLIGHTS
- Adjusted operating income in the quarter on the basis of current cost of supply (CCS), that is to say, excluding inventory holding gains (losses) fell 26.5% year-on-year.
- In comparison with the fourth quarter last year, CCS adjusted operating income was mainly affected by the impact of narrower refining margins as well as the persistent decline in gas prices despite higher oil prices, increased production, the improvement in the mix in Upstream, and enhanced results at YPF.
- Production in the quarter was 349 Kboepd, 5.8% higher than in the same quarter in 2008. This increase, mainly affecting liquids, improved the production mix. Production from the Shenzi field in the United States was largely responsible for this increased volume.
- The Group's net financial debt (ex Gas Natural) at year-end 2009 amounted to 4,905 M€ versus 2,030 M€ a year earlier. EBITDA in the period made it possible to cover net investments, taxes, and, partially, the 2008 dividend. In addition, two non-recurring events in the year increased the amount of net debt: the 1,080 M€ paid to cover the subscription of the Gas Natural capital increase and the advanced payment of the 2009 Repsol YPF, S.A. interim dividend. The net debt/capital employed ratio (ex Gas Natural) at the end of fourth quarter was 16.7%.
- Fifteen discoveries were announced in 2009 in the Company’s key growth areas: deep waters offshore the Gulf of Mexico and Brazil and in North Africa.
