Repsol 2004: Operating Income Up.
The Spanish-Argentine energy company Repsol YPF SA reported Tuesday its operating income rose substantially last year due to high world oil prices, but net income nevertheless fell by 3.5 percent due to extraordinary charges and currency fluctuation.
Operating income rose by 17.8 percent to euro4.5 billion (US$5.9 billion). Net profit, however, fell to euro1.95 billion (US$2.5 billion) from euro2.02 billion in 2003.
About euro682 million (US$887 million) in tax contingencies, asset depreciation and other provisions were registered, mostly in the fourth quarter. In 2003, the company reported one-off charges of EUR154 million.
Net profit also was hurt by the continued strength of the euro versus the U.S. dollar, the currency in which oil sales are quoted.
Brent prices averaged US$38.3 a barrel in 2004, up from US$28.83 in 2003; and averaged US$44 a barrel in the fourth quarter, up from US$29.49 in the same period a year earlier.
Overall revenue increased to euro41.7 billion (US$54.2 billion) from euro37.2 billion in 2003.
Operating profit for the fourth quarter soared to euro1.2 billion (US$1.6 billion) compared to euro852 million during the same period in 2003. But net profit fell to euro254 million (US$330 million) from euro412 million.
Repsol stated that excluding exceptional items, the company's net profit rose by seven percent to euro2.86 billion in 2004.
Repsol stated its total oil and gas production rose 2.9 percent to 1.17 million barrels of oil equivalent a day in 2004, while gas production rose by 11.2 percent.
Repsol's net debt level at Dec. 31 dropped to euro4.92 billion (US$6.4 billion) from the year-ago figure of euro5.05 billion.
[Source: Forbes Alert, 22feb05]
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