Figures for the year

figures for the year


Net income
Billions of euros

The best result
of the last four years


One of the greatest increases on the IBEX 35 index and in Europe's oil and gas sector

Share price


Created with Highstock 5.0.910.1210.1213.4213.42

Euros per share
at year end


in net debt


Created with Highstock 5.0.911,93411,9348,1448,144

Billions of euros


  Billions  euros






Evolution of the refining
margin in 2016


Created with Highstock







Increased results


Sales of
oil products

Thousands of metric tons

Created with Highstock 5.0.947,60547,60548,04848,048
sales of oil products


Average production

Thousands of barrels of oil
equivalent per day

Created with Highstock 5.0.9243243447447690690

Net proved reserves

Millions of barrels of
oil equivalent

Created with Highstock 5.0.95845841,7081,7082,3822,382







In 2016, Repsol secured the highest net income of the past four years thanks to the strength and flexibility of its businesses, particularly following the acquisition of Talisman, currently named Repsol Oil & Gas Inc. (ROGCI), and the efficacy of the action plan in identifying efficiencies and synergies set in motion several financial years ago.

As a result of this, the company's net income reached 1.736 billion euros, 3.100 billion euros over the income reported in the 2015 financial year, when Repsol applied one-off provisions in response to depressed crude oil and gas prices.

The adjusted net income, reported at 1.922 billion euros, was 4% higher than the 1.852 billion euros secured in 2015, a financial year when the company took in extraordinary income of 500 million euros, chiefly owing to the company's dollar position after collecting payment for the expropriation of YPF.

The strength of our businesses was reflected in the company's EBITDA, which reached 5.226 billion euros, 18% higher than that obtained in the previous financial year and thanks also to the savings obtained through the efficiency and synergies programs.

The capacity of the businesses and success of the measures applied (in efficiency, portfolio management and synergies) allowed us to reduce our net debt by 3.79 billion euros (32%). At the close of the financial year, it was calculated at 8.144 billion euros. The net debt to EBIDTA ratio improved by 42%, ending at 1.6 times the previous ratio. At the close of the financial year, the company's liquidity had risen to 9.347 billion euros.


In 2016, our net income reached 1.736 billion euros, the highest in the past four years


In 2016, we met our goal in terms of synergies and efficiencies for the year by achieving savings of over 1.6 billion euros, 150% more than what was initially planned for the financial year. In 2017, we expect to reach a figure of 2.1 billion euros in savings, reaching the target set for 2018 ahead of schedule.

All business areas secured positive incomes during the financial year. Upstream stood out in terms of performance by increasing its adjusted net income by 977 million euros in comparison to the previous year.

Downstream secured an adjusted net income of 1.883 billion euros thanks to the competitive advantages of the integrated model, the quality of its refining assets, the good performance of the Chemicals business, and higher incomes of the commercial businesses.

We closed the financial year with an average production of 690,200 barrels of oil equivalent per day, 23% more than the volume produced in 2015.

During 2016, our shares went up by 33%, one of the highest rises in stock price in the IBEX 35 and other European markets. In the scrip issue closed in January 2017, replacing the traditional interim dividend of 2016, the holders of 80% of free assignment rights opted for receiving new Repsol shares.

Maintaining our environmental commitments and the aims of the Paris Agreement (COP21), we continued to extend our energy efficiency measures. In this connection, since 2006, we have managed to reduce our emissions by 4.3 million metric tons of CO2, which is equivalent to 17.5 % of the Company's current emissions.

Million euros

RESULTS 2015 2016 Variation
Upstream (925) 52 977
Downstream 2,150 1,883 (267)
Corporate and others 627[1] (13) (640)
Adjusted net income 1,852 1,922 70
Inventory effect (459) 133 592
Special items (2,791) (319)[2] 2,472
Net income (1,398) 1,736 3,134
  1. Includes financial results for an amount of 500 million euros, mainly due to the company´s dollar position following the monetizing of the expropriation of YPF.
  2. Special items are comprised mainly of workforce restructuring costs (-393 million euros) and other provisions, as well as net capital gains from asset divestments.

Repsol's shares rose in value by 33%, one of the highest stock price increases reported by the IBEX35 index and the European petroleum and gas sector


Improving flexibility and results

Upstream's adjusted net income rose to 52 million euros, an increase of 977 million euros compared to the previous year, thanks to Repsol's flexibility and ability to adapt to the new price scenario.

Within the efficiency and synergies program, the area obtained savings of 900 million euros, significantly exceeding the objective established for 2016. This program includes commercial actions, techniques, and processes which, in addition to improving cash generation capacity, increase sustainability and efficiency in the medium- and long-term.

The positive performance of the Upstream area is particularly significant if we bear in mind the depressed prices of raw materials internationally, with an average Brent price of 43.7 dollars per barrel and Henry Hub price of 2.5 dollars/million btu.

During the year, average production rose by 23% until reaching 690,200 BOE/D, chiefly thanks to the contribution from ROGCI assets in Brazil, Norway, Venezuela, and Peru.

It is worth mentioning that, at the close of December, operations in Libya were resumed. At the current production pace, these produce over 20,000 net barrels of oil equivalent daily.

In 2016, our hydrocarbon reserves grew to 2.382 billion barrels of oil equivalent, with a replacement ratio of 103%. These reserves and the projects that are already underway will allow us to maintain an average production of 700,000 barrels per day until 2020. This will be sustained until 2025, with the new discoveries that have been made and will be developed over the next two years. Parallel this production, we will maintain a replacement ratio of 100% until 2020.


Our businesses' high cash-generating capacity, the success of the efficiency program and the management of our assets portfolio also resulted in a 32% reduction of the company's net debt


The strength of the integrated model

The adjusted net income of the Downstream area rose to 1.883 billion euros, compared to 2.15 billion euros for the 2015 financial year, when singularly high refining profit margins were reported.

In 2016, we've maintained European leadership in terms of margins in the industrial and commercial businesses, thanks to the quality of the company's assets, the operational improvements made, and an active management of commercial opportunities. The Chemicals business improved on its positive performance in 2015 by 30% thanks to the consolidation of important improvements in efficiency and processes, investments in differentiation and the internationalization strategy implemented in recent years, all of which benefited from the favorable situation of demand and international profit margins.

The positive performance of the Chemicals business is complemented by the better results secured by our commercial businesses, which have taken advantage of cost reduction in marketing and increased revenues in Liquefied Petroleum Gas (LPG).

As for Refining, its main variables were affected by the scheduled multi-annual maintenance stops carried out at the Cartagena and Tarragona industrial facilities. Following the completion of the maintenance program planned for Spanish facilities in 2016, the distillation and conversion capacities of these units increased during the second half of the year.

Our refining margin index in Spain stood at 6.3 dollars per barrel in 2016, lower than in 2015 (8.5 dollars). During the fourth quarter of the year, the trend was positive and margins recovered until reaching 7.2 dollars per barrel.