Downstream
solid cash
generation

The Downstream business supplies and trades crude oil and products, refines oil, and produces and markets petroleum products, petrochemicals, and liquefied natural gas (LNG).
1.877 billion euros
Adjusted net
income

billion euros
Downstream

María Victoria Zingoni

“In an increasingly globalized environment, our Downstream business strives to continue gaining a competitive edge. We want to foresee society's new needs by offering different responses and focusing on the search for new opportunities worldwide”.

María Victoria Zingoni

Executive Managing Director of Downstream

Keys to strong performance

The quality of our industrial assets

The competitive advantage of our integrated model

The opening of new businesses and markets

The strength of our commercial businesses

Increase product sales

7.9

rise in
the refining
margin
indicator
in Spain

7.9

increase
in petroleum
product
sales

Service stations
Natural Gas

4,709

service
stations
worldwide

20

growth
in natural
gas sales
in North America

Lubricants

90

countries
where we
distribute
lubricants and
petrochemical
products

Autogas

8.1

rise in
Autogas
sales
in Spain

2017 Milestones

Repsol Healthcare

March 2017

Launch of the Repsol Healthcare brand,
a new specialized range of polyolefins
to supply the pharmaceutical packaging
and medical device markets

Repsol Waylet

May 2017

Presentation of
the new Repsol Waylet
application to continue
offering the best
service to our
service station
customers

Repsol Waylet

Puertollano lubricants plant

June 2017

Start up of the third production
shift at the Puertollano
lubricants plant (Spain)
and the beginning of investments
to increase its production capacity
to 170,000 tons per year
by 2021

Supercor Stop & Go

July 2017

We signed an agreement with El Corte Inglés
to create the largest network of local
and convenience stores in Spain
through our service stations

Agreement with Amazon

November 2017

We installed automatic
lockers at our service
stations. Amazon Lockers
allow users to pick up their
online purchases 24 hours
a day, seven days a week

Downstream
adjusted net income
Million euros 2016 2017 Variation
Operating income 2,467 2,467 -
Income tax (565) (572) (7)
Investees and non-controlling interests (19) (18) 1
Adjusted net income 1,883 1,877 (6)
Inventory effect 133 104 (29)
Special items 261 (121) (382)
Net Income 2,277 1,860 (417)
Effective tax rate (%) 23 23 -
EBITDA 3,367 3,386 19
Net investments (496) 757 1,253
Downstream
main figures
Main figures 2016 2017
Refining capacity (kbbl/d) 1,013 1,013
Conversion rate in Spain (%) 59 63
Conversion utilization Spanish Refining (%) 103 104
Distillation utilization Spanish Refining (%) 88 94
Processed crude oil (million tons) 43.2 47.4
Refining margin indicator ($/bbl)

Spain 6.3 6.8
Peru 3.1 5.4
Number of service stations 4,715 4,709
Oil product sales (kt) 48,048 51,836
Petrochemical product sales (kt) 2,892 2,855
LPG sales (kt) 1,747 1,375
Gas sales in North America (Tbtu) 414 496
LNG regasified (100%) in Canaport (Tbtu) 16 15