Figures for the year


2.121 billion euros

billion euros


The best
in the last
six years


billions of euros








The highest
in the last
five years


euros per share
at year-end


in the last
two years

the revaluation
of IBEX 35

Repsol share graph








billions of euros


Net debt
since 2015

Debt graph










million euros

net income

12 times
that of 2016

Average net production
for 2017

Highest level
of production
in the last
six years

695 thousand barrels of oil equivalent per day


thousand barrels
of oil equivalent
per day


440 kboe/d


255 kbbl/d

Net proved
for 2017

2.355 billion barrels of oil equivalent


billion barrels
of oil


1,738 Mboe


617 Mbbl




billion of euros

net income


of the refining
margin index
in Spain


One of the
highest refining
margin indicators
in Europe


of petroleum

thousands of
metric tons


Repsol made a net profit of €2.121 billion in 2017, a 22% increase on the €1.736 billion achieved in 2016. Thanks to the low prices of raw materials, supported by the strength of our businesses and efficiency plans, we achieved the best net result of the last six years.

Repsol's integrated business model enabled the Company to tackle this situation and take advantage of the slight recovery of crude oil and gas prices from June onwards. Management's focus on creating value, flexibility, and diversification gained through the integration of our businesses drove our adjusted net income up by 25% to €2.405 billion, from €1.922 billion in 2016.

Upstream's net result totaled €632 million, 12 times more than in 2016. The measures adopted in our synergies and efficiency plan contributed to this increase, as well as the restart of production in Libya and higher international benchmark prices.

Downstream's results of €1.877 billion were in line with previous years, showing that the area is an important cash generator for the Company. During the year, the areas of Refining, Marketing, Trading, Gas & Power, and Peru increased their results, while Lubricants increased sales, and Chemicals held on to its strong position of the last two years.

The steady progress of our businesses has led to a 29% increase in EBITDA which reached a five-year high of €6.723 billion.

In the same way, the Company reduced its debt by 23% compared to 2016, bringing it to €6.267 billion by the end of the period.

The execution of the efficiencies and synergies program generated close to €2.400 billion in savings. We exceeded expectations and achieved the €2.100 billion savings objective of the 2018 Strategic Plan a year ahead of schedule.


highest adjusted net income
of the last
six years

The management of the Company, as well as the fact that we not only met but exceeded the objectives we had announced to the market, directly impacted the scores that we were given by credit rating agencies, which unanimously improved.

All of these figures were reflected in our market capitalization. Repsol shares rose in value by 10% during the year, contributing to the 46% increase over the last two years.

In May 2017, the Company issued a certified green bond, making us the first company in the Oil & Gas sector worldwide to use this type of asset. This bond will fund more than 300 CO2 emissions reduction projects.

After year-end on February 22nd, 2018 Repsol signed an agreement with Rioja Bidco Shareholdings S.L.U., (a subsidiary company for funds advised by CVC) to sell our 20.072% stake in Gas Natural for a total sum of €3,816,314,502, equivalent to €19/ share.

Results for the period
Million euros 2016 2017 Variation
Upstream 52 632 580
Downstream 1,883 1,877 (6)
Corporate and other (13) (104) (91)
Adjusted net income 1,922 2,405 483
Inventory effect 133 104 (29)
Special items (319) (388) (69)
Net income (1,736) 2,121 385


Upstream's adjusted net income increased to €632 million, €580 million higher than the €52 million earned in 2016.

Thanks to the measures put in place by the Company through our efficiencies and synergies program, Repsol could take advantage of the recovery of crude and gas prices. This was followed by the restart of production in Libya, further improving these results.

The average international raw materials prices stayed low throughout 2017, with a Brent price of USD 54.2/barrel, and a Henry Hub of USD 3.1/mbtu. In the second half of the year, the market began on a spectacular upward trend and the Brent price closed the year above USD 66/barrel, its highest value since June 2015.

This led the Company to increase our average net production to 695 thousand barrels of oil equivalent per day (boe/day), thanks to the restart of activity in Libya, increases in several assets, and the start-up of new projects such as Juniper in Trinidad and Tobago; Lapa and Sapinhoá in Brazil; and Shaw, Cayley, and Flyndre in the UK.

With this figure, Repsol surpassed its 2017 objective of 680 thousand barrels of oil equivalent per day, all while replacing our reserves with an organic replacement ratio of 93%.

During the period, Repsol achieved various milestones in projects that have increased the value of our portfolio, including the start-up of six new assets. These include gas production in Juniper (Trinidad and Tobago), which started in August, and crude production which started in the Kinabalu offshore field redevelopment in Malaysia in October. Production in Sagari (Peru) began in November, where around a quarter of the gas consumed in Peru is extracted.

In December, Repsol and our partners started up the important Reggane Nord (Algeria) gas project, which will reach its maximum production capacity of 8 million cubic meters of gas per day in 2018. This would meet 10% of the demand for gas in Spain.

We have also been awarded blocks in countries like Brazil, the United States, Bolivia, and Mexico, and have started to develop Buckskin, a large scale deepwater project in the US Gulf of Mexico. In addition, the Company has made investment decisions regarding the Yme (Norway), Angelin (Trinidad and Tobago), and MLN (Algeria) projects.

In terms of exploration, 2017 was a year of big discoveries for Repsol. In March, we announced the greatest conventional onshore discovery of hydrocarbons in the last 30 years in Alaska (United States). Its contingent resources are estimated at 1.200 billion recoverable barrels of light crude in the formation where the discovery was made.

In Trinidad and Tobago, the Company made the largest gas discovery in the last five years, with resources estimated to be the equivalent of two years of Spain's gas consumption.

Upstream's performance was recognized by Standard & Poor’s Global Platts, which named Repsol as the best exploration and production company of 2017 for our ability to generate value in a context marked by volatility and low crude oil prices.


highest EBITDA of
the last five years


Downstream achieved an adjusted net income of €1.877 billion, in line with its €1.883 billion result in 2016. It continues to be an important cash generator for the Company.

Refining's performance was as strong as the previous year. The Company increased the volume of crude oil that it processed and took advantage of the improved index margin in Spain, which reached USD 6.8 per barrel, 7.9% higher than 2016 values (USD 6.3).

During the year, Repsol carried out maintenance shutdowns at the Cartagena, Bilbao, and A Coruña facilities that improved innovation, energy efficiency, and productivity. These measures help Repsol to stay at the top of the sector in Europe.

The Marketing department improved its results and increased sales. Our service stations increased their sales volumes, while continuing to innovate with new services designed to broaden the range of goods available to our customers. For example, we reached agreements with companies such as Amazon for the customers to collect their purchases at service stations, as well as with El Corte Inglés to expand the Supercor Stop & Go store implementation agreement.

Likewise, the Company launched the application Waylet, which allows customers to pay with their cell phone in service stations and enjoy discounts and promotions. We will continue to develop the application into a universal mobile payment method.

The Company recently announced the launch of our Carsharing service named WiBLE together with Kia. “As Spain's leading energy provider for mobility, Repsol seeks to drive innovative initiatives with this project, offering alternative ways to travel and providing value for our customers.

The Trading and Gas & Power areas' contribution to the to the Company's results was higher than the previous year thanks to the Company's improved performance in North America and positive Trading activity, which benefited from higher demand and better margins.

Lubricants increased their sales, while proceeding with their internationalization strategy. This has put our products up for sale in more than 90 countries. This area's strategic plan aims to double the total volume of sales to 300,000 metric tons and quadruple international sales. To provide for this growth, Repsol is investing €5 million in our Puertollano plant, which produces almost 80% of all the Company's lubricants.

Chemicals built on their good results from 2015 and 2016, consolidating improvements in efficiency and making progress in terms of differentiation.


increase in Repsol's share
price since 2016