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Repsol Reports Adj. Profit In H1 - Quick Facts

Repsol (REPYY.PK) reported a net loss of 2.484 billion euros for the first half of 2020. The company noted that the unprecedented situation caused by the coronavirus led to a historic fall in oil and gas prices, resulting in a negative impact of 1.088 billion euros on inventories. Also, Repsol has adjusted its price curves, which has affected the book value of its Upstream assets. The company reported an adjusted net income of 189 million euros for the first half of 2020.

The company noted that it is applying a Resilience Plan that includes additional reductions in operating costs (of more than 450 million euros) and in investments (of over 1.1 billion euros), and optimizations in working capital of nearly 800 million euros compared to its prior estimates.

The Resilience Plan includes the objective of not increasing the net debt during fiscal 2020. The company reduced its net debt during the last quarter to 3.987 billion euros, around 500 million euros less than that registered as of March 31. The company has liquidity of 9.762 billion euros. The company also increased the pledged and unused credit lines by 1.602 billion euros.

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