| 1.- INTRODUCTION 1.1.- Income Statement
Repsol’s net income for the first quarter of 1998 was
38,283 million pesetas, showing a 23.3% rise on the same period a year earlier. Operating
income was 34.5% up, at 71,245 million pesetas, and cash-flow rose by 18.7%, to 95,495
million pesetas.
These figures were obtained exclusively on the
company’s ordinary operations. There was no extraordinary income or capital gain from
asset divestment during this quarter.
This higher income is the result of a better balance in the
company’s fund-generating base, for it was achieved in the presence of negative
factors such as low crude oil prices (the lowest for the past ten years), and the economic
crisis in Asia, which has particularly affected the derivative chemical business.
There was extraordinary growth in the gas activity during
this first quarter, and a good performance by the refining and marketing area.
During the first quarter of 1998, a capital expenditure of
65,781 million pesetas was made. This was mainly to strengthen the company’s presence
in Latin America, to increase crude oil and gas reserves, and to preserve Repsol’s
position as Spain’s top company in its traditional activities. Financial expenses for
the quarter were 5,638 million pesetas, showing a rise of 79.3% against 1997 figures, when
capital gains of 3,068 million pesetas were generated from a share-out of reserves by the
Musini mutual insurance company.
Corporate net debt was 559,138 million pesetas at the end
of the first quarter of 1998, showing an increase of 10,655 million pesetas over the same
period a year earlier.
1.2.-Outstanding events in this quarter
- In exploration and production, crude oil and gas reserves
were discovered in Venezuela, Egypt and the Guadalquivir Valley.
- Repsol’s affiliate Astra, made a large oil discovery in
the Quiamare-La Ceiba exploratory block, in Venezuela, where it has a 25% stake, and
currently produces some 15,000 barrels of oil per day.
The discovery well, already finished, is called Tacata Tag 12 E, and crossed several
oil-bearing layers. There were three positive production tests, giving an overall flow of
16,000 barrels of 35� and 41� API oil per day. Work was immediately begun to adapt the
discovery well for production, which is expected to start next June, once the plant and
pipeline have been fully installed.
- Repsol also made a new discovery of oil and gas, in the West
Mediterranean Block (Block 1), in the western desert of Egypt. Other structures in the
same block, near this discovery, have been identified for potential exploration, and will
be appraised in the future.
- the discovery well, North Alamein-1X, reached a depth of
3,551 metres in February, last. Tests at three different levels gave a production of 8,300
barrels of 38� API oil and 100,000 cubic metres of gas per day.
- A new gas discovery was made in the Guadalquivir Valley,
Spain, in association with Locs, who hold a 75% interest, while Repsol has the remaining
25%.
The discovery well is called Santa Clara-1, and is on the Romeral concession, some 5 km.
to the north-east of Carmona. It was drilled to a depth of 702 metres, where gas was found
in the sandstone Upper Miocene layer. Production tests gave 140,000 cubic metres of gas
per day.
- In February last, Repsol and Iberdrola created a joint
venture company called Proyectos Integrados Energ�ticos, S.A., to undertake energy
projects under the Industrial Co-operation Agreement signed by both companies in 1997. The
investment programme for this project is approximately 300 billion pesetas, spanning the
period 1998 to 2003, for the installation of some 3,000 MW at cogeneration and combined
cycle facilities, and plants generating electricity from refinery residues.
- Last March, Gas Natural M�xico, a gas distribution company
in which Repsol and Gas Natural SDG each hold a 50% stake, won a concession to distribute
natural gas in Monterrey, Mexico. This is an urban area, with one of the highest
consumptions of natural gas in Latin America.
Gas Natural M�xico plans to carry out an investment of 184 million dollars (some 28
billion pesetas) over the next five years, in order to enlarge the distribution network in
the Monterrey area. This figure includes 153 million dollars (23 billion pesetas) for the
acquisition of existing infrastructure, currently owned by the Comisi�n Federal de
Electricidad. The company jointly belonging to Repsol and Gas Natural SDG expects to
increase its customer list in this region to 560,000 by the year 2002, supplying a demand
for some 11,000 million thermies.
- At the beginning of April, Repsol and Spain’s largest
department stores, El Corte Ingl�s, opened the first six Supercor service stations in
Madrid and Barcelona. Some of these have been specially designed by the well-known
architect, Norman Foster, introducing a new image presented at the end of this first
quarter, and form part of a new concept in service stations, in which the network provides
sales outlets for high quality products and services. Under the first phase of this
project, 30 stations will be built on urban or suburban sites, and on highways or
motorways, using this new concept in Spain of the service station with shop. The agreement
between the two companies contemplates the possibility of constructing 100 such stations
within a short period of time.
- The Repsol Annual General Shareholders’ Meeting, held
on April 22nd, approved an overall gross dividend of 200 pesetas per share against the
1997 financial year. This is 10.5% more than the dividend for 1996. A final gross dividend
of 111 pesetas per share will be payable from July 14th, onwards.
2.- ANALYSIS OF RESULTS BY ACTIVITIES
2.1. Exploration and production
First quarter operating income was 44% lower than the year
earlier figure, at 6,794 million pesetas, and 41.5% lower than that for the last quarter
of 1997.
This drop was basically due to low crude oil prices, which
were 34% below first quarter 1997 levels. Higher sales were not sufficient to compensate
for this. Indeed, first quarter, 1998, production rose by 13.3% in comparison to 1997,
reaching 3,063 million tonnes of oil equivalent.
Crude Brent oil prices over the period were $14.04 per
barrel, and were considerably lower than the price of $21.11 per barrel a year earlier.
The dollar continued to appreciate against the peseta, reaching an average exchange rate
of 154.19 pesetas per dollar, as opposed to 142.05 pesetas per dollar last year.
Astra’s contribution to operating income in these
three months was 2,275 million pesetas, in comparison to 3,290 million pesetas in the
first quarter of 1997. This fall in income was the result of low oil prices, and was
partially counter-balanced by an 18% higher production.
Investments:
25,511 million pesetas were invested in this area over the first quarter. 5,912 million
pesetas of this was spent on Astra, and nearly 22,100 million pesetas on the development
of fields.
2.2. Refining and Marketing
First quarter operating income from this area was 31,833
million pesetas, that is 9.2% higher than for the last quarter of 1997, and more than 39%
higher than year earlier figures.
The indicator for Repsol’s refining margin in Spain
was higher than that for the preceding quarter, at $2.9 per barrel, and 21% better than
for the same period of 1997. Repsol refineries in Spain processed 20% more crude oil in
the first three months of 1998 than in the previous year, and 3% more than the last
quarter of 1997.
Refining in Peru again produced high margins of around $3.8
per barrel, although these were slightly lower than for the last three months of 1997,
when they reached some $4.8 per barrel. Distillation was around 88% of nominal capacity.
Margins at the La Pampilla refinery rose by 23% in
comparison to last year, and the distillation level rose by 40%. These circumstances led
to a first quarter 1998 operating income from La Pampilla of 2,256 million pesetas,
showing a great improvement over the same period a year earlier.
Finally, refining and marketing activities carried out by
the Argentine company, Astra, generated a quarterly income of 2,294 million pesetas.
Turning to the logistics activity conducted by CLH, this
transported 6.7% more products than in the same quarter a year earlier, mostly because of
increases in gas-oil and aviation fuel, for there was a 2.6% drop in gasoline and 2.4% in
fuel oil.
Sales of light products in Spain, excluding sales to other
operators, grew by 4.3% in comparison to 1997. There was a 4.7% fall in gasoline,
basically as a result of the shift in popularity towards diesel engined vehicles, and
because Easter was at the end of March last year, so the high holiday consumption was
registered in the first quarter then, as opposed to the second quarter (April) in 1998.
Investments:
Quarterly investment in refining and marketing was 14,781 million pesetas, mostly to
up-grade refining units and storage facilities, and to extend and improve several service
station networks.
2.3 Chemicals
Operating income from Chemicals was 35.2% up on the first
quarter of 1997, at 9,800 million pesetas. High base chemical margins on international
markets and a rise in turnover, especially on derivative chemicals (16.5%), were mainly
responsible for this.
In fact, margins on base chemicals rose by 18% against the
first quarter of 1997. Income from derivative chemicals rose by 24%, as a result of 16.5%
higher sales and 22% higher unitary margins.
Investments:
4,907 million pesetas were invested over the quarter in chemicals, against a year earlier
figure of 3,737 million pesetas. Major projects were undertaken at the Tarragona complex,
and include a new PO/SM plant, and re-vamping of the methyl metacrylate production
capacity. At Puertollano, re-vamping of capacity for polyols was completed, and at
Santander work continued on a hydrogenation project for SBS rubber.
2.4 Gas and electricity
In Gas, first quarter operating income was 112.7% higher
than for the first quarter of 1997, at 23,264 million pesetas.
LPG operating income for the three months was 10,064
million pesetas, in comparison to losses of 564 million pesetas over the same period a
year earlier. This good performance was mostly because the price-setting formula was back
in use again. As you will recall, prices were frozen in the first quarter of 1997.
799,000 tonnes of LPG were sold in the first quarter of
1998, and this is 0.7% more than the same period a year ago. This slight improvement is
due to a small rise in turnover in Spain, and in particular to 6.8% higher sales of LPG
outside Spain. This is specially remarkable if we note that last year’s figure of
70,000 tonnes included 28,000 tonnes for the trading market, whereas this year’s
higher figure of 75,000 tonnes was not boosted by any such operation.
In the natural gas and electricity area, quarterly
operating income was 13,200 million pesetas, 14.8% higher than the previous year, thanks
to the recovery of unitary margins, and higher sales in all categories, with the exception
of power stations.
First quarterly sales by the Gas Natural Group to the
residential and commercial sector rose by 21.7% over 1997 levels, to 8,945 million
thermies. Here, the list of customers has grown through expansion in the areas already
covered by the company, and new acquisitions made throughout 1997. In consolidated terms,
the Gas Natural Group distributes gas to 4,212,000 residential-commercial customers,
showing an increase of more than 92,000 during the period: 69,000 of these in Spain, 9,000
in Argentina, and the remainder in Mexico, Colombia and Brazil. Altogether, the Gas
Natural Group obtained 558,000 new customers in the last twelve months.
Demand from the industrial sector during the first quarter
of 1998 increased by 24.4% in comparison to year earlier figures, to reach 24,960 million
thermies.
In Latin America, natural gas contributed 615 million
pesetas during the first three months of the year, which was 262% more than in 1997.
Larger income from acquisitions made during 1997 were responsible for this growth.
Investments:
Quarterly investments in LPG amounted to 3,311 million pesetas, mostly to develop
expansion in Latin America. In natural gas and electricity, expenditure was 16,415 million
pesetas, mainly to expand gas transport and distribution infrastructure, and to develop
projects for the integration of gas and electricity.
2.5 Corporate and others
This caption shows operating costs of 446 million pesetas,
compared to a negative 268 million pesetas in 1997. This figure basically reflects the
expenses incurred by Repsol’s corporate headquarters, and not accountable to group
companies.
3.- FINANCIAL RESULT
Net financial expenses for the first quarter of 1998 were
5,638 million pesetas in comparison to 3,143 million pesetas for the same period a year
earlier, when it included an income of 3,068 million pesetas from the previously mentioned
share-out of reserves by the Musini company.
If this extraordinary effect in the first quarter of 1997
were disregarded, financial expenses for the first quarter of 1998 would have shown an
improvement of 600 million pesetas over the former, mainly as a result of liquidating
positions in peseta/deutschmark operations, held as coverage for operating revenues in
deutschmarks from petrochemical activities. This coverage has not been necessary since
parity between the two currencies was fixed. A financial income of 893 million pesetas was
generated by the foregoing measure.
Net financial debt rose slightly in this quarter, from
548,483 million pesetas at the end of 1997, to 559,138 million pesetas at March 31st,
1998. At the beginning of January, a gross interim dividend of 26,700 million pesetas (89
pesetas per share) was paid against the 1997 financial year, and there was an accounting
effect from entering on the books the dollar/peseta exchange rate variation, increasing
quarterly net debt in accounting terms by 13,900 million pesetas.
4.- EQUITY ON EARNINGS OF UNCONSOLIDATED
AFFILIATES
The figure entered under this caption for the first quarter
of 1998 was 79 million pesetas. The greater part of this came from companies in the
refining and marketing activity.
5.- GOODWILL AMORTIZATION
Goodwill amortisation for the first quarter of 1998 was
1,850 million pesetas, in comparison to 452 million pesetas a year ago.
This rise basically originated from goodwill on new
investments in Latin America, made after the first quarter of 1997.
6.- EXTRAORDINARY ITEMS
The first quarter reported an extraordinary loss of 1,587
million pesetas, in comparison with a negative amount of 1,615 million pesetas for the
first quarter of 1997. The most important items under this caption refer to an income of
876 million pesetas from the application of liabilities; 459 million pesetas from
divestment of corporate assets; 1,179 million pesetas of costs incurred over the period by
manpower reduction programmes and 1,591 million pesetas set aside as an extraordinary
provision to cover future risks and losses.
7.- MINORITY INTERESTS
The first quarter balance under this caption is 5,258
million pesetas, as against 2,654 million pesetas registered for the same period of 1997.
The higher amount entered under this caption is mainly due
to dividends on preference shares issued in October, 1997, and an improved performance by
the La Pampilla refinery.
8.- TAXES
The tax rate for the first quarter of 1998 was 30.05%, and
was slightly higher than that for the same period a year earlier.
REPSOL SUMMARISED
INCOME STATEMENT
(Million pesetas)
(Non-audited figures)
|
QUARTERLY
FIGURES |
|
1Q97 |
4Q97 |
1Q98 |
| Operating income |
52,951 |
70,280 |
71,245 |
| Financial results |
(3,143) |
(7,770) |
(5,638) |
| Equity on earnings of
unconsolidated affiliates |
69 |
892 |
79 |
| Goodwill amortization |
(452) |
(1,409) |
(1,850) |
| Extraordinary items |
(1,615) |
(1,715) |
(1,587) |
| Income before income tax and
minority interest |
47,810 |
60,278 |
62,249 |
| Income tax |
(14,119) |
(16,375) |
(18,708) |
| Net income before minority
interest |
33,691 |
43,903 |
43,541 |
|
|
|
|
| Minority interest |
(2,654) |
(6,968) |
(5,258) |
|
|
|
|
| Net income |
31,037 |
36,935 |
38,283 |
| Cash-flow after taxes |
80,472 |
95,855 |
95,495 |
| Net income per share |
|
|
|
| * Pts/share |
103.46 |
123.12 |
127.61 |
| * $/ADR |
0.73 |
0.81 |
0.81 |
| Cash-flow per share |
|
|
|
| * Pts/share |
268.24 |
319.52 |
318.32 |
| * $/ADR |
1.89 |
2.10 |
2.03 |
______________________
$= 142.05 pesetas in 1Q97
$= 152.43 pesetas in 4Q97
$= 156.85 pesetas in 1Q98
BREAK-DOWN OF REPSOL
OPERATING INCOME BY ACTIVITY
(Million pesetas)
(Non-audited figures)
|
QUARTERLY
FIGURES |
|
1Q97 |
4Q97 |
1Q98 |
| Exploration & Production (1) |
12,130 |
11,610 |
6,794 |
| Refining & Marketing (2) |
22,906 |
29,142 |
31,833 |
| Chemicals (3) |
7,246 |
8,784 |
9,800 |
| Gas (4) |
10,937 |
21,277 |
23,264 |
| Corporate and others (5) |
(268) |
(533) |
(446) |
| |
|
|
|
|
|
|
|
| TOTAL |
52,951 |
70,280 |
71,245 |
__________________________________________________________________________
(1) Includes Repsol Exploraci�n and Astra E & P activity.
(2) Includes C.L.H., refining & marketing of Repsol Petr�leo and Petronor, &
Repsol Comercial de Productos Petrol�feros. From September, 1997, it also includes Eg3.
(3) Includes basic petrochemicals from Repsol Petr�leo and Petronor plus derivative
petrochemicals from Repsol Qu�mica.
(4) Includes Repsol Butano, Solgas, the 45.3% stake in the Gas Natural Group and, from
1997 onwards, Astra's gas and electricity activities.
(5) Mainly includes Repsol, S.A. overheads.
BREAK-DOWN OF REPSOL OPERATING CASH-FLOW BY ACTIVITY
(Million pesetas)
(Non-audited figures)
| |
QUARTERLY FIGURES |
|
1Q97 |
4Q97 |
1Q98 |
| Exploration & Production (1) |
22,002 |
25,337 |
19,553 |
| Refining & Marketing (2) |
42,057 |
49,541 |
51,811 |
| Chemicals (3) |
8,810 |
11,260 |
12,016 |
| Gas (4) |
17,654 |
29,740 |
33,200 |
| Corporate and others (5) |
562 |
(164) |
481 |
|
|
|
|
| TOTAL |
91,085 |
115,714 |
117,061 |
__________________________________________________________________________
(1) Includes Repsol Exploraci�n and Astra E & P activity.
(2) Includes C.L.H., refining & marketing of Repsol Petr�leo and Petronor, &
Repsol Comercial de Productos Petrol�feros. From September, 1997, it also includes Eg3.
(3) Includes basic petrochemicals from Repsol Petr�leo and Petronor plus derivative
petrochemicals from Repsol Qu�mica.
(4) Includes Repsol Butano, Solgas, the 45.3% stake in the Gas Natural Group and, from
1997 onwards, Astra's gas and electricity activities.
(5) Mainly includes Repsol, S.A. overheads.
BREAK-DOWN OF REPSOL
OPERATING REVENUES BY ACTIVITY
(Million pesetas)
(Non-audited figures)
|
QUARTERLY
FIGURES |
|
1Q97 |
4Q97 |
1Q98 |
| Exploration & Production (1) |
55,979 |
56,756 |
45,704 |
| Refining & Marketing (2) |
576,595 |
685,602 |
595,712 |
| Chemicals (3) |
49,683 |
55,911 |
52,373 |
| Gas (4) |
111,899 |
117,290 |
113,635 |
| Adjustments and others (5) |
(22,792) |
(28,515) |
(17,936) |
|
|
|
|
| TOTAL |
771,364 |
887,044 |
789,488 |
__________________________________________________________________________
(1) Includes Repsol Exploraci�n and Astra E & P activity.
(2) Includes C.L.H., refining & marketing of Repsol Petr�leo and Petronor, and Repsol
Comercial de Productos Petrol�feros. From September, 1997, it also includes Eg3.
(3) Includes basic petrochemicals from Repsol Petr�leo and Petronor, plus derivative
petrochemicals from Repsol Qu�mica.
(4) Includes Repsol Butano, Solgas, the 45.3% stake in the Gas Natural Group, and, from
1997 onwards, Astra’s gas and electricity activities.
(5) Includes elimination through sales made between different business areas.
BREAK-DOWN OF INVESTMENTS
BY ACTIVITY
(Million pesetas)
(Non-audited figures)
|
QUARTERLY FIGURES |
|
1Q97 |
4Q97 |
1Q98 |
| Exploration & Production (1) |
65,413 |
39,890 |
25,511 |
| Refining & Marketing (2) |
18,477 |
26,861 |
14,781 |
| Chemicals (3) |
3,737 |
13,519 |
4,907 |
| Gas (4) |
17,381 |
34,504 |
19,726 |
| Corporate and others |
556 |
3,948 |
856 |
|
|
|
| TOTAL |
105,564 |
118,722 |
65,781 |
__________________________________________________________________________
(1) Includes Repsol Exploraci�n and Astra E & P activity.
(2) Includes C.L.H., refining & marketing of Repsol Petr�leo and Petronor, and Repsol
Comercial de Productos Petrol�feros. From September, 1997, it also includes Eg3.
(3) Includes basic petrochemicals from Repsol Petr�leo and Petronor, plus derivative
petrochemicals from Repsol Qu�mica.
(4) Includes Repsol Butano, Solgas, the 45.3% stake in the Gas Natural Group, and, from
1997 onwards, Astra’s gas and electricity activities.
(5) Includes elimination through sales made between different business areas.
REPSOL COMPARATIVE
BALANCE SHEET
(Million pesetas)
(Non-audited figures)
| |
DECEMBER 1997 |
MARCH 1998 |
| Net fixed assets |
1,872,576 |
1,917,446 |
| Long term financial assets |
13,629 |
10,354 |
| Cash & current investments |
159,234 |
174,388 |
| Other current assets |
625,407 |
597,930 |
| TOTAL ASSETS / LIABILITIES |
2,670,846 |
2,700,118 |
| |
|
|
| Shareholder's equity |
924,622 |
965,535 |
| Provisions |
130,377 |
133,063 |
| Minority interests |
274,171 |
278,336 |
| Non interest bearing liabilities |
105,039 |
106,287 |
| Financial loans |
470,149 |
479,794 |
| Current financial debt |
251,197 |
264,086 |
| Other current liabilities |
515,291 |
473,017 |
REPSOL CONSOLIDATED
STATEMENTS OF CASH-FLOWS
JANUARY-MARCH - 1997 AND 1998
(Million pesetas)
(Non-audited figures)
|
1997 |
1998 |
| CASH-FLOW FROM OPERATING
ACTIVITIES |
| Net income |
31,037 |
38,283 |
| Adjustments to reconcile net
income to net cash provided by operating activities: |
| Amortizations |
39,020 |
44,714 |
| Net Provisions |
2,440 |
3,742 |
| Minority interest |
2,654 |
5,258 |
| Income from asset divestments |
(333) |
(461) |
| Deferred taxes and others |
5,654 |
3,959 |
| SOURCES OF FUNDS |
80,472 |
95,495 |
| Changes in working capital |
(28,604) |
(16,797) |
|
51,868 |
78,698 |
CASH-FLOW FROM INVESTING ACTIVITIES |
| Capital expenditures |
(47,160) |
(51,258) |
| Investments in intangible assets |
(2,230) |
(1,132) |
| Financial investments |
(4,840) |
(7,497) |
| Deferred expenses |
(871) |
(1,197) |
| Acquisition of shareholdings in
consolidated subsidiaries |
(50,463) |
(4,697) |
|
(105,564) |
(65,781) |
| Divestments |
10,676 |
3,778 |
|
(94,888) |
(62,003) |
CASH-FLOW FROM FINANCING ACTIVITIES |
| Loan proceeds and other long-term
debt |
46,657 |
42,004 |
| Repayment of loans and other
noncurrent liabilities |
(65,626) |
(38,987) |
| Variation in current financial
assets |
62,110 |
(12,012) |
| Subsidies received |
2,907 |
1,169 |
| Minority interest contributions |
7,280 |
0 |
| Provisions and others |
(2,427) |
(2,491) |
| Dividend paid |
0 |
(4,083) |
|
50,901 |
(14,400) |
|
|
|
| Net change in cash and cash
equivalents |
7,881 |
2,295 |
| Cash and cash equivalents at
January 1st |
4,943 |
10,313 |
| Cash and cash equivalents at March
31st |
12,824 |
12,608 |
OPERATING HIGHLIGHTS
|
|
1998 |
1997 |
% Variation |
| OPERATING HIGHLIGHTS |
UNIT |
1st Q. |
1st Q. |
1998 / 1997 |
|
|
|
|
|
| HYDROCARBON PRODUCTION(1) |
'000Boepd |
244.80 |
216.00 |
13.3% |
| Production in Spain |
'000Boepd |
16.00 |
4.00 |
302.6% |
| * Crude Oil |
'000Boepd |
6.40 |
3.20 |
81.9% |
| * Gas |
'000Boepd |
9.60 |
0.80 |
2005.3% |
|
|
|
|
|
| Overseas Production |
'000Boepd |
228.8 |
212.0 |
7.9% |
|
|
|
|
|
| CRUDE OIL PROCESSED |
'000Boepd |
820.00 |
647.20 |
26.6% |
| * Spain |
'000Boepd |
700.0 |
584.0 |
19.9% |
| * Others (2) |
'000Boepd |
120.00 |
63.20 |
89.2% |
|
|
|
|
|
| SALES OF PETROLEUM PRODUCTS |
Kt |
9,410 |
7,359 |
27.9% |
| National Market |
| * Gasoline |
Kt |
1,126 |
1,163 |
-3.2% |
| * Gas-oil / Kerosene |
Kt |
3,501 |
3,278 |
6.8% |
| * Fuel-oil |
Kt |
951 |
903 |
5.4% |
| * Others |
Kt |
410 |
341 |
20.4% |
| Exports (3) |
| * Gasoline |
Kt |
667 |
268 |
148.5% |
| * Gas-oil / Kerosene |
Kt |
940 |
321 |
193.0% |
| * Fuel-oil |
Kt |
1,460 |
865 |
68.9% |
| * Others |
Kt |
354 |
220 |
60.8% |
|
|
|
|
|
| SALES OF PETROCH, PRODUCTS (4) |
Kt |
487 |
443 |
10.1% |
| By geographical areas |
| * Spain |
Kt |
246 |
227 |
8.5% |
| * Others |
Kt |
241 |
216 |
11.8% |
| By type of product |
| * Base petrochemicals |
Kt |
146 |
150 |
-2.5% |
| * Derivative petrochemicals |
Kt |
341 |
293 |
16.5% |
|
|
|
|
|
| SALES OF GAS |
| LPG |
Kt |
799 |
793 |
0.7% |
| * Spain |
Kt |
724 |
723 |
0.1% |
| * Others (5) |
Kt |
75 |
70 |
6.8% |
|
|
|
|
|
| Natural Gas |
Mte |
18,349 |
15,817 |
16.0% |
| * Spain (6) |
Mte |
15,474 |
14,131 |
9.5% |
| * Others (7) |
Mte |
2,875 |
1,686 |
70.5% |
_________________________________________________________________________
(1) Figures for net production.
(2) From September 1st, 1997, includes 100% of Eg3.
(3) From September 1st, 1997, includes 100% of Eg3, and from January 1st, 1998, 100% of
Repsol Ecuador.
(4) Includes net sales of base chemicals
(5) Includes Repsol Butano sales for export (France and Portugal) and Trading. From June
1st, 1997, includes 100% of ALGAS sales, in Argentina
(6) Refers to the proportional consolidation of Gas Natural Group sales (45.3%), and
includes global consolidation in the Gas Natural Group of Enagas sales
(7) Includes proportional consolidation of Gas Natural BAN sales (45.3%), 72.6% of sales
in Mexico, 17.7% of Gas Natural ESP (Colombia) sales, 8.6% of CEG sales, and 11.4% of
Riogas sales, in Brazil.
|