Repsol lost 487 million euros between January and March, compared to the 608 million it earned in the first quarter of 2019, due to the depreciation of its inventories by 790 million due to the decrease in oil and gas prices, as well as by the collapse in demand caused by covid-19.

The CCS adjusted net result (discounting the variation in the value of inventories and extraordinary items) stood at 447 million, 27.7% less, according to the accounts sent by the oil company to the National Securities Market Commission (CNMV), in which, for the first time, it divides its business areas into Exploration and Production, Industrial and Commercial, and Renewables.

According to Repsol, the results also reflect that in the face of the coronavirus crisis, it has prioritized its role as a provider of basic services over profitability and has kept all its facilities operational, including some 3,400 service stations in Spain), seven industrial complexes ( five in Spain, one in Portugal and the other in Peru) and a dozen of LPG factories.

In the first quarter, the oil company entered 10,475 million euros , 13% less, and generated a gross operating result (ebitda) of 349 million, 80.7% lower than a year earlier; while its investments increased 6%, to 634 million.

In Exploration and Production, the adjusted net result fell 72%, to 90 million, due to lower realization prices of crude oil and gas, the cost of acquiring an additional 63% in Eagle Ford (United States) and a negative valuation of inventories - the price of a barrel of Brent fell 20.6% and Henry Hub gas, 35.5% -.

In Industrial, the adjusted net result increased 6% and totaled 288 million due to the better performance of Repsol Peru and the Gas Marketing and Trading area, despite the drop in the contribution of the refining activity.

The Commercial and Renewables business contributed an adjusted net result of 121 million, 12% less, due to the drop in sales at service stations from mid-March, when the state of alarm was decreed, and to the fall in LPG business due to lower margins in operations subject to regulated prices and lower sales volumes due to a milder winter in Spain.

At the end of the quarter, the group's net debt was 4,478 million, 258 more than at December 31, 2019, mainly due to the acquisition of 17.6 million own shares during the quarter.

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