Repsol recorded losses of 2,488 million euros in the first half of 2020, which are explained by the impact of the coronavirus both on the valuation of its inventories, which fell by 1,088 million, and on its production assets, the value of which fell by 1,585 millions.

As reported by the company to the National Securities Market Commission (CNMV), these drops in valuations are a reflection of the collapse in the price of crude oil and gas of international reference, which suffered large decreases, especially during the second quarter of the year. , in which world demand experienced the greatest collapse in history.

Specifically, Brent crude oil registered an average decrease of 57% between April and June compared to the same period of the previous year, while that of WTI was 53%, in both cases, with average prices below $ 30 per barrel. . The gas also reflected the difficult context, with a half-yearly drop that touched 40% for the Henry Hub.

In fact, in the first half of 2020, Repsol obtained an adjusted net result, which specifically measures business performance, of 189 million, 83% less than a year earlier (1,115 million).

The company appreciates that this figure was reached in a context conditioned by the global pandemic , the collapse of oil and gas prices and the extraordinary drop in demand.

For this reason, it highlights that its integrated business model, together with its flexibility and resilience, were essential for businesses as a whole to obtain a positive result, in a scenario of global recession.

On the other hand, he points out that he has prioritized the continuity of his activity over the usual profitability criteria, applying at all times strict measures to protect the health of his workers, clients and suppliers, and offering all his human and technical capacities to help in the fight against Covid-19.

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