Repsol posted an adjusted net income of €600 million in 2020, a year in which it presented a new Strategic Plan to boost its transformation and meet the target of zero net emissions by 2050.

In 2020, the company launched initiatives to move forward towards this goal, notably two innovative industrial decarbonization projects in Bilbao; Spain’s first advanced biofuels plant, in Cartagena; and the development of renewable assets and the international expansion of this business.

The year was marked by the unprecedented global crisis caused by COVID-19, in which Repsol prioritized its work as an essential service provider by keeping its facilities in operation and guaranteeing the supply of products and services that are crucial for society.

Josu Jon Imaz, CEO of Repsol, commented :  “In 2020, we faced an unprecedented scenario and laid the groundwork for the company's future. We have again demonstrated the robustness of our project, assumed an essential public service role, and confirmed, once again, that our company is useful to society.”

“The industry has demonstrated that it is part of the backbone of the Spanish economy and one of its main driving forces. It plays a crucial role in the recovery from the crisis, and also in contributing to a more decarbonized world, using all available technologies.”

The fall in international commodity prices had a negative impact of €978 million on the company’s inventories over the whole of 2020. Furthermore, in a year of financial prudence due to the global context, the company revised its future crude and gas price deck, adjusting downward the accounting value of exploration and production assets with a special item correction of €-2.911 billion. This impacted the net income for 2020 that was €-3.289 billion.

Repsol demonstrated its strength in this difficult scenario with a positive cash flow of €1.979 billion and a net debt reduction of €1.178 billion over the year to €3.042 billion.