Repsol: posts 2019 loss on strategic adjustments

(CercleFinance.com) - Spanish oil major Repsol on Thursday reported a net loss of over 3.
8 billion euros for 2019 after writing down the adjustments needed to undertake its new strategic orientation to reach net zero emissions by 2050.

This result reflects a correction of 4.8 billion euros in the accounting value of certain assets, after assuming a new crude oil and gas price scenario consistent with the climate targets of the Paris Agreement.

Last December, Repsol announced that it was orienting its strategy to become a net zero emissions company by 2050.

Excluding one-off items, the company posted a net profit of 2 billion euros, compared to 2.35 billion euros in 2018, due to an "unfavorable context" in which crude oil and gas prices fell considerably.

Indeed, the average Brent crude price fell to 64.20 dollars, 10% less than in 2018, while the WTI declined 12% to 57 dollars on average last year.

The Respsol share was pretty much flat (+0.1%) in Madrid after this publication.

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