Analyst Note| Allen Good, CFA |
Repsol narrowly avoided reporting another loss during the third quarter with adjusted net income of EUR 7 million compared with adjusted net income of EUR 522 million the year before. There were no material post-tax impairment charges in the third quarter. Repsol remains in sound financial shape despite tough refining headwinds. Net debt amounted to EUR 7.2 billion by the end of the third quarter, implying a net debt to capital ratio of 24.6% including leases, compared with EUR 7.8 billion the year before.