Repsol announced some figures ahead of its official results publication (25/02). The group suffered a net loss of €1.2bn for 2015 after one-off charges of €2.9bn. On an adjusted base, net profit was €1.85bn, 10% above our figures, driven in our view by refining and strong cost cutting on Talisman. Also, the group will reduce capex in 2016 by another 20% to $4bn and increase savings of €1.1bn, of which more than 50% is planned by 2018. Annual savings from the integration of
