MADRID (dpa-AFX) - Spanish energy and petrochemical major Repsol, S.A. (REPYY.PK) on Thursday reported significantly higher profit in its first half, driven by revaluation of inventories with higher crude oil prices and higher production.
Looking ahead for fiscal 2026, at Group level, the company expects to reach global net production of between 560,000 and 570,000 boe/d. In the first weeks of July, production exceeded 580,000.
In addition, the company announced that a further cash dividend payment of 0.53 euro gross per share will be made in January 2027, following approval by the General Shareholders' Meeting.
On Wednesday, the Board of Directors has approved a second share buyback program of up to 500 million euros. The company expects to announce a third buyback in October.
Net income for the first half stood at 2.201 billion euros, mainly due to the revaluation of inventories or 823 million euros, while last year's net income was 603 million euros.
The latest results reflected the increase in crude oil prices on the book value of inventories, while last year was affected by the decline in the price of crude oil resulting in a negative inventory effect of 394 million euros, as well as by the impact from the nationwide blackout on April 28, 2025.
Adjusted net income was 2.711 billion euros in the first half of the year.
Adjusted net income in the Exploration and Production (Upstream) business reached 673 million euros, 6.7 percent more than last year.
Adjusted net income in the Industrial business surged to 1.683 billion euros from 235 million euros last year, driven mainly by higher refining margins.
According to the firm, the results came against a backdrop of significant volatility in energy markets, particularly since the start of the conflict in Iran, which has increased price fluctuations and restricted supply.
Total production in the second quarter of the year stood at 558,000 barrels of oil equivalent per day or boe/d, the highest volume in the past two years and 4 percent above the previous quarter.
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