In the first quarter of the year, Repsol reported a net profit of 969 million euros, a 12.9% decrease compared to the same period in 2023. The adjusted result, which provides a more accurate measure of its operating performance, was 1,267 million, a 33% decrease. This decline is attributed to the drop in fossil fuel prices, particularly natural gas, as well as lower refining margins.
Despite this setback, Repsol’s shares saw only a slight decline in early trading. The company’s main businesses showed varying results in the first quarter. Exploration and production of crude oil and gas earned 442 million, a 7% decrease from the previous year. The industrial area, including refineries, saw a 548 million drop in profit due to declining refining margins. The client sector, which involves fuel and electricity marketing, achieved a profit of 156 million, only slightly less than before. Low-carbon generation and corporations recorded slightly negative figures due to lower prices from renewables and combined cycle plants.
Repsol’s net debt increased to 3,901 million euros mainly due to dividend distribution and increased working capital investments. However
