Repsol's profits soar 150% due to increased oil price

MadridThe rise in the price of oil and its derivatives due to the conflict in the Middle East has left its mark on Repsol's results for the first quarter of the year, that is, between January and March, the month in which the war began. The leading oil company in the country has obtained 929 million euros during this period, which represents a 154% increase compared to the first quarter of 2025. The profits are the result of the positive equity effect recorded (593 million euros) due to the revaluation of its inventories due to the increase in crude oil, as the company explained this Thursday in a statement. The company's adjusted net result (which specifically measures the performance of its businesses) reached 873 million euros between January and March, a 57% increase compared to the same period last year.

This Thursday at the beginning of the day, the Brent crude oil barrel, the benchmark in Europe, soared by more than 6% and surpassed 125 dollars, the highest price since 2022. The price has skyrocketed amid the ninth consecutive day of stalled peace negotiations between the United States and Iran, which maintains the blockade in the Strait of Hormuz, through which the bulk of the world's production of this fossil fuel and its derivatives passes. In this context, Repsol, which has no assets in the Middle East, has increased the production of crude oil and petroleum products in its refineries in the country – it will increase kerosene production by between 15% and 20% – and will allocate 1.2 billion euros to increase inventories of these fossil fuels in Spain to ensure security of supply, according to the company.

"In an increasingly complex and volatile geopolitical environment, which threatens to transform the energy paradigm, we remain focused on ensuring security of supply, based on disciplined and efficient operation [...] while continuing to provide energy to our customers," said the group's CEO, Josu Jon Imaz, in a statement. Adjusted operating income (ebitda) reached 2,613 million euros as of March, up 110% from the same period in 2025 (1,244 million euros).