Repsol shoots up profits by 150% due to the increase in the price of oil

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 State has obtained 929 million euros during this period, representing a 154% increase compared to the first quarter of 2025. The profits are the result of the positive equity effect recorded (593 million euros) from the revaluation of its inventories due to the precise 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, early in the morning, the Brent crude oil barrel, a benchmark in Europe, continued to rise. Specifically, its price for three months ahead —a period commonly used to measure the value of crude oil— stood at 111.43 dollars at 10:30 AM, representing an increase of 0.9% compared to yesterday. In contrast, being the last day of the month, the two-month Brent price has surged to exceed 125 dollars, the highest price since 2022. The increase, therefore, is due to the fact that to the blockade of the Strait of Hormuz must be added that this Thursday is the last day on which companies can buy oil for the month of June: it is normal for the two-month forward price to inflate every last day of the month.

The price hike coincides with the ninth consecutive day of stalemate in peace negotiations between the United States and Iran, which maintains the blockade in the Strait of Hormuz, through which more than 20% 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 oil products in its refineries in the State – 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).