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 Spain 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) from the revaluation of its inventories due to the increase in crude oil, as the company explained this Thursday in a statement. The oil 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, surged by more than 6% and exceeded 125 dollars, the highest price since 2022. The price has soared during 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 at its refineries in Spain – it will increase kerosene production by between 15% and 20% – and will allocate 1.2 billion euros to increasing inventories of these fossil fuels in Spain to ensure supply security, 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 gross profit (ebitda) reached 2,613 million euros up to March, 110% more than in the same period of 2025 (1,244 million euros).