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Repsol’s net profit for the second quarter surged four times compared to the same period of 2021, thanks to much higher oil and gas prices following the Russian invasion of Ukraine, the Spanish energy firm, Europe’s first to pledge net-zero emissions by 2050, said on Thursday.
Repsol reported today a net income of $2.152 billion (2.121 billion euro) for the second quarter of 2022, more than quadrupled from the $495 million (488 million euro) net profit booked for the same period of 2021 and beating analyst estimates.
First-half net profit also soared, to $2.576 billion (2.539 billion euro) from $1.253 billion (1.235 billion euro) for the first half last year.
Oil and gas prices jumped in the first half of the year, “conditioned mainly by the tensions generated by the invasion of Ukraine,” Repsol said. The Spanish firm noted that the price of Brent crude oil was 66% higher compared to the same period of 2021, reaching an average of $107.90 per barrel in the first half of the year. Henry Hub natural gas prices averaged $6.10 per MBtu in the first half of 2022, a jump of 118% compared to the period January-June 2021.
Repsol said it has been investing around $1.014 billion (1 billion euro) per year in its refining facilities, while refining capacity was being reduced in Europe.
“This has made it possible to increase and optimize the use of these facilities to respond to supply constraints in the international fuels market, in addition to contributing to employment security. This competitive advantage will allow Spain to have a guaranteed supply of gasoline and diesel in the coming months, unlike, possibly, other European countries,” the group said.
Repsol was the latest European major to report strong earnings for Q2. Also on Thursday, Shell reported a record quarterly profit, for a second consecutive quarter, while TotalEnergies more than doubled its Q2 net income, on the back of rallying oil and gas prices, record-high refining margins, and soaring LNG demand in Europe.
By Tsvetana Paraskova for Oilprice.com
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Tsvetana is a writer for Oilprice.com with over a decade of experience writing for news outlets such as iNVEZZ and SeeNews.