(Repsol, 28.Apr.2022) — Repsol‘s integrated business model and management in line with its Strategic Plan have allowed it to post a net result of €1.392bn, taking advantage of the improved economic context compared to the first quarter of 2021 that was still influenced by the global pandemic.
Other 1Q:22 highlights:
- Adjusted net income, which measures the performance of the businesses, was €1.056bn, 69% of which came from the Exploration and Production business that carries out all its activities outside Spain.
- The invasion of Ukraine, which is affecting the international environment in 2022, has led to a significant increase in the prices of raw materials. In view of this situation that has a clear impact on fuel price increases, Repsol has contributed to alleviating the economic strain on its customers by offering significant discounts on all fuels at its service stations.
- The Exploration and Production business made progress in its focus on high-profitability projects and – driven by its flexibility and efficiency – was supported by the rise in crude oil and gas prices to post earnings of €731mn.
- The Industrial business’ earnings were €236mn, a significant improvement compared to the first quarter of 2021. The greater contribution of the Trading and Refining divisions, which in 2021 overcame difficulties stemming from the health crisis, was fundamental to this improvement.
- The Commercial and Renewables businesses, with earnings of €117mn, improved its performance slightly compared to the same period of the previous year, which was marked by the mobility restrictions resulting from the pandemic and the effects of the Filomena storm in Spain.