1.3Bn for Spanish energy company Repsol with a 115% profit increase thanks to fuel crisis

Spanish energy company Repsol has seen a 115% increase in profits this year when compared to its first quarter of 2021.

Spanish energy company Repsol obtained a net profit of 1.392 billion euros in the first quarter of the year after a 115% increase in profits when compared to last year’s 648 million. This profit increase has been exacerbated by the outbreak of war in Ukraine that has put the average price of one barrel of crude oil at 102.2 dollars, as reported by 20minutos.

Repsol’s CEO, Josu Jon Imaz, stressed that these results “demonstrate the strength” of the group’s integrated business model and “the right path” of its strategic plan.

Jon Imaz added that “in 2022 we will continue to make progress in our transformation and in our decarbonisation objectives, contributing value to our shareholders and demonstrating responsibility when it comes to supplying energy to customers”. The company’s operating cash flow in March stood at 1,091 million euros, also above the figure recorded in the first quarter of 2021.

The news comes after a statement by the British company Europa Oil & Gas announcing one of the biggest oil discoveries in recent years, found off the coast of Morrocco, just a hundred kilometres from the Canary Islands. Europe has identified a significant volume of oil equivalent to more than 1 billion barrels of oil in the Agadir basin, in the Inzegane permit.

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