Repsol's quarterly results

  • Repsol achieved a net income of €2.539 billion in the first half of the year, a period in which it continued to make progress in its decarbonization objectives.
  • This figure, together with the €2.499 billion earned in 2021, partially offsets the 2019 and 2020 results, in which total losses of more than €7.1 billion resulted from asset adjustments to achieve zero net emissions and the global health pandemic. 
  • The first half of the year was marked by a volatile international context, conditioned by the tensions caused by the war in Ukraine, which led to an increase in commodity prices on world markets.
  • The book value of the inventories that Repsol stores as a strategic reserve for Spain and that contribute to guaranteeing supply represented almost half of the net result, influenced by the rise in international hydrocarbon prices. 
  • The volatile international context and increased regulatory pressure on fossil fuels in the European Union have led the company to record provisions for impairment of the book value of its refining assets. These provisions accounted for most of the specific results for the half-year: -€1.844 billion. 
  • Adjusted net income amounted to €3.177 billion, with a significant contribution from the international business, approximately 56%, whose main component is the Exploration and Production unit, which conducts all its activity outside Spain. 
  • Faced with the increase in international gas and diesel prices, Repsol has demonstrated its commitment to society by offering significant discounts at its service stations, which translated into more than €150 million in savings for its customers by the end of June. This impacted the earnings of service stations in Spain, which did not make a profit in the second quarter.

56%

Of adjusted net income from international business

In view of the volatile international context, Repsol works to guarantee supply by increasing the volume of inventories which constitute Spain’s strategic reserves

Repsol's commitment to its customers by offering discounts at its service stations in Spain has had an impact on this business, which did not make a profit in the second quarter of the year

€150 M+

On fuel discounts for customers of the company's service stations in Spain

Josu Jon Imaz, Consejero Delegado de Repsol

"The effort we are making to continue generating employment and investment for Spain, transforming ourselves and becoming a net zero emissions company is remarkable. We assume this commitment with responsibility, just as we are contributing to society, helping our customers at a complicated time and, at the same time, guaranteeing supply. All this, despite the uncertain international context and the fact that we have just begun to overcome a pandemic than has caused significant losses."

Josu Jon Imaz, Repsol CEO