(CercleFinance.com) – Repsol announced on Thursday a sharp rise in profit for the first half of the year under the effect of the strength of oil prices, with a barrel of Brent which posted an increase of 66% year on year. the other.
The net income of the energy giant reached 2.5 billion euros in the first six months of the year, more than double compared to the 1.2 billion recorded over the same period last year.
In its press release, Repsol stresses that this profit, combined with the 2.5 billion euros in profits generated last year, allows it to partially offset the seven billion in losses suffered over the 2019 and 2020 financial years, in particular due to the pandemic.
These results also come out slightly above analysts’ expectations, in a market context deemed ‘volatile’ by the company due to the rise in commodity prices with the war in Ukraine.
Repsol points to the recent correction of its refining margin in recent weeks after a level of 23.3 dollars per barrel in the second quarter.
The action yielded 4.7% on the Madrid Stock Exchange in the middle of the afternoon.
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