Spanish oil giant Repsol (REPYY.PK) Thursday reported higher first-quarter profit from continuing operations, amid a 3 percent growth in revenues and a significant increase in output.
Net income from continued operations rose 1.3 percent to 637 million euros from 629 million euros last year.
Net income for the quarter, which includes net income/loss from interrupted operations, declined to 634 million euros from 792 million euros. The prior year included 163 million euros mainly related to earnings from nationalized Argentine unit YPF.
At current cost of supply or CCS basis, which excludes inventory gains or losses, net income rose to 631 million euros from 621 million euros.
Quarterly Operating revenue grew 3 percent to 15.51 billion euros from last year's 15.06 billion euros.
CCS operating income from continued operations climbed 19 percent to 1.287 billion euros.
The Upstream unit contributed 655 million euros to operating income, slightly ahead of last year, and accounting for more than half of the company's operating income.
Oil and gas production climbed 11.4 percent to 360 thousand barrels of oil equivalent per day or boepd, following the start-up of five of the company's key projects outlined in the 2012-2016 Strategic Plan.
According to Repsol, output benefited significantly from the start-up of the giant Sapinhoá field in Brazil. Greater activity at Trinidad and Tobago also helped boost production.
The downstream unit posted increased earnings following the investments made in the company's refining system. Its operating income more than doubled to 173 million euros on CCS basis. Repsol said the chemicals business benefited from an improved international outlook and higher margins.
The operating income of Gas Natural Fenosa rose 1.6 percent to 250 million euros due to higher wholesale gas sales margins and improved results in Latin America.
The stock is currently up 1.8 percent at 18.53 euros.
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June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.