Repsol Q1 Profit Climbs On Higher Prices; Production Down; Lifts Dividend - Quick Facts

Spanish oil major Repsol S.A. (REPYY.PK) on Thursday reported that first-quarter net income was 1.392 billion euros, higher than last year's 648 million euros.

The company noted that the rise in hydrocarbon prices, reaching highs not seen since 2008, had an impact on its earnings.

The first three months of 2022 were marked by the invasion of Ukraine, which led to an abrupt rise in hydrocarbon prices. Brent crude oil traded at an average of $102.2 per barrel, compared to $61 in the same period of 2021.

Adjusted net income, which specifically measures the performance of the businesses, was 1.056 billion euros, compared to 471 million euros in the previous year. The Exploration and Production unit, which carries out all its activities outside Spain, contributed 69 percent.

The company's service stations in the country accounted for just under 5 percent of total adjusted net income.

First-quarter average production was 558,500 barrels of oil equivalent, lower than the same period in 2021.

Further, the company said its Board of Directors will propose to the Annual Shareholder Meeting a 5 percent increase in the cash dividend, to 0.63 euro per share.

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