Repsol H1 net income surges to €1.23bn on improved crude prices
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Repsol H1 net income surges to €1.23bn on improved crude prices

30 Jul 2021 (Last Updated July 30th, 2021 10:29)

The exploration and production unit generated earnings of €678m in H1 as average production rose to 599,300 boe per day.

Repsol H1 net income surges to €1.23bn on improved crude prices
The company’s adjusted net income surged to €959m. Credit: C Morrison from Pixabay.

Spanish energy company Repsol has posted a net income of €1.23bn for H1 2021, compared to a loss of €2.48bn a year ago.

With positive results in all business segments, the company’s adjusted net income surged to €959m from €189m in the first half of 2020.

The company’s earnings were boosted by a recovery in crude oil prices, with Brent surpassing $76 per barrel at the end of June 2021, its highest since October 2018.

The price for Brent crude oil stood at an average of $65 per barrel in the first half of 2021 against $40 during the same period in 2020.

The exploration and production segment generated earnings of €678m for the first half ending 30 June 2021 against a loss of €51m in the same period a year ago.

The company in its press statement noted that average production during the period rose to around 599,300 barrels of oil equivalent (boe) per day.

The company made an investment of €418m in upstream during the first half of the year, which is €185m lower than the prior year period

Repsol’s shareholders recently approved the distribution of €0.30 gross per share, corresponding to the traditional payment charged to 2021.

Earnings from the industrial segment in the first half stood at €239m versus €296m in the first half of 2020.

Commenting on the performance, Repsol CEO Josu Jon Imaz said: “The steps we’ve taken have allowed us to obtain the maximum possible value in this complex scenario, taking immediate advantage of the recovery indicators that we see, with signals that bring us closer to pre-pandemic levels.

“At the same time, we are responding to society’s needs and moving decidedly towards our goal of zero net emissions by 2050.”