Spanish energy company Repsol has reported net income of €1.36bn ($1.43bn) in the third quarter of 2023, a 99.8% jump in comparison with €683m in the same period a year ago.

Adjusted income during the period under review fell by 27.33% to €1.09bn from €1.51bn year-on-year (YoY).

EBITDA (earnings before interest, taxes, depreciation and amortisation) in Q3 2023 was €2.89bn, marginally more than €2.84bn in Q3 2022.

From January to September 2023, the company posted net income of €2.78bn, a 14% drop from €3.22bn in the same period a year ago.

Repsol attributed the fall to significantly lower prices of crude oil and gas.

The adjusted income for the nine months of this year was €3.81bn compared with €4.73bn YoY.

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By GlobalData

During the nine-month period, average daily production of hydrocarbons was 600,000 barrels, which was 10% more than during the same period last year.

Repsol is eyeing Venezuela for potential opportunities after the US recently eased the sanctions imposed on Caracas.

It is expected to improve the availability of heavy crude oil for the company’s refineries, the energy company noted.

Repsol is also expanding its portfolio of renewable assets, creating low-carbon industrial initiatives, and introducing a special multi-energy plan for Spanish consumers.

Soon, the company will commission Spain’s first renewable fuels plant, in Cartagena.

The second, which was announced in July, will be set up in Puertollano. This month, production of renewable hydrogen started at the Petronor refinery.

The renewable push is part of the company’s efforts to diversify its operations.

Repsol CEO Josu Jon Imaz said: “2023 is proving to be a year of profound transformation for Repsol, with steady progress in decarbonisation and the consolidation of our multi-energy profile. In a volatile environment like the current one, we are delivering solid results, increasing our shareholder returns and supporting our customers.”

Repsol also announced the payment of a gross remuneration of €0.4 per share in January 2024.

Last month, as part of the reorganisation plan, Repsol agreed to sell its assets in Canada to Peyto Exploration & Development (Peyto) for $468m.