01 May Repsol posts adjusted net income of €873 million
(Oilandgaspress) -–Repsol reported adjusted net income of €873 million in the first quarter of 2026. This metric, which specifically measures business performance, was influenced by the volatility of a global macroeconomic environment shaped by the conflict in the Middle East. This situation has impacted international energy markets by generating physical product disruptions – oil and, above all, refined products, mainly kerosene and diesel – increasing the fluctuation of commodity prices and stoking uncertainty about the short-term economic outlook.
Repsol, which has no assets in the Middle East and has a diversified portfolio of feedstock supplies, is concentrating its efforts on ensuring the continuity of energy supply, operating its assets efficiently and safely, while mitigating the impact of fuel price volatility on Spanish society by applying additional discounts at its service stations.
The company is implementing a series of measures that will allow it to increase the production of kerosene for aviation in the five refineries that it has in Spain. Thus, Repsol has allocated €1.2 billion in the quarter to increase its crude oil inventories and maximize the available feedstock.
Repsol will increase its kerosene production by between 15% and 20%, especially ahead of the summer and will do everything in its power to help safeguard key sectors such as tourism, an activity of great importance to the Spanish economy.
Highlights:
- Adjusted net income, which specifically measures business performance, stood at €873 million in the first quarter. Net income was €929 million, partly due to the impact of the inventory effect (€593 million).
- These results reflect the volatility of the global context, especially following the start of the conflict in Iran, which has caused physical disruptions in the energy markets, increased price fluctuations, and reshaped global supply chains.
- With no assets in the Middle East, Repsol is focusing its efforts on ensuring continuity of energy supply, allocating €1.2 billion in the quarter to increase its inventories.
- At the same time, the company is helping mitigate the impact of fuel price volatility on Spanish society, through the application of additional discounts at its service stations, amounting to €35 million to date.
Josu Jon Imaz, CEO of Repsol: “In an increasingly complex and volatile geopolitical environment, which threatens to transform the energy system, we remain focused on ensuring security of supply, based on the disciplined and efficient operation of our integrated portfolio, while continuing to provide reliable energy to our customers.”
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