Repsol’s profit drops 13% to 969 million euros until March, penalized by the fall in gas prices

The adjusted result, which specifically measures business performance, was 1,267 million euros, 33% less than the 1,891 million obtained last year, as reported today by the Spanish multinational to the National Securities Market Commission (CNMV).

According to the document sent to the market, gross operating income (EBITDA) fell 20.5% to 2,143 million euros. Excluding the variation in the value of stocks and extraordinary items, EBITDA fell 30% to 2,144 million euros.

These accounts include the impact of the first of two installments of the temporary and extraordinary tax of 1.2% on the non-regulated activity in Spain of large energy companies in 2023, to be paid this year, with Repsol paying 168 million euros in February and Payment of the other half is scheduled for next September.

In 2023, the group paid 443 million euros in relation to operations carried out in 2022.

In this first quarter of this year, Repsol invested 2,129 million euros, in line with the update of its strategic plan, within which it plans to invest between 16,000 and 19,000 million euros net between 2024 and 2027, of which 60% in the Iberian Peninsula and more than 35% dedicated to low carbon projects.

According to data from the energy company, investment in renewable production, which amounted to 1,180 million euros, represented more than half of the total disbursed between January and March.

In these first months of 2024, the international environment has been characterized by tensions arising from conflicts in the Red Sea and between Israel and Palestine, which were reflected in the price of Brent oil, the reference in Europe, which rose 2.5% in annual terms .

On the other hand, the average price of Henry Hub gas fell by 32.4%, due to the decrease in demand resulting from warmer temperatures in the United States, which contrasted with the high production and decrease in North American exports.