Repsol doubled his benefit in the first quarter of 2022 with a net result of 1,392 million euros, compared to 648 million in the same period of the previous year, marked by the pandemic, thanks to the oil price hike after the invasion of Ukraine that marked the course of the first three months of this year.

Thus, the Brent Crude was quoted at an average of 102.2 dollars per barrel, compared to 61 dollars in the same period of 2021. For its part, Henry Hub gas was paid at an average of 5 dollars per MBtu, nearly double that in 2021, when It was trading at $2.7. This rise in prices, which reached maximums not seen since 2008, influenced the company’s results with a adjusted net incomewhich specifically measures the performance of business, reached 1,056 million euroscompared to 471 million in the comparable period of the previous year.

the area of Exploration and Production, which carries out all of its activity outside of Spain, contributed 69% of adjusted net income, earning 731 million euros, compared to 327 million in the equivalent period of the previous year. Although the average production of the first quarter (558,500 barrels of oil equivalent) was lower than that of the same period of 2021, after the sale of assets in Malaysia, Russia, Ecuador, Vietnam, Norway and Algeria, and the cessation of production in Spain, the rise in prices boosted this business.

The area Industrial (refining) reached between January and March a result of 236 million euros, compared to 73 million in the same period of 2021, driven by some larger volumes to those of the equivalent quarter of the previous year, in which it was weighed down by the pandemic. and the area Commercial and Renewables obtained a result of 117 million euros, slightly above the 101 million in the same period of 2021, in which the mobility restrictions arising from the health crisis and the effects of storm Filomena were decisive. The company was the first to establish discounts at its service stations due to the rise in prices caused by the invasion of Ukraine. The service stations that the company has in the country represented somewhat less than 5% of the total adjusted net income.

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The operating cash flow stood at 1,091 million euros, also above that registered in the first quarter of 2021. On the other hand, the net debt closed the period at 5,900 million euros, slightly higher than the end of December, 5,762 million. This was mainly due to the increase in money in circulation derived from the sharp rise in the prices of raw materials. The liquidity stood at 9,823 million euros, enough to cover short-term debt maturities 3.5 times, above the 2.95 times at the end of December.

The strong generation of cash has been reflected, since last year, in a improvement of remuneration to the shareholders, who received a gross dividend of 0.30 euros per share on January 11. The Board of Directors has proposed to the Ordinary General Shareholders’ Meeting an increase of the dividend in cash of 5%, up to 0.63 euros per share, together with a reduction in share capital, through the redemption of 75 million treasury shares, representing approximately 4.91% of Repsol’s share capital. In this environment and as established by the Strategic Plan to add value to shareholders, the company carried out a share repurchase program that involved the acquisition of 11.6 million shares.


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