Repsol doubles first-half profit to 2,539 million

registration result. repsol Earn 2,539 million euros in the first half of 2022double that of a year ago and over €2,499 million throughout the year 2021That’s more than double the profits from the past decade, marked by extremely high oil prices in recent months, according to results presented to the National Securities Market Commission (CNMV) this Thursday.

The oil company argues that this result “partially compensates” for all years of 2019 and 2020, when it reached red figures of 7,100 million euros (-2.489 million and 1,133 million in the first half, respectively) due to the adjustment of assets. and the coronavirus pandemic, which has slashed demand and prices.

It draws attention in this period, which is managed by the oil company. Joshua Jon Imaz a 1,844 million euro provisionrepresentative most of the specific results of the semester. “The instability of the business environment in Turkey EuropeIt added to the regulatory pressure on the continent, with measures that the industry objected to, such as a ban on selling on the continent. European Union The number of combustion engine cars from 2035 and the resulting impact on the long-term profitability and competitiveness of the group’s refineries led the company to “record provisions for impairment in the book value of its facilities”.

There is no clear mention in the results of the tax announced by the Government, which plans to tax its extraordinary profits, and that the coalition government parties PSOE and United We Can will present it as a bill to the Congress of Deputies this Thursday.

strategic reserve

Half of the net result, according to the company, accounting valuation of inventories in which store strategic reserve for Spain, as described by the company. In total, 1,206 million euros, almost triple the first six months of the previous year due to rising prices of oil, gas and derivatives due to rising geopolitical tensions Ukrainian war. Like this Brent Crude Oil The price increased by 66% in the period compared to 2021, reaching an average of $ 107.9 per barrel in the first half. while henry hub gas It averaged $6.1 per MBtu, 118% more than between January and June 2021.

this adjusted net income (Discounting the impact of price volatility on stocks) tripled from a year ago to 3,177 million from around €1,000 million (959 million) in this first half. highlights Industrial area (chemicals and refineries) with a result of 1,393 million eurosIt is notable for rising prices worldwide, especially after supply problems due to the occupation of Ukraine, compared to 239 million euros in the first half of the previous year.

Other half of adjusted net income (56%) international businesshome base area Exploration and Production with a result of € 1,678 million compared to € 959 million a year ago. On the other hand, regarding Commercial and Renewable Energy, the company had a conclusion. 215 million euros per semesterIt was below what was achieved in the same period of 2021. In this sense, the oil company’s first six months 150 million euro savings to its customersIt was undertaken by Repsol for a discount of 20 cents per liter.

in relation to net debtclosed June with €5,031 million, down €869 million at the end of the previous quarter. Liquidity, on the other hand, stood at EUR 9,380 million, sufficient to cover 3.9 times the maturities of short-term debt.

Source: Informacion

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