Repsol Q1 Report 2023

  • Repsol posted net income of €1.112 billion in the first quarter of 2023, a period in which the company accentuated its multi- energy profile with the launch of an innovative program, unique in Spain, that links all its customer energy offerings.
  • The company made progress guided by its 2021-2025 Strategic Plan and its integrated business model, which were key to achieving this result in a quarter in which crude oil prices fell by an average of 20%, compared to the same period the previous year.
  • Repsol continues to offer discounts at its service stations in Spain. During the whole of 2022 and the first quarter of 2023, this effort has resulted in additional savings for customers of close to €550 million.
  • Thanks to the launch of its new Connected Energies program, Repsol, from April 1, offers discounts ranging from 5 to 20 euro cents per liter of fuel depending on the number of products contracted: fuel, electricity, heating, solar, and electric mobility. During the quarter, Repsol invested €1.726 billion, mainly in Spain and the United States. The company expects 35% of investments in 2023 to be allocated to low-carbon projects.

Hydrocarbon prices fell sharply between January and March, weighed down by the uncertain economic outlook in the United States and Europe in the face of difficulties in curbing global inflation. The average price of Brent crude fell to $81 per barrel, 21% less than in the first quarter of 2022, with a significant drop in March to $72 per barrel due to the banking crisis experienced in the middle of that month. For its part, Henry Hub gas averaged $3.4 per MBtu, 32% lower than in the same period of 2022.

In this context, all the company’s business units posted positive results. In the case of Client, Industrial, and Low Carbon Generation, all results were higher than the year-earlier period. Exploration and Production reflected the considerable fall in hydrocarbon prices in its earnings. Repsol’s integrated model played an essential role in achieving an adjusted result, which specifically measures the performance of the businesses, of €1.891 billion.

 

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