Repsol Q1 Report 2024

Adjusted Income €1,267 M 

• Adjusted income in the first quarter was €1,267 million, €624 million lower than in the same period of 2023.
• Net income amounted to €969 million, €143 million lower than in the same period of 2023

Upstream  €442 M

• In Upstream, adjusted income was €442 million, €32 million lower than in the same period of 2023 mainly due to lower gas realization prices, higher amortization, higher exploration and production costs, the divestment of all producing assets in Canada and the depreciation of the dollar against the euro.

Customer €156 M

• In Customer, adjusted income was €156 million, €18 million lower than in the same period of 2023 mainly due to lower results in Mobility and LPG. These were partially compensated by higher results in Retail Electricity & Gas, Lubricants and Aviation and lower taxes due to a lower operating income. 

Industrial €731 M

• In Industrial, adjusted income was €731 million, €548 million lower than in the same period of 2023 mainly due to lower results in the Refining businesses, Trading and Wholesale & Gas Trading. This was partially compensated by lower taxes due to a lower operating income. 

Low Carbon Generation €-6 M

• In Low Carbon Generation, adjusted income was €-6 million, €40 million lower than in the same period of 2023 mainly due to lower prices in Renewables and lower margins and volumes in CCGTs that were partially compensated by higher volumes in Renewables.