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Repsol's profit falls by 13% until March, penalized by the fall in the price of gas
Repsol posted a net profit of 969 million euros in the first quarter, a 13% year-on-year decrease due to the sharp drop in the price of Henry Hub gas, the benchmark for the North American market, and the impact of the extraordinary tax.
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Economia repsol
The adjusted result, which specifically measures the business performance, was 1,267 million euros, 33% less than the 1,891 million obtained last year, as the Spanish multinational reported today to the National Securities Market Commission (CNMV).
According to the document sent to the market, the gross operating profit (EBITDA) fell by 20.5% to 2,143 million euros. Excluding the change in the value of inventories and extraordinary items, EBITDA fell by 30% to 2,144 million euros.
These accounts include the impact of the first of the two installments of the temporary and extraordinary tax of 1.2% on the unregulated activity in Spain of large energy companies in 2023, to be paid this year, with Repsol having settled 168 million euros in February and the payment of the other half scheduled for next September.
In 2023, the group paid 443 million euros for the 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, under 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 the energy company's data, the 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 the conflicts in the Red Sea and between Israel and Palestine, which have been reflected in the price of Brent oil, the benchmark in Europe, which rose by 2.5% in annual terms.
In contrast, 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 the decrease in US exports.
Read Also: Repsol starts large-scale production of renewable fuels in Cartagena (Portuguese version)
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