Repsol cuts its profit by 20% to March, up to 1,112 million, and boosts its investments

MADRID, 27 Abr. (EUROPA PRESS) -

Repsol obtained a net profit of 1,112 million euros in the first quarter of the year, which represents a drop of 20% compared to the 1,392 million euros registered in the same period of the previous year, due to the drop in prices of crude, the company reported.

In this first quarter of 2023, hydrocarbon prices decreased significantly, from the maximum prices they touched in 2022. Thus, Brent crude oil lowered its average price to 81 dollars per barrel, 21% less than in the first quarter. quarter of a year ago, with a notable drop in March, to 72 dollars per barrel, as a result of the banking crisis experienced in the middle of the month. For its part, Henry Hub gas registered an average of 3.4 dollars per MBtu, 32% lower than that of the same months of 2022.

In this context, all the company's business areas achieved positive results. In the cases of Client, Industrial and Low-carbon Generation, they were above those obtained in the same period of the previous year, although Exploration and Production reflected in its figure this considerable decrease in hydrocarbon prices.

The group's adjusted net result, which specifically measures the progress of business, reached 1,891 million euros up to March, almost 80% more than in the same period last year.

The group chaired by Antonio Brufau thus pointed out that it advanced guided by its 2021-2025 Strategic Plan and its integrated business model, which "were key to obtaining this result in a quarter in which crude oil prices fell, on average, by 20 % Compared to the same period of the previous year".

In addition, he highlighted the investment effort of the multi-energy company in the period, which amounted to 1,726 million euros, destined mainly for Spain and the United States, two key countries in its strategy. The company expects that 35% of the historical figure of 5,000 million euros in investments in 2023 will be allocated to low-carbon projects.

Repsol's CEO, Josu Jon Imaz, indicated that the group's integrated business model, as well as the fulfillment and ambition of its 'road map', "are being essential to obtain solid results".

These numbers allowed the company to maintain a solid cash flow generation in these first three months of the year -1,827 million euros, 736 million euros higher than the same period in 2022-, which has made it easier for it to face the volatility of the environment, take advantage of profitable growth opportunities and advance shareholder remuneration targets.

Likewise, Repsol reduced its net debt, reaching 880 million euros at the end of the period, 1,376 million euros less than at the end of 2022, after receiving the proceeds from the sale of 25% of the Exploration and Production unit. .

((WILL BE EXTENSION))