Repsol Doubles Q2 Earnings on Higher Oil Prices

Spanish energy giant Repsol more than doubled its second-quarter net income from a year earlier as higher oil prices offset lower gas realizations and weak refining margins. Repsol reported a net income of $713 million 657 million euros for the second quarter this year, more than double compared to $334 million 308 million euros for the same period of 2023.

Commenting on the second-quarter and first-quarter results, Repsol said “The results for the first half of 2024 came against a backdrop of recovering crude oil prices, low gas and electricity prices, slowing refining margins and very low margins at the Chemicals business.” Repsol also reported for the first half of 2024 lower earnings in its Industrial division, due to lower margins at the refining and oil and gas trading businesses and poor market conditions for the Chemicals segment.

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