Repsol's Q2 profit more than triples on refining strength

The industrial business drove the improvement, with adjusted net income rising to €1.24 billion from €103 million a year earlier, boosted by refining, Repsol Peru, chemicals and trading.

Exploration and production adjusted net income rose to €371 million from €312 million, helped by higher realised crude prices, higher volumes and stronger results from equity-accounted companies.

Repsol's Spanish refining margin indicator rose to $14 a barrel from $5.9 a barrel a year earlier, while Brent crude averaged $103.8 per barrel in the quarter, up from $67.9.

Total production was broadly flat at 558,000 barrels of oil equivalent per day, compared with 557,000 last year.

($1 = 0.8749 euros)

Spain's main refiner and oil producer said it would increase its second 2026 share buyback to €500 million, in addition to the €350 million programme already completed. It expects to announce a third buyback in October as part of its plan to distribute 30% to 40% of operating cash flow to shareholders.

Operating cash flow increased to €1.94 billion from €1.56 billion, while free cash flow rose to €1.04 billion euros from €431 million. Net debt fell to €3.67 billion at the end of June from €4.8 billion at the end of March, reducing leverage to 11.3% from 14.3%.

In a statement, CEO Josu Jon Imaz said that strong cash generation and the balance sheet allowed Repsol to keep investing with discipline while improving shareholder returns.

Spanish energy company Repsol said on Thursday its second-quarter adjusted net profit more than tripled from the same period last year, helped by stronger refining margins and higher oil prices.