Repsol posts €2.2 bn H1 profit, up 265% on oil price surge

Repsol reported net profit of €2.201 bn for the first half of 2026, a 265 % increase over the same period a year earlier, and adjusted net profit of €2.711 bn. The surge stems from higher crude prices after the Middle‑East conflict and a €823 m revaluation of oil inventories. The group invested €2.4 bn to top‑up crude and refined‑product stocks and reduced net debt to €3.667 bn while cash flow from operations reached €5.711 bn (excluding working‑capital changes). A new share‑repurchase programme authorises up to €500 m of buy‑backs, adding to a €350 m buy‑back completed earlier, and the company reaffirmed a dividend payout of 30‑40 % of operating cash flow. Repsol also confirmed it will receive four additional crude‑oil cargoes from Venezuela before year‑end, and it has postponed any US listing of its upstream unit, focusing instead on improving the business’s quality. The results were presented by CEO Josu Jon Imaz, who highlighted the "great volatility in energy markets since the start of the Iran conflict" and the firm’s commitment to secure supply and support customers.