Repsol doubles its earnings to March, up to 1,392 million, driven by crude oil prices

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Repsol obtained a net profit of 1,392 million euros in the first quarter of the year, after shooting its profits by 115% compared to the 648 million in the same period of the previous year,

, which climbed to the highest since 2008, the company reported.

The upward context in hydrocarbon prices, already in a clear recovery since 2021 and exacerbated by the outbreak of the war in Ukraine, has led to Brent crude trading at an average of 102.2 dollars per barrel in the quarter, compared to at 61 dollars in the same period of the year, while Henry Hub gas was paid at an average of five dollars per MBtu, nearly double what it was a year ago, when it was quoted at 2.7 dollars.

The adjusted net result of the group, which specifically measures the progress of the businesses, reached 1,056 million euros in the first quarter of 2022, compared to 471 million euros in the same period of 2021, driven by the behavior of the Exploration area and Production.

Repsol's CEO, Josu Jon Imaz, stressed that these results "demonstrate the

the group's integrated business model and "the correct path" of its strategic plan.

"In 2022 we will continue to advance our transformation and

, adding value to our shareholders and demonstrating responsibility when it comes to supplying energy to customers," he added.

For its part, the company's operating cash flow stood at 1,091 million euros as of March, also above that registered in the first quarter of 2021. Excluding working capital, this number increases to 3,064 million euros , with a rise of 1,437 million compared to the comparable figure for the same period of the previous year.

Regarding the net debt of the group chaired by Antonio Brufau, at the end of March it was 5,900 million euros, slightly higher than the figure at the end of December, when it amounted to 5,762 million, mainly due to the increase in working capital derived from the strong rise in prices of raw materials.

Dividend Enhancement

Meanwhile, the company's liquidity stood at 9,823 million euros, enough to

, above the 2.95 times at the end of 2021.

The strong generation of cash has been reflected, since last year, in an improvement in shareholder remuneration, who received a

Additionally, the board of directors has proposed to the ordinary general meeting of shareholders, which will be held on May 6,

, to 0.63 euros per share, together with a reduction in the share capital, through redemption of 75 million treasury shares, representing approximately 4.91% of Repsol's share capital.

In this environment and as established by its strategic plan to add value to shareholders, the energy company carried out a share buyback program that involved the acquisition of 11.6 million shares.

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