Adjusted net income stood at €2.568 billion, 15% lower than in 2024. These results were achieved within a complex environment characterized by high volatility in energy markets—which dragged the average price of a Brent barrel down to $69.1 in 2025 (down 14.5%)—growing geopolitical uncertainty, and the impact of the blackout in Spain on April 28th.
Portfolio Optimization and Key Geographies
During the fiscal year, the company completed its exit from Colombia and Indonesia to concentrate operations in regions with greater competitive advantages, such as the United States. In this key market, Repsol continued to strengthen its position with the start of oil production at Leon-Castile.
Additionally, in March 2026, the first phase of the Pikka project in Alaska will begin, where production is expected to reach 80,000 gross barrels of oil per day in the second half of 2026. Last November, the company was awarded 45 exploration blocks in an Alaska state lease sale. A month later, it was also awarded twelve exploratory blocks in a Gulf of Mexico auction.
In the UK North Sea, Repsol merged its exploration and production assets with NEO Energy into a joint venture. Months later, it was agreed that TotalEnergies UK would join the partnership, creating the largest oil and gas producer in the British North Sea, with an expected gross production for 2026 of approximately 250,000 barrels of oil equivalent per day.
Already in 2026, Repsol has been awarded two new exploration blocks in the Libya licensing round, signaling a new stage of growth and strengthening the company’s long-term presence in the country.
As a result of this portfolio optimization, average daily production rose to 548,000 barrels of oil equivalent per day, in line with the strategic plan. For 2026, the company expects to reach between 560,000 and 570,000 barrels per day, excluding any potential production increases in Venezuela. In this regard, last Friday, the U.S. administration issued new licenses allowing for the resumption of oil and gas operations in the Caribbean nation.
