Adjusted net income, which measures the performance of the businesses, was €1.056 billion, 69% of which came from the Exploration and Production division that carries out all its activities outside Spain. The invasion of Ukraine, which is affecting the international environment in 2022, has led to a significant increase in the prices of raw materials, with a clear impact on fuel prices. The Exploration and Production business was supported by the rise in crude oil and gas prices to post earnings of €731 million.
The Industrial business’ earnings were €236 million, a significant improvement compared to the first quarter of 2021. The greater contribution from the Trading and Refining divisions, which in 2021 overcame difficulties arising from the health crisis, was fundamental to this improvement.
The Commercial and Renewables businesses, with earnings of €117 million, improved its performance slightly compared to a year earlier, which was marked by the mobility restrictions resulting from the pandemic and the effects of the Filomena storm in Spain.
According to Josu Jon Imaz, CEO of Repsol, “These results demonstrate the strength of our integrated business model and the correct choice of path in our Strategic Plan. In 2022, we will continue to advance in our transformation and decarbonization objectives, contributing value to our shareholders and demonstrating our responsibility in supplying energy to our customers.”