Spanish energy multinational Repsol reported a sharp rise in first-half earnings on Thursday, as higher crude oil and natural gas prices pushed net profits above two billion euros.
Net profit for the six months to June reached 2.2 billion euros, representing a 265 per cent increase compared to the 603 million euros generated over the same period in 2025.
Second-quarter performance remained robust, with net earnings climbing to 1.27 billion euros from 929 million euros recorded in the preceding quarter.
Global commodity prices rose over recent months due to ongoing geopolitical tensions across the Middle East, benefiting major producers despite Repsol holding no active production assets in the region.
The financial results come alongside a steady expansion of the company's activities across South America, particularly in Venezuela, where Repsol holds key investments.
Repsol owns a 50 per cent stake in the offshore Perla gas field, one of the largest natural gas deposits in Latin America, while operating several joint ventures alongside state firm PDVSA.
In June, the Spanish firm signed a new agreement to conduct exploration work in Lake Maracaibo, a central region for traditional Venezuelan oil production.
The company also finalised an agreement earlier this year with the Venezuelan authorities to regain operational control of the Petroquiriquire joint venture, in which it holds a 40 per cent share.
Repsol aims to expand its total crude production in Venezuela by 50 per cent over the next 12 months as new operational agreements take effect.
Beyond South America, Repsol began commercial production in May at the Pikka field in Alaska alongside majority operator Santos, with output expected to reach 80,000 gross barrels per day during the third quarter.
