Repsol says first-half profit rose sharply on higher oil and gas prices

Spanish energy company Repsol said on Thursday that its net profit in the first half of the year more than tripled, helped by higher oil and gas prices linked to the Middle East conflict.

The company said net profit for January to June rose 265 percent from a year earlier to 2.2 billion euros, or $2.58 billion. It reported 603 million euros in net profit for the same period of 2025.

Repsol said second-quarter net profit rose to 1.27 billion euros, up from 929 million euros in the first quarter. The company has no assets in the Middle East, where hostilities have pushed crude prices higher.

The company has also expanded its operations in Venezuela in recent months. Repsol owns a 50 percent stake in the offshore Perla gas field, described in the source as one of Latin America's largest, and is involved in several oil projects with Venezuelan state-owned company PDVSA.

In June, Repsol signed an agreement to explore a field in Lake Maracaibo. Earlier in the second quarter, the company said it had reached an agreement with Venezuela's interim government that would allow it to regain operational control of Petroquiriquire, a joint venture in which Repsol holds 40 percent and PDVSA holds 60 percent.

Repsol has said it aims to raise its gross oil production in Venezuela by 50 percent over the next 12 months.

The company began production in May at the Pikka oil field in Alaska with majority partner Santos. Repsol said output from the project is expected to reach 80,000 gross barrels per day in the third quarter.

Repsol employs about 25,000 people worldwide. It produced an average of 548,000 barrels of oil equivalent per day in 2025.