Spanish energy giant Repsol reported a significant surge in net profit for the first half of 2026, more than tripling from the same period in 2025. The company attributed this 265% increase to the rise in oil and gas prices, which have been fueled by the ongoing Middle East conflict. Net profit rose to 2.2 billion euros ($2.58 billion) from 603 million euros in the first half of 2025.
The second quarter saw net profit rise to 1.27 billion euros from 929 million euros in the first quarter. Notably, Repsol has no assets in the Middle East, yet the global surge in crude prices has positively impacted its financial performance.
In recent months, Repsol has expanded its operations in Venezuela, where it holds significant stakes in various oil and gas projects. The company owns a 50% stake in the offshore Perla gas field and participates in several oil projects with state-owned PDVSA. In June, Repsol signed an agreement to explore a field in Lake Maracaibo, the birthplace of Venezuela's oil industry.
Earlier in the second quarter, Repsol regained operational control of its Petroquiriquire joint venture, where it holds a 40% stake. The company aims to increase its gross oil production in Venezuela by 50% over the next 12 months.
Repsol also began production at the Pikka oil field in Alaska in May, alongside majority partner Santos. The project is expected to reach an output of 80,000 gross barrels per day in the third quarter. The company produced an average of 548,000 barrels of oil equivalent per day in 2025 and employs around 25,000 people worldwide.
