Spanish fuel group Repsol has posted an adjusted net profit of €488 million for the second quarter of its financial year, following a loss in the same period last year, boosted by higher oil and gas prices and a pick-up in travel after lockdowns eased.
The result topped the €468 million expected by 24 analysts in a company-provided poll.
The fuel and forecourt operator posted a loss of €258 million in the April to June period of 2020, and was also an improvement on its first quarter.
Returns from its upstream unit that searches for and extracts hydrocarbons soared as crude oil prices shot up to pre-pandemic levels. Sales in petrol stations rose as authorities loosened restrictions.
Reduce Greenhouse Gas Emissions
European oil companies are responding to investor pressure to cut greenhouse gas emissions and limit global temperature rises by spending more money on renewable energy and low-carbon projects.
Repsol says it wants to channel the benefits of higher oil prices into its strategy to build more low-carbon plants and slash emissions from its products.
It has pledged to lower its carbon intensity indicator - which measures emissions per unit of power generation - by 12% by 2025, 25% by 2030 and 50% by 2040 from 2016 levels.
The group recently announced that its photovoltaic plant in Spain, the largest in the country, has begun generating electricity, which will result in the reduction of around 211,500 tonnes of CO2 being created each year.
The Valdesolar facility, in Valdecaballeros, was developed following an investment of €200 million.