Spanish Repsol's adjusted net profit rose 5.4% to 471 million euros ($571 million) in the first quarter of 2021 compared to the same period of 2020, the company announced on Friday.
Repsol said that this was mainly due to higher oil and gas realization prices, lower amortization rates, lower costs and reduced exploration costs.
'We have delivered positive performance in extremely difficult circumstances that require us to continue our hard work, as efficiently and with as much flexibility as possible,' said Josu Jon Imaz, CEO of Repsol.
'We are laying the foundations for Repsol's future and advancing towards our decarbonization objectives with cutting-edge projects that will reinforce Spanish industry and contribute to the recovery from this crisis,' he added.
By Murat Temizer