Repsol earns more than ever: 5,006 million through September, up 325%, thanks to expensive oil
It is its best result in history, above even the 2022 energy crisis. A barrel of Brent averaged 97 dollars. The oil company will pay out around 3 billion to its shareholders.
Translated from the original Spanish article. Read in Spanish
News published on October 29, 2026. The situation may have changed since then.
Spanish oil company Repsol has just reported the best results in its history. Between January and September 2026 it earned 5,006 million euros, 325% more than the year before.
Why it earns so much
Because of expensive oil. A barrel of Brent, Europe's benchmark, averaged 97 dollars over these nine months, compared with about 69 a year earlier.
Its refining business, which turns crude into gasoline and diesel, earned 3,668 million, compared with 540 a year earlier, because margins soared.
Part of the profit is an accounting effect: 943 million comes from the oil Repsol had in storage now being worth more.
A record
The result even beats 2022, in the middle of the energy crisis, when Repsol earned 3,222 million over the same period.
Excluding accounting effects, adjusted profit was 5,419 million, up 184%.
What it will do with the money
It will pay out around 3 billion to its shareholders this year, including a new 950-million share buyback. And it says it will invest 11.5 billion in Spain through 2030.
The other side
What is good news for Repsol is bad for people's wallets: expensive oil is one of the reasons gasoline, heating and inflation are high in Europe.
To understand why prices are rising, read [why the ECB left rates unchanged](bce-lagarde.html).
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Sources (in Spanish)
- Beneficio, Brent, refino y récord: The Objective y Capital (29 de octubre de 2026).
- Recompra y remuneración al accionista: Bolsamanía.
- Inversiones en España: Crónica Global.
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