(News Bulletin 247) – Repsol said on Thursday it had almost doubled its profit in the fourth quarter, but the presentation of its accounts was largely overshadowed by the announcement of a sharp increase in its investment projects in 2023.

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The Spanish oil company says it posted a net profit of 1.03 billion euros in the last three months of the 2022 financial year, compared to a profit of 560 million euros in the same period of 2021.

The group took advantage of the rise in oil prices, with a barrel of Brent which reached 88.9 dollars on average over the quarter, compared with 79.8 dollars a year earlier.

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Over the whole of the 2022 financial year, Repsol generated a net profit of 4.25 billion euros, which, added to the profit of 2.50 billion euros recorded in 2021, still fails to absorb the losses suffered in the 2019 and 2020 financial years (7.1 billion euros in total).

In its statement, the company also announced that it plans to increase its investment budget by nearly 20% this year.

Repsol, which had already boosted its investments by 40% last year to bring them to nearly 4.2 billion euros, intends to raise them in 2023 to some five billion euros, an amount described as ‘historic’ .

Following these announcements, the Repsol title lost close to 1% on Thursday on the Madrid Stock Exchange.

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