Repsol posted substantially stronger first-half results for 2026, with net income of €2.201 billion, lifted from €603 million a year earlier, driven by higher crude prices and a favorable inventory effect. Adjusted net income rose to €2.711 billion, as the Upstream segment posted modest gains and the Industrial business benefited from higher refining margins. The company reported production of about 558,000 boe/d in Q2, the highest in two years, and guided full-year global production between 560,000 and 570,000 boe/d, with early July output surpassing 580,000 boe/d. Repsol also announced shareholder-friendly moves, including a further cash dividend of €0.53 per share to be paid in January 2027 and an additional buyback program of up to €500 million, with a potential third buyback in October. The results come amid a volatile global energy backdrop marked by geopolitical conflicts in the Middle East and Ukraine, which have pressured markets but underpinned higher oil prices and inventory revaluations. The coverage also notes ongoing resilience across Repsol’s operations as it maintains liquidity and navigates a challenging energy environment.