Repsol made a profit of 2.5 billion euros last year

Energy and chemicals giant Repsall reported a profit of €2.
49 billion (£2.
1 billion) last year, returning to pre-pandemic levels
, according to the Voice of Energy website on February 17.

Net income for the fourth quarter of 2021 was €872 million (£728 million).

The result, which reversed the €3 billion lost for the full year of 2020, marked the first promising start
of the company's five-year strategic plan.
Repsol said the company will focus on efficiency and transformation to become carbon neutral by 2050
.

Repsor said the performance of its exploration and production activities was particularly noteworthy, with its upstream sector generating €1.
7 billion (£1.
4 billion) in revenue during the year, including €624 million (£521 million)
in the fourth quarter.

The company said its performance was affected by upward trends in raw material prices and efficiency measures that "value takes precedence over quantity
.
"

However, the company noted that higher production and general costs led to a decline in operating income of around €134 million (£112 million), mainly due to higher
maintenance costs.

Repsol rationalized its business last year, reducing its business to 15 countries and selling assets in Malaysia and Vietnam, as well as stakes
in the Arog joint venture in Russia.

The company has also halted oil production in Spain and several other exploration markets, focusing its activities on areas where
it claims to be able to exploit competitive advantages.

The group's average daily production is 572,000 barrels of oil equivalent, and the UK business produces 6,000 barrels of oil and 4 billion cubic feet of natural gas
.