Repsol's profits surged 153.8% in the first quarter of the year, reaching 929 million euros, driven by capital gains reflecting the impact of rising crude oil and refined product prices. According to the company's results reported to Spain's National Securities Market Commission (CNMV), adjusted net income, which measures business performance, reached 873 million euros, a 56.7% increase compared to the first quarter of 2025, in a volatile global context, particularly following the start of the conflict in Iran. Repsol indicates that, with no assets in the Middle East, it is focusing its efforts on ensuring energy supply continuity, allocating 1.2 billion euros in the quarter to increase its stocks. Last year, the oil group saw its profit fall in the first quarter, mainly due to the impact of price volatility on its refining margins. 'In an increasingly complex and volatile geopolitical environment, which threatens to transform the energy paradigm, we remain focused on ensuring security of supply,' said Repsol CEO Josu Jon Imaz in a press release. News about the Madrid-based company, which operates in more than 20 countries, has focused in recent weeks on its position in Venezuela, where the group holds 50% of the Perla offshore natural gas field (one of the largest in Latin America) and is involved in several oil projects in partnership with the Venezuelan state giant PDVSA. On April 16, Repsol announced the signing of an agreement with the Venezuelan government that will allow it to resume operational control of its Petroquiriquire joint venture, created to operate oil fields in eastern Venezuela. Repsol holds 40% of Petroquiriquire, while the state-owned PDVSA controls the remaining 60%. The Spanish group indicated in recent weeks that it is ready to increase its crude oil production in Venezuela by 50% in one year, and even triple it in three years, if the 'necessary conditions' are met. Repsol's production in the country is currently around 45,000 barrels per day, according to company data. Repsol resumes 100% of oil exploration in Venezuela and forecasts a 50% increase in production within 12 months.