Repsol Sa Sp/Adr (REPYY) Q2 2026 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning to everyone joining us today. Welcome to REPSOL's second quarter 2026 results presentation. Today's conference call will be hosted by Josu Jon Imaz, our chief executive officer, with other members of the executive team joining us as well. At the end of the presentation, we will be available for a Q&A session. Before we begin, let me remind you that during this presentation, we may make forward-looking statements based on estimates. Actual results may differ materially depending on a number of factors, as indicated on our disclaimer. With that, I will hand the conference call over to Josu Jon. Thank you, Pablo. Good morning and welcome to everyone. Repsol delivered a strong set of results and strategic execution in the second quarter of 2026. Operating under a highly volatile commodity environment shaped by a complex and evolving geopolitical scenario. Tensions, as you perfectly know, around the Strait of Hormuz disrupted energy trade flows, resulting in an estimated 1.3 billion barrels of oil supply lost due to the crisis and the shutdown of nearly 3 million barrels per day of refining capacity. Despite multiple At times to deescalate the situation, agreements for the reopening of this trade were repeatedly broken down until a ceasefire was announced in June. The collapse of these peace negotiations in July has generated extreme volatility to this date. The conflict broke into focus the importance of security of supply, diversification of energy sources, Reduction of domestic resources and protection of European Union refining capacity. In this context, Repsol remains fully committed to ensuring security of supply while continuing to deliver on its well-established priorities, growing cash flow, enhancing shareholder returns, and allocating capital in a ...