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Repsol's Q2 profits more than tripled on the strength of refining
Repsol, a Spanish energy company, announced on Thursday that its adjusted net?profit for the second quarter of this year was more than three times higher than it was in the same period a year ago. This increase is attributed to higher oil prices and stronger refining margins. The adjusted?net? income rose to EUR1.84bn ($2.1bn) between April and June, compared with the EUR598mn posted in the 2nd quarter of 2025. This beat the analysts' consensus estimate of EUR1.64bn. The net income was EUR1.27 billion, up from EUR237 millions a year ago. Earnings before interest, tax,?depreciation, and amortisation, or adjusted earnings, also tripled, to EUR3.52 billion, up from EUR1.15 million. The main Spanish refiner and oil producer announced that it will increase the second share buyback programme for 2026 to EUR500m, on top of the EUR350m already completed. The company expects to announce its third share buyback in October, as part of its plan to distribute between 30% and 40% of operating cash flows to shareholders. Operating cash flow increased to EUR1.94billion from EUR1.56billion, and free cash flow increased to EUR1.04billion from EUR431m. Net debt decreased to EUR3.67billion at the end June, from EUR4.8billion at the end March. This reduced leverage from 14.3% to 11.3%. CEO Josu Imaz said in a statement that the company's strong cash flow and balance sheet enabled it to continue investing while increasing shareholder returns. Refining, Repsol Peru and chemicals, as well as trading, were the main drivers of this improvement. The adjusted net income rose to EUR1.24billion from EUR103mil a year earlier. Exploration and Production Adjusted Net Income rose from EUR312 million to EUR371 millions, thanks to higher crude prices, increased volumes, and stronger results from equity-accounted firms. Repsol's Spanish refinery margin indicator increased to $14 per barrel from $5.9 per barrel a year earlier. Brent crude was at $103.8 a barrel on average in the third quarter, up from $67.1. The total production was essentially flat, at 558,000 barrels equivalent per day compared to 557,000 the previous year.
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TotalEnergies' second quarter profit soars on higher oil prices and strong refining margins
* Best quarter for nearly three years * Trading segment (which includes refining)?up 362% on an annual basis due to rising prices * Share Buybacks Maintain?at $1.5 Billion for Q3 By ?America Hernandez PARIS, 23 July - TotalEnergies, the French oil major, reported on Thursday a 67% increase in its second-quarter earnings, its best in almost three years. The company attributed this to higher oil prices, and high profit margins in fuel refining due to war in Iran. According to a poll of analysts by LSEG, adjusted net?income for the second quarter was $6 billion. This is in line with what analysts expected. This compares to $3.6 billion for the second quarter in 2025 and $5.4 billion for the first quarter in 2026. The U.S. and Israeli war against Iran, which resulted in Iran 'effectively closing the Strait of Hormuz', disrupted world supplies and pushed 'crude oil and -gas -prices to multiyear highs. This was a windfall to major energy companies. Brent crude oil prices in the global benchmark ranged between $97 and $97.50 per barrel from April to June, up by 45% compared to $67 a barrel one year ago. TotalEnergies has announced that it will continue to buy back shares for $1.5 billion in the third quarter. This is the same amount they paid for the second. Exploration and Production earnings have reached $3.2 billion. This is a 64% increase from the same time period last year and 25% more than the first quarter of 2026. Refining income and chemicals grew 362%, to $1.8 billion. This was due to the margins of refining fuels and the fact that Total continued to make profits on the rising prices of oil and fuels caused by the paralysed Strait of Hormuz. The liquefied gas division earned $807 million. This is a 22% decrease that Total attributed to the weak LNG demand in Europe in its trading statement last week.
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Anglo flags loss in diamond and coal units for first half; reduces copper cost outlook
Anglo American's copper production was largely?flat in the first-half of this year and its copper price guidance for 2026 has been lowered. However, it said that?its diamonds?and steelmaking?coal businesses will post negative earnings underlying in the first quarter. The London-listed company maintained its guidance for full-year production of copper between 700,000 and 760,000 metric tons. The miner produced 343,600 tonnes of copper during the first half, compared to 342,200 tons one year ago. Anglo stated that its proposed merger with Teck Resources is still on track. The final regulatory hurdle will be the approval of China. The miner would become 'the fifth largest?copper manufacturer in the world, as it reshapes their portfolio by selling its nickel and steelmaking coal businesses and separating diamond unit De Beers. In order to complete the acquisition of De Beers, 'Anglo' has chosen a preferred consortium headed by former De Beers CEO Gareth Penny. Botswana owns 15% of the business and is considering exercising its right of refusal to buy it directly or through a third-party, according to a government official. Anglo stated that despite an 88% increase in diamond production?in the 2nd?quarter, weak demand and lower prices continue to weigh on the markets. (Reporting and editing by Louise Heavens, Clara Denina)
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Authorities report two dead and five injured in Ukrainian attacks against Crimea and southern Russia
Authorities said on Thursday that two people, including a three-year-old boy, were 'killed in separate overnight Ukrainian attacks against a city in southern Russia and the peninsula of Crimea under Russian control. Crimean Governor Sergei Aksyonov stated that a person was killed on the peninsula, and four others were injured. Two of those injuries were children. Alexander Gusev, regional governor, said that falling drone debris caused a fire to start at the home of a 3-year-old boy in Voronezh. Voronezh is located about 500 km (310 miles), south of Moscow. The child died as a result of the fire. The attack also caused minor injuries to a 19-year old?man. It also damaged the roof of an online marketplace warehouse and other buildings. The governor of Ulyanovsk, a region east of Moscow, said that Ukrainian drones attacked an energy plant which caught fire. The Russian Defense Ministry said that its air defence units shot down 223 Ukrainian drones over night.
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Police in Wisconsin kill a man; video online sparks protests
On Wednesday, police officers in Madison Wisconsin fatally shot the man they were trying to arrest during a street corner scuffle. The incident was captured by passersby and became viral on the Internet, sparking protests throughout the city. The police said that the officer who fired his weapon had been injured by the knife the'man' produced during the struggle. Video footage of the incident, which was circulated online and in news outlets, suggested that the man who had been shot was of color. All four of the officers involved appeared to be of white race. A group of African-Americans who advocate for their community said that the man killed in Wisconsin's capital was Black. "Madison Police killed another black man. All eyes must be on Madison Police. Urban Triage posted a social media message saying that they keep us safe. Madison Police Chief John Patterson, speaking to reporters at a press conference, described the man as only a 30-year-old male and refused to identify his race or that of any of the officers, three men and one female. Patterson explained that the incident began when police responded to an anonymous call regarding a suspect who was suspected of "checking vehicles parked" in the Marquette area of Madison, Wisconsin's capital. The man fled when police tried to contact him. The police chief stated that officers caught up to him 30 minutes later. A scuffle broke out after the man either fell off his bicycle or was lifted off by the officers. INDEPENDENT INVESTIGATING ORDERED Patterson said that the Wisconsin Department of Justice criminal division would conduct an "independent investigation" and all four officers were to be placed on leave. The police chief stated that he reviewed two video clips taken by passers-by, which were widely circulated online. However, he said there was more footage not widely known, and asked the public to refrain from jumping to conclusions. Patterson replied that he couldn't decide whether the shooting was an apparent case excessive use of force. He said that the video has gone viral because it shows "one perspective" on the incident. "It is not an overview of all of what was visible at different angles." The video online shows four uniformed police officers grappling the man while shouting "Let go!" and "He's got knife!" In one clip an officer can be heard shouting "Taser", as the police grab at the man. The man is then thrown to the ground and an officer pulls out his gun, fires three shots, and stomps on his legs. The officer appears to then re-holster his weapon and kneel to the man who has stopped moving. Patterson said it also appeared to him that three shots were fired, all by one officer who he called a "veteran". He claimed that the officer who shot his weapon had done so after the man "pulled or produced" a "large fixed-bladed knife" just moments earlier, while police were attempting to subdue him as he was resisting arrest. According to the police chief, a second officer sustained an injury that was not specified during the confrontation. Patterson stated that between the knife's appearance and the gunfire another officer tried to immobilize him with a "Taser" stun gun. However, the device was ineffective for reasons unknown. He said it was unclear how much time had passed between the knife appearing and the shots being fired. The video clip does not show the beginning of the fight, but an object on the ground that could have been a knife can be seen at the start. Images from the news showed a large crowd of protesters marching through the state capitol in protest following the shooting. Steve Gorman, Los Angeles, and Kanishka Singh in Washington contributed additional reporting. Michael Perry edited the piece.
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Gold falls from two-week high as oil gains; Fed meeting is in focus
Gold prices fell on Thursday as a result of the escalating Middle East crisis, which drove up oil prices. Traders are now looking to the Federal Reserve meeting next week for any clues about when interest rates might be raised. As of 0515 GMT spot gold was down 0.2% at $4,122.49 an ounce, after having climbed to $4,165.87 during the previous session, its highest level since July 7. U.S. gold for August delivery fell 0.6% to $4125.30. Jigar Trivedi is a senior analyst at IndusInd Securities. He said, "Oil prices continue to rise, adding to inflation pressures and expectations of Fed interest rate hikes. This has capped a positive undertone for gold, as the dollar continues to weaken." Oil prices have risen to their highest level in over six weeks as the United States launched a new round?of strikes against Iran and Yemen Houthis, who are targeting oil tankers on the Red Sea. Dollars fell by 0.2% making greenback bullion cheaper for holders of other currencies. The yields on two-year U.S. Treasury bonds that are sensitive to interest rates have risen to their highest level in 17 months as the rising oil price fuelled fears of?new energy disruptions' which could reignite inflation, and increase the chances of Fed rate hikes. Futures markets are widely positioned for at least one interest rate increase by the end of the year. According to the CME FedWatch Tool, traders are pricing in a 77% probability of a September rate hike. High interest rates tend to?decrease the appeal of non yielding bullion. The European Central Bank will almost certainly keep interest rates the same on Thursday, but it is still possible that they could increase them again in September. Silver spot fell 0.1% to $59.66 an ounce. Platinum rose 0.5%, to $1.652.53, and palladium increased 0.5%, to $1.297.61. (Reporting and editing by Mrigank Aich and Rashmi aich in Bengaluru, and Swati verma from Bengaluru)
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Spanish wildfire victims were left to their own devices because of patchy warnings and outdated plans
Twelve people died on July 9 trying to escape wildfires in the southern Spanish mountain village of Bedar. Regional officials claimed that some?of those who died had refused to stay at home. Five residents and survivors said they never received any advice. Two others, who did receive warnings when the fire, one of Spain's most deadly, approached, reported that these came through church bells, WhatsApp Groups and home visits by local officials in a piecemeal manner. Bob Layton, an?old British technical manager?, claimed he did not receive any warnings or instructions on how to deal with the fire. He drove away one minute before the fire engulfed the house in Paraje el Curato. This is a hamlet located about 2.5 km (1.55 mi) from Bedar, where the majority of victims died while trying to escape. Burns claimed the life of a British woman aged 93. Layton stated, "If I'd been told to stay inside my house we would all have died - the place was destroyed." "I knew which track to use to escape, but others tried to take a slightly different track or a slightly longer route, and did not survive. The fire turned into an inferno. In Paraje el Curato, some homes were destroyed and others were not. Eight neighbours, who lived near Layton, attempted to leave Paraje el Curato along the same road, but were unable to do so because of the fire. After abandoning their vehicles and trying to leave on foot, they died in the fire. Four other people died in another convoy of vehicles. The fire did not reach the hamlet for 3.5 hours, at which point the main road was already blocked. Antonio Sanz, the head of emergency services in Andalusia said that the region decided to not use an emergency alert system which sends alerts to mobile phone for the fire, because it could not be tailored to specific communities where some need to evacuate while others stay at home. Madrid, Aragon, and Castile-La Mancha used the system last week to warn of wildfires. In a statement issued on July 11, the Andalusia Government said that Bedar's Mayor and other officials went door-to-door in the area, giving advice. They also advised victims in Paraje el Curato not to leave their shelter. Sophie Vandebroek's brother Stanislas was one of those killed. She said that he did not receive a warning which would have allowed them to safely evacuate. She said, "Stanislas and seven of his neighbors would be alive today if there had been a communication system that sent out an emergency alert when the fire broke, before my brother even saw the fire." She said that she and her family spoke with the victims' families and the mayor. Some families had talked to their loved ones about whether or not they should leave. She added, "It seems that no one who died received an official communication before the time it was too late." Bedar Town Hall did not respond to email or phone requests for comment. The mayor of Bedar, Angel Collado declined an interview request. The spokesperson for the local police confirmed that all relevant facts regarding the fire are being investigated, but did not make any further statements as the case has been sealed. The spokesperson for Andalusia’s Supreme Court stated that the judge is basing his investigation on the cause. FIRE SPREADING FASTER Wildfires are spreading faster and more often in Europe. Experts say that it is important to communicate evacuation plans as well as safety details long before the fire starts. The public should be informed in advance about the dangers in the area and the evacuation routes. They must also know the basic measures for self-protection. It is important to map out the scattered houses, plan evacuations, and carry out drills. This was explained by Fernando Medina, professor of geography at University of Las Palmas of Gran Canaria. Almeria is the Andalusian region that includes Bedar. Only 42 of 103 municipalities had emergency plans, which included wildfires. According to the Andalusia Government, only nine municipalities had updated their fire plans every four years in areas of risk. A spokesperson for the Andalusian Government said that Bedar's Emergency Plan was approved last in 2019. It is currently being updated. Wildfires are a risk for the municipality. When asked about the lack plans, the spokesperson stated that the Andalusian Government provides advice and assistance but it is the responsibility of the municipalities to update their emergency plans. Bedar's Town Hall did not respond to a number of requests for comments on its evacuation plans or whether it had conducted wildfire drills. According to an online announcement, the Almeria provincial government met with 49 municipalities in Los Gallardos in February to discuss how to streamline updating emergency plans. Bedar Town Hall did not respond to an inquiry asking if it participated in the meeting. Some people who lived nearer to Bedar, but not the hamlet itself, did receive warnings. Waheed Mumtaz said that police told him to evacuate at 10:30 pm. Juan Pedro, Juan Pedro is a waiter in Bedar's Miramar Restaurant. He said that the church bells started ringing shortly after the fire began. He said he received a message from the townhall via WhatsApp telling him to evacuate. He said that as soon as the smoke was visible, the bells rang, and the word spread, everyone in the village knew to leave. Not everyone was part of that WhatsApp group. Pedro Tierney, 31 saw the fire far away and ran home to escape with his aunt and grandmother by car. He said that it was his "gut feeling" that he had to leave, and that he did not receive any alerts to evacuate. David Alexander, professor emeritus of emergency planning at University College London, explained that wildfires can be blown in a different direction by the wind. This makes it difficult for authorities to communicate instructions. He said that the haphazard nature of the messages during this fire indicates poor planning. He said they should have used an alert, even if it was not possible to send specific instructions, to warn people of the fire. Layton called on authorities to work with residents to develop a plan to alert people to imminent dangers in the future. He said: "I don't want to blame anyone - everything happened so fast - but it was despicable for them to try and assign blame." Reporting by Nina Lopez; Additional reporting by Emma Pinedo and Alexandra Hudson; Editing by Alexandra Hudson
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Russell: India's rising refined product exports help ease Asia's fuel crisis
Can India do for Asia's refined-fuels market what China did? China drastically cut its crude imports to a decade low in June in response to the U.S. and Israeli war against Iran. This freed up oil for buyers who were struggling to find cargoes due to the 'effective closure of Strait of Hormuz. India has taken a different approach, purchasing Russian crude oil and increasing?exports?of refined products in order to offset the lower shipments of refineries from the Middle East and Russia. According to commodity analysts Kpler, India's light and middle distillates exports are expected to hit 1.55 million barrels a day (bpd). The second highest level recorded by Kpler since 2017 is almost twice the 866,000 barrels per day (bpd) in May. This was the lowest for nearly four years. It came as a result of the Middle East losing crude oil after Iran closed the Strait of Hormuz to respond to the U.S. and Israeli attacks launched on February 28, 2018. India's crude oil imports fell to a 21-month-low of 4,55 million barrels per day (bpd) in April. This impacted the refineries that are geared towards exports and their ability to operate at full capacity. India, however, has switched to buying Russian crude oil after the Trump Administration lifted sanctions. This allowed importers to buy Russian cargoes openly. India's imports of Russian goods were 2.73m bpd during June. Kpler estimates that July arrivals will be 2,57m bpd. These are the two best months ever, surpassing the 2.16m bpd recorded in May 2023. India's decision, similar to China's cut in crude imports to ease the pressure on Asian markets, to increase exports of refined products and buy Russian oil is not a decision made out of altruism. It's based on prices. India's refiners take advantage of the high premiums that fuels such as diesel and gasoline command over crude oil. PRODUCT ?PREMIUMS Benchmark Brent crude futures are up after the collapse of the ceasefire agreement between the U.S. Gasoil, a building block of diesel, reached a regional benchmark price in Singapore of $156.72 per barrel on Wednesday. This is up by 43% from its post-ceasefire minimum of $109.62 on 26 June, and 71% from $91.42 on 27 February. Singapore gasoline On Wednesday, the price of a barrel of oil ended at $119.70. This is a 27% increase from its post-deal low on July 9, which was $94.00. It's also a 51% premium to $79.30 on February 27, when it peaked. Other countries with export capacities are also increasing their output. Kpler data shows that Oman will export light and middle distillates at a record 783,200 barrels per day (bpd) in July. This is a new high, up from 712,600 barrels per day in June. Taiwan is expected to export 306,000 barrels per day (bpd) of light and middle distillates this July. This will be the highest since December, and almost three times more than the 124,000 barrels per day shipped in April. Kpler estimates that the arrivals in July were 5.80 million barrels per day. The figure for July is 18% lower than the average of 7,05 million bpd during the three months prior to the conflict. The tightness of the?refined product markets in Asia is evident. Even if refiners had a sufficient amount of crude, they would not have enough export capacity to make up for the losses caused by the conflicts between Ukraine and Russia and the Middle East. You like this column? Open Interest (ROI) is your new essential source of global financial commentary. ROI provides data-driven, thought-provoking analysis on everything from soybeans to swap rates. The markets are changing faster than ever. ROI can help you keep up. Follow ROI on LinkedIn, X. These are the views of the columnist, an author for.
Israelis are concerned that a Saudi nuclear deal may spark a Mideast arms race
Israel is worried about the'start of an arms race in the Middle East' after a deal between the United States & Saudi Arabia was announced on Wednesday. The agreement allows the kingdom to build nuclear power plants using American technology and enrich uranium. The?agreement announced on Wednesday, which needs Congressional approval to be implemented, is intended to allow Saudi Arabia to develop a civil nuclear programme.
The Prime Minister Benjamin Netanyahu, his Defence and Foreign ministers, have not yet commented on this deal. Critics say that it compromises Israel's long-term interests.
"The nuclear deal that's coming together between Israel and Saudi Arabia over Israel's head is a serious failure in strategy that threatens our security," stated former prime minister Naftali Bennet, who is running to unseat Netanyahu at an election on October 27.
"Nuclear enrichment in Saudi Arabia could lead to an'regional nuclear race' and a dangerous lack of control."
Avigdor Lieberman, former defence minister of Saudi Arabia, said "the civilian nuclear program in Saudi Arabia will result in nuclear weapons. It will also lead to an arms race in the Middle East."
He said that Israel, widely regarded as having the only nuclear arsenal in the region, should oppose the agreement and lobby Congress for its cancellation.
The civil nuclear deal with Saudi Arabia was in the works during President Donald Trump's administration as well as that of former president?Joe Biden.
A deal has not been reached yet, in part due to the warnings of?nonproliferation organizations who claim that this could give Saudi Arabia a way to develop a nuke weapon.
Israelis also hoped that any deal would be part of the long-sought agreement for normalisation between Israel and Saudi Arabia, as envisaged in the Biden Plan.
Benny Gantz said that no official in the security field would agree that adding civilian nuclear capability to Saudi Arabia, without also integrating it into a regional alliance that promotes moderate values, is a good thing for Israel. (Writing and editing by Steven Scheer)
(source: Reuters)