Spain’s Repsol on Thursday reported a sharp decline in its second-quarter adjusted earnings mostly due to lower energy prices.

The result, however, outstripped market expectations.

The company’s adjusted profit came in at EUR 827 million in the latest quarter, down from EUR 2.16 billion in the year-ago period, when oil and gas prices along with refining margins were much higher.

In comparison, analysts on average had expected adjusted profit of EUR 706 million.

Upstream production was reported at 596,000 barrels of oil equivalent per day in the second quarter, or an increase by 56,000 boepd from a year earlier.

“We have delivered during the quarter a strong set of results and a solid operational performance in all business segments at a time of ongoing volatility in global energy markets,” Josu Jon Imaz, Repsol’s Chief Executive Officer, said.

The shares of Repsol (REP) were last gaining 1.09% (EUR 0.150) to trade at EUR 13.945 in Madrid on Thursday, while extending the gain from the previous market session.

The oil major’s total market cap now stands at EUR 18.150 billion.

The shares of Repsol went up 42.30% in 2022, compared with a 5.56% loss for the benchmark index, IBEX 35 (IBEX).

The Spanish company’s shares have retreated 6.09% so far this year.

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