April 30, 2026 [Reuters]- Spain’s Repsol ‌plans to boost kerosene production by 15% to 20% amid a disruption in global supply of jet fuel caused by the Iran war, it said on Thursday, as first-quarter adjusted net profit rose nearly 57% on soaring oil refining margins.

Spain’s main ​refiner and oil producer booked an adjusted net income of 873 million euros ($1.02 billion), still undershooting ​a company-provided average forecast of 897 million euros because of price lag effects in ⁠its downstream unit.

Its refining margin in Spain more than doubled from a year ago, to $10.9 per barrel.

The ​company said global volatility from the Middle East conflict influenced the result and it allocated 1.2 billion euros in ​the quarter to beef up crude oil inventories and maximize the available feedstock.

The company expects to produce between 560,000 and 570,000 barrels of oil equivalent per day by 2026, which could increase, depending on improvement in Venezuela, it added.

Venezuela has recently signed ​exploration and other deals with international producers, including Repsol and Italy’s Eni, as it opens its oil industry ​to foreign investment following the ouster of President Nicolas Maduro by U.S. forces in January.

Repsol will receive the first ship ‌with crude ⁠from Venezuela as payment for production this week, with additional cargoes expected going forward, it said.

Repsol, which has no assets in the Middle East, has applied discounts amounting to 35 million euros to date at its more than 3,300 service stations in Spain to mitigate the effect of fuel price volatility on customers, the ​company added.

Adjusted earnings before interest ​tax, depreciation and amortisation (EBITDA) ⁠soared 110% to 2.61 billion euros.

Repsol also said it was on track to meet full-year commitments on shareholder remuneration. The company is targeting shareholder distribution of 30% ​to 40% of operating cash flow.

TotalEnergies and Eni both roughly doubled share buybacks recently, ​with Eni saying its ⁠decision stemmed from expectations that the war would keep energy prices higher for longer. British major BP declined to boost investor returns with its war-related trading profits.

“In terms of guidance, Repsol has elected to maintain all guidance as ⁠a prudent ​approach to a volatile macro,” RBC analysts said in a note.

“We ​would anticipate an update on the distributions plan alongside 2Q results, although clearly this will be a topic for the call later ​today.”