Spanish giant Repsol posted its highest profit for eight years thanks to the strong performance of its upstream arm.

The company posted a profit of €2.34 billion ($2.66 billion) for 2018, up 10% on the €2.12 billion profit the previous year.

Underlying performance also improved, with Repsol’s adjusted net income totalling €2.32, compared to €2.13 billion in 2017.

This came as earning’s from Repol’s upstream unit more than doubled to €1.32 billion as output also rose 3%, year-on-year, to an average of about 715,000 barrels of oil equivalent per day.