Repsol obtained a profit of 3,168 million euros in 2023, 25% less than in the previous year, when the sharp rise in energy prices had raised profits to levels close to their historical record. Now price moderation returns the results to normal.
Despite cutting profits, the board of directors has agreed to distribute a complementary dividend of 0.5 euros per share from the 2023 accounts, which will distribute 0.9 euros throughout 2024, 30% more.
The results fall, but they are among the best in the company's history. "It has been an extraordinary year," says Repsol's CEO, Josu Jon Imaz, before highlighting the more than 7,000 million euros generated in cash flow.
The group also obtained a gross operating profit (ebitda) of 9,254 million euros last year, 33% less. In terms of net results, the upstream division - exploration and production of hydrocarbons - obtained profits of 1,779 million, compared to 2,374 million from industrial activity and 614 million from marketing.
The presentation of results coincides with the launch of the new strategic plan for the period between 2024 and 2027, in which Repsol plans to invest between 16,000 and 19,000 million euros and distribute 10,000 million among shareholders through dividends and share buybacks .
The investment figure will depend, he says, on the macroeconomic scenario, the evolution of technology, regulatory changes, the maturity of the projects and the progress in asset divestment plans.
The evolution in the company's perimeter continues in parallel. Repsol incorporated Amancio Ortega's holding company, Pontegadea, as a partner for the development of a renewable portfolio of 618 megawatts for 363 million and plans to close in the first quarter of this year the purchase for approximately 700 million of the American company ConnectGen, which has of a portfolio to develop 20,000 megawatts of renewables.
The new strategic plan contemplates dedicating 60% of the investment effort to the Iberian Peninsula, compared to 25% in the United States. The idea is also that 35% of the investments be directed to decarbonization projects.
It also includes a global figure for industrial investments of between 5,500 and 6,800 million euros, accompanied by a warning in Spain with a clear addressee: the amount in the country is "conditional on the regulatory and fiscal framework."
Regarding the dividend, Repsol wants to increase it at a rate of 3% annually until 2027. It will distribute 4,600 million for this concept, to which another 5,400 million will be added in share repurchases, which gives the figure of 10,000 million.
This amount is not associated with a percentage of future profits, but rather with the operating cash flow generated. It will be equivalent, the company indicates, to between 25% and 35% of the nearly 29 billion liquidity until 2027.
For this year, total investments will be 5,000 million. The sight will also be placed, within the upstream, on new projects that offer competitive advantages and generate cash.
The plan has other objectives, such as doubling electricity and gas customers in four years, up to 4 million, or dedicating between 3,000 and 4,000 million to new electrical power, until reaching between 9,000 and 10,000 installed megawatts.
