Repsol Boosts Shareholder Returns, Funds Green Transition

The plan commits to distributing up to €10 billion to shareholders, comprising €4.6 billion in cash dividends and up to €5.4 billion in share buybacks. The cash dividend will increase by approximately 30% in 2024 to €0.9 per share, followed by a 3% annual rise.

Net investments of €16-19 billion are planned, with over 35% allocated to low-carbon initiatives, primarily in the Iberian Peninsula (60%) and the United States (25%). These investments target renewable fuels, hydrogen, biomethane production, and expanding the low-carbon generation capacity to 9,000-10,000 MW by 2027.

Repsol also aims to double its electricity and gas customer base to 4 million. The strategy is underpinned by an expected €29 billion in operating cash flow and a low debt level.

While 2023 net income declined by 25.5% to €3.168 billion, the company highlights its strong operational performance and accelerated achievement of previous plan objectives. CEO Josu Jon Imaz views decarbonization as a significant value-creation opportunity.