Repsol, the Spanish oil major, announced its third-quarter earnings and a boost in shareholder remuneration despite ongoing volatility in the global energy markets.
Strong Financial Performance
In the three months leading up to September, Repsol achieved a net profit of €1.37 billion ($1.45 billion), a significant increase compared to €683 million in the same period last year. Earnings before interest, taxes, depreciation, and amortization (EBITDA) also saw a rise, reaching €2.89 billion compared to €2.84 billion previously. However, sales decreased from €20.81 billion to €15.50 billion.
Production Growth
Repsol reported an increase in total production for the quarter, reaching 596,000 barrels of oil equivalent per day (boed), up from 549,000 boed in the previous year.
Enhanced Shareholder Remuneration
Shareholders can look forward to improved returns, as Repsol plans to pay a remuneration of €0.40 gross per share in January 2024, representing a 14% increase compared to the dividend paid in January 2023. The cash dividend paid in 2023 amounted to €0.70 gross per share, indicating an 11% growth from the previous year. Combining dividends and capital reductions, Repsol expects to distribute approximately €2.4 billion to shareholders this year.