Company Report
Repsol corporate - reported results analysis
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Report summary
Repsol's adjusted net income slipped 33% year-on-year. Net debt also jumped 54% on year-end 2023 as capex spiked. But management confirmed the guidance outlined in the Strategic Update earlier this year. A 23% year-on-year capex jump came as a surprise. One factor was the closing of the €738 million ConnectGen deal during the quarter, marking Repsol's entry to the US onshore wind sector. But the main driver was a 284% or €279 million increase in low-carbon spend as Repsol enters more of an execution-led phase in renewable power. Repsol achieved some important milestones in its renewable fuels strategy during the quarter. The company also adjusted its US gas strategy in response to weak prices and highlighted the benefits of integration during periods of low domestic power prices.
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Tables and charts
This report includes 2 images and tables including:
- Repsol's strategic pillars
- Repsol's net investment breakdown and hurdle rates
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