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Company Report 23 February 2024

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Report summary

Repsol’s share price surged 5.5% as it announced a 30% dividend hike in its Q4 results and Strategic Update. The road map to 2027 intends to build on the progress in the last five-year strategic plan. Structured around six strategic pillars, the fundamental commitment is to prioritise shareholder distributions. Repsol will raise its dividend by 30% in 2024 and committed to increasing it by 3% per annum, guaranteed under any scenario. The planned repurchase of between 10% to 30% of its outstanding shares under its low and central scenarios* will drive dividend per share growth and up to €10 billion of total distributions. The company has committed to net capital expenditure of €16 and 19 billion over the next four years. This is after reducing gross capex through US$3 to 4 billion of asset sales and US$4 to 5 billion attributed to asset rotation and project financing in the low-carbon generation business.