The country’s first oil company, Repsolmade a net profit of 1,792 million euros during the first nine months of 2024, which represents a drop of 35.7% compared to the same period of 2023, in a context marked by low hydrocarbon prices and declining refining margins, as reported the company. In addition, Repsol indicated that the net income includes income tax whose overall effective rate is 34%. Thus, between January and September, the activity of the oil company generated a tax contribution in Spain by more than 6.5 billion eurosout of a total total of 9,462 million euros over the period.
Likewise, the net profit adjusted group, which measures the company’s progress, reached 2,684 million euros At the end of September, 29.7% less than the first nine months of 2023.
While the gross operating profit (Ebitda) of the company in the period from January to September fell 22.6%to the tune of 5.565 million euros.
Dividend of 0.475 euros
Building on these results, the company announces that it is accelerating its shareholder remuneration policy with the distribution of a dividend in cash 0.475 euros gross per share in January 2025, compared to 0.4 euros gross per share the previous year.
Therefore, in fiscal 2024, the company paid 0.9 euros gross per share in cash, which represents an increase of approximately 30% compared to 2023.
Furthermore, in July, the company already wrote off 40 million shares own shares, representing 3.29% of the share capital before reduction, after completion of an initial share buyback program. The same month, it agreed to repurchase an additional 20 million shares, for which a new share repurchase plan currently in force was launched on August 7.
In total, Repsol plans to achieve a distribution range to shareholders of between 25% and 35% of operating cash flow for the period of the 2024-2027 Strategic Plan.
The CEO of Repsol, Joshua Jon Imazstressed that the group is “taking important steps” in the execution of its strategic objectives, “aiming for a profitable and equitable energy transition”.
Likewise, he stressed that the company “firmly defends that its industrial and energy activities are drivers of wealth, employment and prosperity that deserve institutional support.
Repsol increases its debt to 5.532 million
The group’s net debt At the end of September it amounted to 5,532 million euros, 937 million euros more than the figure at the end of June this year, mainly due to investments, the July cash dividend, the acquisition of own shares within the framework of the share buyback programs and the second payment of the temporary tax on energy companies in Spain.
Thus, the leverage ratio of the energy company at the end of the third quarter amounted to 16.4%compared to 13.8% at the end of the second quarter of this year.
At the same time, Repsol’s liquidity at the end of this third quarter amounted to 9,528 million euros, including undrawn confirmed credit lines, which represents 3.10 times the gross maturities of short-term debt , compared to 3.10 times .09 times at the end of the second quarter of 2024.
During the period, the company continued to progress in its strategic plan 2024-2027launched last February with the commitment to be a multi-energy company and to prioritize the remuneration of its shareholders.
In this regard, the first factory dedicated exclusively to the production of fuels was inaugurated in Cartagena. 100% renewable on an industrial scale in the Iberian Peninsula and has progressed in the marketing of these fuels in more than 580 service stations in Spain and Portugal.
More than 33 million liters
During the year, Repsol has already sold more than 33 million liters of this fuel. The energy company aims to reach 600 points at the end of the year and 1,500 in 2025.
As part of the promotion of renewable energy, it has commissioned 897 megawatts (MW) of solar and wind generation in the last twelve months, mainly in Spain and the United States, which has contributed to an output of electricity with renewable energy which almost doubled in the third quarter compared to the previous year, reaching 1,587 gigawatt hours (GWh).
Installed production capacity solar and wind electricity of the group reached 2,464 MW at the end of the third quarter, which represents an increase of 57% in one year. Among this increase, the start-up of the Frye solar park (637 MW) in the United States particularly stands out.
Repsol has a project portfolio of 60,000 MW in different development phases, of which 2,870 MW are already under construction.
Likewise, during the first nine months of the year, Repsol increased the volume of its electrical energy sold in Spain compared to the previous year, reaching 4,616 GWh.
2.4 million customers
The group has 2.4 million customers electricity and gas In Spain and Portugal11% more compared to the end of 2023, and is the fourth operator in the electricity market in Spain.
For their part, Repsol’s digital customers, present mainly in the application Wayletare close to nine million in September, representing a growth of more than one million unique digital customers compared to 7.9 million at the end of 2023.
In addition, it currently has more than 2,500 public charging stations installed in Spain, of which 1,970 are operational. Added to this are 2,400 additional charging stations thanks to agreements concluded with third parties, which allows us to offer a network of more than 5,000 charging stations accessible to the public.
Concerning the production and development of projects oil and gashighlighted activity in the Mexican waters of the Gulf of Mexico. In July, Repsol and its partner Eni made a significant discovery in the well Yopaat-1in block 9, and in August increased its interest in block 29, adjacent to the discovery of Yopaat-1and where he already developed the discoveries of Polok and Chinwol.
