Repsol raises dividend after adjusted net profit falls on lower oil, gas prices
MADRID, Oct 26 (Reuters) — Spanish energy group Repsol said on Thursday it would raise the dividend to be paid in January after its adjusted net profit fell in the third quarter from the same period a year ago because of lower oil and gas prices.
The company raised its dividend to 0.40 euros ($0.42) per share, 14% more than the one paid in January 2023, in a bid to keep an “attractive return” while remaining “disciplined”.
Including share buybacks, Repsol will pay its shareholders a total of 2.4 billion euros, it said.
Repsol’s adjusted net profit fell 27% in the third quarter to 1.1 billion euros from 1.51 billion euros in the same period a year ago on lower oil and gas prices, the company said.
The adjusted net profit came in slightly above the company-provided average forecast of 1.09 billion euros.
Repsol’s Chief Executive Josu Jon Imaz said the company’s diversification into renewable energies and sustainable fuels would allow it to maintain profitability despite oil and gas price swings.
($1 = 0.9489 euros) (Reporting by Inti Landauro; Editing by David Latona)
Related Knowledge Center: Climate economics
Climate change is now a driver of the world’s economy. The impact is profound:
- Catastrophic weather events — hurricanes, floods, droughts, high temperatures — are more frequent and more extreme. The cost can be measured in both the initial damage caused and the longer-term impact on the economy.
- Vulnerable communities are increasing climate-related investments, hardening infrastructure and taking other protective measures.
- Investment in carbon capture and storage technologies is increasingly rapidly.
- Governments are making investments and crafting regulations to reduce emissions of carbon dioxide and other greenhouse gases.
On top of all of this is the cost of uncertainty. As the Fourth National Climate Assessment, released in 2018 by the U.S. Global Change Research Program, says, “The assumption that current and future climate conditions will resemble the recent past is no longer valid.”