Repsol Full-Year Report 2023

Highlights

• Repsol’s 2024-2027 Strategic Update builds on its profitable energy transition model, prioritizing investments in the current integrated portfolio of quality assets and low-carbon initiatives, attractive shareholder remuneration and maintaining financial strength.
• The company increases the cash dividend by approximately 30% in 2024, to 0.9 euros per share (1.095 billion euros in total) and commits to increasing it by 3% annually. With this, Repsol will distribute 4.6 billion euros in cash in the 2024-2027 period.
• This remuneration will be complemented with share buybacks of up to 5.4 billion euros, in the expected price environment, thus allocating up to 10 billion euros to remunerate shareholders over the next four years. This target is equivalent to distributing between 25% and 35% of cash flow from operations.
• In line with this strategy, the Board of Directors yesterday approved a new share buyback program of 35 million shares, with the aim to redeem 40 million before the end of July 2024.
• The increase in remuneration to more than 520,000 shareholders and of investments through to 2027 will be underpinned by a solid operating cash flow, which will amount to 29 billion euros over the four-year period, and the company’s low level of debt, which stood at 2.096 billion euros at the end of 2023 (6.7% of capital employed).
• Repsol will post net investment of between 16 and 19 billion euros over four years and will allocate more than 35% to low-carbon initiatives. The Iberian Peninsula will account for 60% of total investments and the United States for 25%.