Repsol posts net income of €969M in 1Q24 2024, 12.9% down on same period last year

RepsolImazJosu Jon Imaz, Repsol CEO.

Repsol invested 2.129 billion between January and March. In the 2024-2027 period, the company expects to invest between €16 and €19 billion net, with 60% dedicated to the Iberian Peninsula and more than 35% to low-carbon projects.

On February 22, the company presented its Strategic Update 2024-2027, which laid out the priorities and objectives to bolster its profitable growth, consolidate its multi-energy commitment and achieve its decarbonization goals.

In the first months of the year, Repsol has taken decisive steps to further the decarbonization of its businesses. Of particular note was the start of large-scale production of renewable fuels at its new plant in Cartagena.

At the end of March, Repsol formed a strategic partnership with Bunge to increase the supply of raw materials for the production of renewable fuels. In addition, it agreed to acquire 40% of biogas plant developer Genia Bionergy.

In the United States, Repsol completed the purchase of renewable electricity developer ConnectGen and completed construction of its largest solar plant to date, Frye Solar.

In line with its commitment to increase its cash dividend in 2024, Repsol distributed €0.40 gross per share on January 11. In addition, on March 26, Repsol began a share buyback program of up to 35 million shares with the aim of redeeming 40 million shares.

Josu Jon Imaz, Chief Executive Officer of Repsol, explains that “Our start to the year demonstrates the solidity of Repsol’s project, which will take a new step forward thanks to the 2024- 2027 Strategic Update. We continue to evolve our businesses, with a unique multi-energy offering in Spain, advancing tangibly in decarbonization and investing profitably to guarantee the future of industry and employment.”

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