Repsol posts net income of €2.785 billion in first nine months of 2023

RepsolImazJosu Jon Imaz, Repsol CEO.

Investments through September totalled €4.362 billion (+82%), mainly in Spain and the United States and aligned with the aim to allocate 35% of total investments in the year to low-carbon projects. At the same time, the company’s fiscal contribution totalled €10.89 billion.

Repsol strengthened its renewable generation portfolio and its presence in the United States with the acquisition of ConnectGen, a company with a pipeline of 20,000 MW.

The company will shortly commission Spain’s first renewable fuels plant in Cartagena. The second, announced in July will be built in Puertollano. The production of renewable hydrogen began at the Petronor refinery (Vizcaya) in October.

Repsol approved the development of the Campos 33 project in Brazil, a key country in the focused upstream strategy. This project will produce significant volumes of gas – a fuel critical to ensuring a secure, affordable and sustainable energy transition.

The cash dividend paid in 2023 was €0.70 gross per share, 11% higher than in 2022. The combination of dividends and capital reductions will result in the distribution of close to €2.4 billion to shareholders this year. In addition, Repsol has announced the payment of a gross remuneration of €0.4/share in January 2024.

“2023 is proving to be a year of profound transformation for Repsol, with steady progress in decarbonization and the consolidation of our multi-energy profile. In a volatile environment like the current one, we are delivering solid results, increasing our shareholder returns and supporting our customers.” Says Josu Jon Imaz, Repsol CEO

About the Author

The Corner
The Corner has a team of on-the-ground reporters in capital cities ranging from New York to Beijing. Their stories are edited by the teams at the Spanish magazine Consejeros (for members of companies’ boards of directors) and at the stock market news site Consenso Del Mercado (market consensus). They have worked in economics and communication for over 25 years.