Net income from January to September was €3.222 billion. The recovery in the first half of the year is allowing Repsol to partially offset the losses in 2019 and 2020 of more than €7.1 billion due to asset adjustments linked to the zero net emissions ambition and the global health pandemic.
Adjusted net income amounted to €4.564 billion, of which close to 60% came from the company’s international businesses, whose main exponent is the Upstream unit (Exploration and Production).
The generation of cash during the period was particularly significant. This, in line with the company’s Strategic Plan, has led to a 62% reduction in debt since the beginning of the year, an increase in shareholder remuneration, and a 47% increase in investments to a total of €2.397 billion.
The company plans to redeem an additional 50 million shares this year, bringing forward by three years the repurchase of 200 million shares and the redemption target set in the 2021-2025 Strategic Plan.
Repsol, in the first nine months of the year, it has brought in strategic partners to its Upstream and Renewables businesses, has applied fuel discounts (more than €300 million in savings for its customers since March); closed the Framework Agreement with its employees; and announced today the proposal an 11% increase in cash remuneration to shareholders in 2023.
Josu Jon Imaz, CEO of Repsol, explains: “We have taken significant steps to boost Repsol’s transformation and its multi-energy and decarbonization profile. The alliances we are building to promote growth and development in key areas are key to continue advancing in our objectives. Among them is offering attractive shareholder remuneration, an area in which we are advancing our strategic commitments and increasing value for our company’s more than 500,000 investors.”