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Repsol’s quarterly results
Repsol’s quarterly results
- Repsol posted net income of €969 million in the first quarter of 2024. The company's integrated business model proved its strength and was a key factor in achieving a solid adjusted income of €1.267 billion.
- 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 deepen 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.
- 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.
- 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.
€0.4 /share
Distributed in January 2024, 14% more than in the same month of 2023
€2.129 B
in investments between January and March, including the incorporation of ConnectGen in the U.S.A.
250,000
tons/year
production capacity of the Cartagena renewable fuels plant
"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."
Josu Jon Imaz, Chief Executive Officer of Repsol
2024