Repsol raises dividend after strong Q3
Spanish oil and gas producer Repsol announced on October 28 it would increase its 2022 dividend by 5% to €0.63 ($0.73)/share, after reporting its highest quarterly net income since late 2018.
EBITDA came to €1.95bn ($2.27bn), up 121% year on year, while adjusted net income reached €623mn, versus a mere €7mn a year earlier.
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Repsol increased its upstream income to €385mn from €51mn, while also managing to cut its corporate losses to €31mn from €146mn. The company's commercial and renewables segment achieved stable revenues of €169mn, while income from its industrial business rose to €100mn, versus a loss of €67mn.
"The quality of Repsol's operational and financial delivery and strengthened balance sheet have given the board confidence to move to the next phase of our capital allocation policy," CEO Josu Jon Imaz said in a statement. "The board of directors has approved to propose to the next annual general meeting an increase of 5% in the dividend reaching €0.63 per share as well as the redemption of 75mn treasury shares."