Repsol recorded a net profit of 1,756 million euros in 2024, 45% less compared to 3,168 million of the previous year, in a context marked by the fall in hydrocarbons prices and refining margins.
The adjusted net result of the first Spanish oil company, which measures the march of business, was 3,327 million, 34% lower, in an exercise in which the average price of the barrel of Brent oil fell 2.2%, until The $ 80.8, and the refining margin collapsed 40.5%, up to $ 6.6 per barrel, compared to the 15.6 dollar record it reached in 2022, after the crisis Energy for the invasion of Ukraine.
The company registered in its accounts the impact of the second and last year of the Special Tax on the Sector, which has declined this year due to the lack of parliamentary support to extend it, and which amounted to about 335 million, compared to the more than 440 million 2023 .
The gross exploitation result (EBITDA) fell 19%, to 7,488 million. The CEO of Repsol, Josu Jon Imaz, stressed that 2024 “has been a key year” to achieve “sustainable and profitable growth in the future.”
“During this period, the solid operational performance in our busines 0.90 euros gross per share while amortizing 60 million shares that represent approximately 5% of our share capital, ”he said.
The investments of the group chaired by Antonio Brufau amounted to 5.7 billion, 5.7% less compared to the record of 6,167 million of the previous year.
The net debt stood at 5,008 million, 524 million less than at the end of the third quarter of 2024. The group’s leverage ratio was 14.7%.
The liquidity was at 9,453 million, 3.51 times the short -term gross debt matches.
Energy announced the payment of a complementary dividend, charged to 2024, of 0.5 euros per share, to collect this summer. Together with the first dividend, liquidated in January, of 0.475 euros (almost 19% more), the compensation via dividend with 2024 will be 0.975 euros per title, 8.3% more.
The group will proceed to repurchase of shares for a minimum of 700 million in 2025. To do this, it will propose to the shareholders a reduction of capital of shares for an amount equivalent to 350 million, of which 300 million will be obtained through a Shares and 50 million euros program through the liquidation of existing derivatives, which is expected to be executed before the end of July.
Within its 2024-2027 strategic plan, Repsol plans to reach a distribution range to shareholders between 25% and 35% of the period operating cash flow.
Facing 2025, Repsol foresees a solid cash flow of operations between 6,000 and 6,500 million with a standardized net investments between 3,500 and 4,000 million, considering around 2,000 million divestments and rotation of its asset portfolio.
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