(Source: Shutterstock)
Repsol’s board of directors approved the repurchase and redemption of 20 million shares in the second half of 2024, in addition to the 40 million shares already redeemed this year.
The decision aligns with Repsol’s objective to distribute between 25% and 35% of its operating cash flow, Repsol CEO Josu Jon Imaz said in the Spanish company’s July 24 second quarter 2024 earnings press release.
“Therefore, Repsol's gross dividend per share in 2025 will be €0.975, representing more than an 8% increase compared with 2024,” said Jon Imaz. “We are fully focused on executing our 2027 strategy, which is founded on a cost-effective energy transition that meets the needs of our customers and generates increasing returns to our shareholders.”
Repsol increased cash remuneration to shareholders by approximately 30% in 2024, in compliance with its target of €1.1 billion, the company said.
The Madrid-based company reported net income of €657 million in second-quarter 2024, up compared to €308 million in second-quarter 2023. Repsol reported EBITDA of €2,001 million in the second quarter of 2024, up compared to €1,607 million in second quarter-2023.
"Repsol has delivered another quarter of strong operational and financial performance, demonstrating our continued focus on delivering more value with less emissions,” Jon Imaz said.
Upstream production averaged 589,000 boe/d in second-quarter 2024, down compared to 596,000 boe/d in second-quarter 2023. Repsol expects upstream production to remain in the 570,000 boe/d to 600,000 boe/d range for the remainder of the year.
In the U.S., Repsol operated one rig in the Eagle Ford Shale and one rig in the Marcellus, which was dropped by the end of the quarter.
In June, Repsol sold its interest in the southwest Eagle Ford area, comprising the Briggs & Weeks, Cooke and STS assets, to Verdun Oil Co.
“At the end of June, the rig in Marcellus was effectively released with the aim of protecting value in this gas price environment,” Jon Imaz said. “In Eagle Ford, we agreed the divestment of our stake in the southwestern portion of our acreage as part of ongoing optimization of our position.”
RELATED
From South Texas to the World: International E&Ps Drill Deep in the Eagle Ford
Recommended Reading
Formentera Joins EOG in Wildcatting South Texas’ Oily Pearsall Pay
2025-01-22 - Known in the past as a “heartbreak shale,” Formentera Partners is counting on bigger completions and longer laterals to crack the Pearsall code, Managing Partner Bryan Sheffield said. EOG Resources is also exploring the shale.
Expand Lands 5.6-Miler in Appalachia in Five Days With One Bit Run
2025-03-11 - Expand Energy reported its Shannon Fields OHI #3H in northern West Virginia was drilled with just one bit run in some 30,000 ft.
E&Ps Pivot from the Pricey Permian
2025-02-01 - SM Energy, Ovintiv and Devon Energy were rumored to be hunting for Permian M&A—but they ultimately inked deals in cheaper basins. Experts say it’s a trend to watch as producers shrug off high Permian prices for runway in the Williston, Eagle Ford, the Uinta and the Montney.
Hibernia IV Joins Dawson Dean Wildcatting Alongside EOG, SM, Birch
2025-01-30 - Hibernia IV is among a handful of wildcatters—including EOG Resources, SM Energy and Birch Resources—exploring the Dean sandstone near the Dawson-Martin county line, state records show.
Shale Outlook: E&Ps Making More U-Turn Laterals, Problem-Free
2025-01-09 - Of the more than 70 horseshoe wells drilled to date, half came in the first nine months of 2024 as operators found 2-mile, single-section laterals more economic than a pair of 1-mile straight holes.
Comments
Add new comment
This conversation is moderated according to Hart Energy community rules. Please read the rules before joining the discussion. If you’re experiencing any technical problems, please contact our customer care team.