(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
EIA: Tariff Chaos, OPEC Output Increases Spell $57/bbl WTI in 2026
2025-04-10 - Energy Information Administration price estimates for 2025 and 2026 are bad news for producers—if they come to pass—as breakeven prices for operators, even in the Permian Basin, require between $61/bbl and $62/bbl to remain profitable.
Jet Fuel Took Record Share of ’24 US Refinery Output, EIA Says
2025-03-24 - In 2024, U.S. refineries produced a record 659.837 MMbbl of jet fuel, which accounted for about 11% of total refinery yields.
Oil Prices Ease as US Tariffs On Mexico Paused for a Month
2025-02-03 - WTI crude futures were down $0.04, or 0.01%, at $72.49 after climbing as much as 3.7% earlier in the session to reach their highest since Jan. 24 at $75.18.
What's Affecting Oil Prices This Week? (March 24, 2025)
2025-03-24 - Oil demand will be picking up as we move into warmer months for the northern hemisphere. For the upcoming week, Stratas Advisors think the price of Brent crude will move higher and will test $73.
What's Affecting Oil Prices This Week? (Feb. 18, 2025)
2025-02-18 - The price of Brent crude oil did reach $77 on Feb. 18 before falling back with news that members of the Trump Administration were holding talks with their Russian counterparts.
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.