(CercleFinance.com) – Repsol announced on Thursday a better-than-expected quarterly profit thanks to the dynamism of its upstream activities and a lower-than-expected tax rate.
In the fourth quarter, Repsol generated an adjusted profit of 1.2 billion euros, compared to 1.1 billion during the same period of 2022 and a consensus set at one billion euros.
Repsol has above all expressed its intention to return ten billion euros of cash to its shareholders by 2027 as part of its new strategic plan.
During the presentation of its 2024-2027 plan, Repsol explained that it planned to distribute 4.6 billion euros in the form of dividends over the period, in addition to a share buyback program of 5.4 billion.
With this new plan, the company intends to invest between 16 and 19 billion euros in four years, of which more than 35% will be intended for its least carbon-intensive activities.
Investors seemed to welcome these announcements since, around 11:00 a.m., Repsol shares gained more than 4% while the index bringing together European oil stocks advanced by only 0.6%.
‘This point of activity seems encouraging to us,’ reacted analysts at Royal Bank of Canada this morning.
‘Repsol seems to want to focus on attractive levels of redistribution for its shareholders, while pragmatically leading the transition of its activities,’ adds RBC.
The stock has posted growth of more than 7% since the start of the year, compared to a loss of around 3% for the sector index.
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