Repsol Reports 9-month Net Income Of EUR 1.94 Bln; Lifts Cash Dividend - Quick Facts

Spanish oil major Repsol S.A. (REPYY.PK) on Thursday reported that its nine-month net income was 1.939 billion euros, higher than 1.466 billion euros in the same period in 2019, prior to the COVID-19 crisis.

Repsol posted an adjusted net income, which specifically measures business performance, of 1.582 billion euros, compared to 1.637 billion euros in 2019.

Average production for the first nine months of the year was 576,000 barrels of oil equivalent per day.

Further, the company said its Board of Directors will propose to the next General Shareholders' Meeting a 5 percent increase in the cash dividend, to 0.63 per share, together with a reduction of 75 million shares, equivalent to 4.9 percent of the share capital. The company attributed the dividend growth to nine-month performance and the cash generation resulting from higher commodity prices.

Josu Jon Imaz, Repsol's Chief Executive Officer, said, "Our results have returned to pre-pandemic levels, driven by our efficient management and the implementation of our Strategic Plan. At the same time, we are making firm progress in our transformation to become carbon neutral by 2050."

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