Dow Jones Newswires: Repsol sees Q4 net profit hit 1.03 billion euros, announces share buyback program

by | Feb 16, 2023 | Stock Market

Repsol SA
REP,
-2.97%
reported a rise in profit in the fourth quarter of 2022 and said a new share buyback program and a capital reduction will be implemented in the current year. The Spanish energy company on Thursday said that quarterly net profit was 1.03 billion euros ($1.10 billion) compared with EUR560 million for the year-earlier period. On an adjusted basis, net profit for the quarter came in at EUR2.01 billion.

Earnings before interest, taxes, depreciation and amortization in the period came in at EUR2.95 billion from EUR2.58 billion the previous year. Upstream production in the quarter fell to 551,000 barrels of oil equivalent a day from 561,000 boe/d in the prior-year period, Repsol said. In the full year, the company‚Äôs net profit was EUR4.25 billion from EUR2.50 billion. Net debt stood at EUR2.26 billion at year end. The company said it will propose a 11% cash remuneration increase to EUR0.70 gross per share for shareholders, subject to approval at the next annual general meeting. The board has also resolved to implement an own shares buyback program where the maximum number of shares to be acquired will be 35 million, and to propose a capital reduction of 50 million shares through the redemption of own shares. Looking at 2023, the company said it targets organic inve …

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