Repsol raises dividend, share buybacks after third quarter profit doubles

MADRID (Reuters) – Spanish energy group Repsol said on Thursday it will raise its dividend and buy back more shares than previously announced after its third quarter net profit doubled on the back of higher oil and gas prices.

Repsol’s board agreed to raise its 2023 dividend by 11% to 0.70 euros per share and buy back 200 million shares this year, the company said.

Repsol shares jumped 4.3% following the announcement and have now risen 31% this year.

Adjusted net profit for July-September totalled 1.48 billion euros ($1.49 billion), with most of the additional profits came from oil and gas production and from its refining and petrochemical businesses, the company said in a statement.

Adjusted net profit compared to a 1.5 billion euro average forecast provided by the company and was lower than the 2.21 billion euros booked in the second quarter.

The company also cut its debt by 2.85 billion euros during the third quarter to 2.18 billion euros.

Repsol, like other oil majors, has benefited this year from the surge in oil and gas prices that followed Russia’s invasion of Ukraine and other geopolitical turmoil.($1 = 0.9923 euros)

(Reporting by Inti Landauro; Editing by David Latona and Susan Fenton)