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.”

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