Wed. Apr 8th, 2020

Repsol adjusts dividend but reduces its investment by 1,000 million in 2020



Madrid, Mar 25 (EF) .- Repsol will maintain the dividend expected for 2020, of one gross euro per share, although it eliminates the repurchase of shares that it had planned and will cut this year’s investments by 1,000 million, to face the crisis of the covid-19 and the fall in oil and gas prices.

Repsol explained this Wednesday to the National Securities Market Commission (CNMV) that it will not include on the agenda for the next shareholders’ meeting, which will be held on May 8, the proposal to reduce its share capital by 5%, agreed in July 2019, due to the situation of the markets.

Such a repurchase of shares would mean increasing profitability for the shareholder, so the decision implies an adjustment of the dividend policy, despite the fact that the company maintains the expected remuneration of one gross euro per share.

Furthermore, Repsol will adopt a plan to reduce more than 350 million euros in operating expenses, more than 1,000 million in investments and close to 800 million with working capital optimizations compared to what was initially budgeted.

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