Sun. Mar 29th, 2020

Repsol cuts investments by 1 billion, but will keep 24,000 jobs



Repsol’s board of directors announced on Wednesday that downgrades your investments in 1,000 million by context and the evolution of the economic environment due to the global impact of Covid-19, but ensures that will not make any temporary employment record (Erte). Furthermore, it maintains its commitment to its shareholders and the remuneration will continue to be 1 euro per share. The workforce is made up of 24,000 people worldwide, of whom 17,000 are located in Spain.

To tighten his belt, the company chaired by Antonio Brufau and directed by Josu Jon Imaz, also will reduce your operating expenses by 300 million and will optimize resources, adjusting for example supplier contracts, and seeking synergies for another 800 million euros. The company’s financial objective is to “preserve the soundness of the financial balance and the degree of credit investment.”



This adjustment of 1,000 million in investments represents a reduction of 26%, compared to those initially planned for this year.


Retribution

The missing 0.55 euro per share will be paid in July

As for the dividend, already paid 0.45 euros per share and now announces that in July he will pay 0.55 euros per share to reach the figure of 1 euro by title. The July remuneration may be collected under the scrip dividend formula, that is, shares or cash.

Following the Covid-19 crisis, board will be held next May 8 and first quarter results will be released on May 5. What the company has postponed is the presentation of the 2020-2025 strategic planwhat postpone until the crisis ends. The oil company maintains its more than 3,500 gas stations open in Spain “as a public service” and its three refineries located in Spain are operational, despite a very significant drop in the sale of fuel in recent weeks.



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