Repsol closes 2022 touching its own historical record of results when winning 4,251 million euros (in 2010 it reached 4,693 million), 70% more than a year ago, thanks to the high prices international gas and oil who were shot by the ukrainian warbut moderate in the second half of the year for fear of a global recession. The oil company has a net profit of 6,750 million in the last two yearswhich does not compensate the losses of the previous two years (2020 and 2019) when it registered red numbers of 3,289 million due to the drop in demand due to the coronavirus pandemic and 3,816 million the previous year, in this case due to an accounting adjustment of 4,800 million.
In the statement sent to the National Securities Market Commission (CNMV), the oil company defends that “the energy prices are increased because the demand goes upwhile, contrary to what logic would dictate, they are imposed production difficulties of some energy products. High prices They are not ‘out of the blue’, are a consequence of the incorrect decisions adopted in Europe & rdquor ;. “Consider extraordinary” this benefit which “is, in addition to unfair, incomprehensible and harmful for the Spanish economy & rdquor ;, he adds in reference to the tax on 1.2% of sales in Spain of energy companies approved by the Government.
“The social debate on business benefits must be put into context. The populist messages only serve to hinder business activity, cause mistrust in investors, reduce investment and economic activity, decrease tax collection and put industrial employment at risk. Faced with these messages, Repsol is committed to a path of responsibility with society”, has defended its CEO of the company, Josu Jon Imaz.
The good figures have allowed the company reduce its net debt by 61% over the past yearuntil placing it at 2,256 million euros, as well as increase cash remuneration by 11% in 2023, up to 0.70 euros gross per share (advancing the target for 2024), increase the 9.4% of the average remuneration of employees of the company (€63,000) and anticipate in three years its share repurchase and redemption target by reaching 200 million redeemed titles by the end of 2022. The Board of Directors has agreed implement a new share buyback program in 2023 for a maximum of 35 million titles and propose to the next General Meeting a capital reduction through the redemption of 50 million treasury shares.
Related news
And all this with a investment rate of 4,182 million euros, 40% more than the previous year, to “advance in the transformation of its activity”. Most of this amount was used in projects in the Iberian Peninsula (in Spain it invested 1,400 million euros) and the United States. For this year, Repsol plans to carry out a Historic organic investment of more than 5,000 million eurosof which 35% will be allocated to low carbon projects.
Amid the good figures, the company defends its social contribution to help their clients with additional discount on fuelvalid from the beginning of April to the end of December, and that the company will continue to offer until March 31 with an impact for the company of 500 million eurosas well as the nearly 2,000 million destined to increase their inventories to guarantee supply in Spain, in a context of tension in international markets. In addition, during the year, the company has decided to provision 2,485 million euros for the “book value impairment”, mainly from refineries, “whose long-term profitability and competitiveness would be impacted if aspects that are weighing down the sector in Europe are not corrected, such as the insecurity of the business environment and the regulatory and fiscal pressure & rdquor ;.