Repsol rises on plan to boost shareholder payouts up to €10B by 2027 (OTCMKTS:REPYF)

Repsol (OTCQX:REPYF) (OTCQX:REPYY) +5.1% in European trading Thursday after the Spanish oil and gas company said it plans to increase shareholder payouts to as much as €10B (~$10.8B) through 2027, split between €4.6B in cash dividends and as much as €5.4B in stock buybacks.

Repsol (OTCQX:REPYF) (OTCQX:REPYY) raised its dividend by ~30% to €0.90/share for 2024, and said it expects to increase the dividend by 3% annually, distributing €4.6B in cash to shareholders over the four-year period through 2027.

The shareholder payout plan comes as the company reported Q4 results, including €383M in net profit and €15.51B in revenues, down from €1.03B net profit and €16.76B in revenues in the previous year.

Q4 upstream production rose 8% Y/Y to 595K boe/day; for the full year, output increased 9% to nearly 600K boe/day.

Repsol (OTCQX:REPYF) (OTCQX:REPYY) also outlined plans for €16B-€19B in net investment over the next four years, with more than 35% allocated to low-carbon initiatives; the Iberian Peninsula will comprise 60% of total investments and the U.S. 25%.

The company forecast its renewable energy capacity will more than triple to 9-10 GW in 2027 from 2.8 GW currently.

Repsol (OTCQX:REPYF) (OTCQX:REPYY) also said it anticipates a potential listing for its oil exploration and production business in 2026 or 2027.