Q4 2024 Repsol SA Earnings Call Transcript
Key Points
- Repsol SA (REPYF) achieved an adjusted income of EUR3.3 billion and delivered EUR6.3 billion of operating cash flow, surpassing their guidance.
- The company increased its cash dividend by approximately 30% to EUR0.90 per share and redeemed 60 million shares, equivalent to 5% of its share capital.
- Net debt was reduced to EUR5 billion, with a gearing ratio of 2.4% excluding leases, indicating strong financial management.
- Repsol SA (REPYF) plans to invest in key growth projects, including Leon Castile in the Gulf and Pikka in Alaska, which are expected to contribute significantly to future production.
- The company is committed to a net CapEx of EUR16 billion to EUR19 billion over four years, with a focus on low-carbon projects and upstream development.
- Full-year adjusted income in the upstream division was EUR1.5 billion, 16% lower year over year, due to lower gas prices and volumes.
- Production was impacted by divestments and force majeure events in Libya, with full-year production at the lower end of guidance.
- The industrial division's earnings were EUR1.5 billion, EUR1.3 billion lower year over year, mainly due to normalization of refining margins.
- The chemicals business continued to face challenges, with a negative EBITDA contribution despite a slight improvement in margins.
- Repsol SA (REPYF) faces potential challenges in the US renewables market due to financial conditions and inflationary pressures.
Thank you, operator, and good morning to all. Welcome to Repsol's fourth quarter and full year 2024 results presentation. Today's, our conference call will be hosted by Josu Jon Imaz, our Chief Executive Officer, with other members of the executive team joining us as well.
Before we start, let me draw your attention to our disclaimer. During this presentation, we may make forward-looking statements based on estimates. Actual results may differ materially depending on a number of factors as indicated in the disclaimer.
I will now hand the conference call over to Josu Jon.
Thank you, Pablo. Good morning to everyone, and thank you for joining us. Today, I'll take you through the numbers and main messages that explain our 2024 performance and the outlook for 2025. As usual, after the presentation, I'll be and we will be available for a Q&A session.
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