London, October 31, 2024, (Oilandgaspress) –––Repsol posted a net income of €1.792 billion in the first nine months of 2024 -36% less than in the same period of the previous year-, a period marked by volatile energy prices and industrial margins. In the third quarter, net income was 166 million euros, a decline of 75% from the previous quarter and 88% below the third quarter of 2023.
Adjusted profit, which specifically measures the performance of the businesses, fell by 30% to €2.684 billion in the first nine months of the year.
Net income includes income tax with a global effective income tax rate of 34%. Between January and September, Repsol’s activity has generated a tax contribution of more than €6.5 billion in Spain out of a global total of €9.462 billion in the period.
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Repsol reported a net income of €1.792 billion in the first nine months of 2024, a decrease of 36% compared to the same period of 2023.
Adjusted income amounted to €2.684 billion through September (-30%), in a context of low crude oil and gas prices and lower refining margins.
During the year, the company made progress in implementing the 2024-2027 strategic update, which focuses on a profitable energy transition.
Repsol has begun producing 100% renewable fuels from waste at its Cartagena plant, the first industrial-scale plant of its kind on the Iberian Peninsula, and already has more than 580 service stations in Spain and Portugal supplying this product.
The company has announced the distribution of a cash dividend of €0.475 gross per share in January 2025. In addition, Repsol has a share buyback program in place to achieve its commitment to redeem 60 million shares this year.
Repsol Installed solar and wind power generation capacity has grown strongly this year, reaching 2,464 MW at the end of the third quarter, a rise of 57% in a year. Of this increase, the start-up of the Frye solar farm (637 MW), in the United States, was particularly noteworthy, enabling renewable electricity generation to almost double in the third quarter compared to the previous year, to 1,587 GWh.
The company has a project portfolio of 60,000 MW in various stages of development, of which 2,870 MW are already under construction. During the year, the integration of ConnectGen was completed, bringing with it a 20,000 MW onshore wind project development portfolio and highly qualified personnel with extensive knowledge of the US market, where Repsol expects to have 30% of its global installed capacity by 2027.
Strategic planning calls for Repsol to invest between €3 and €4 billion net to organically develop its global portfolio of renewable projects and reach between 9,000 MW and 10,000 MW of installed capacity by 2027.
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