Spain’s Repsol said that higher oil and gas prices had caused its adjusted net profit to double to 1.48 billion euros in the third quarter compared to the same period in 2021, prompting an increase in the dividend and more share buybacks.
Most of the incremental profits came from oil and gas production and its refining and petrochemical businesses, the company said in a statement.
Adjusted net profit compared to an average forecast of 1.5 billion euros provided by the company and was lower than the 2.21 billion euros recorded in the second quarter.
Repsol’s board has decided to increase its 2023 dividend by 11% to 0.70 euros per share and to buy back 200 million shares this year, the energy company said.
It also reduced its debt from 2.85 billion euros in the quarter to 2.18 billion euros.
Repsol, like other majors, has benefited this year from soaring oil and gas prices following the Russian invasion of Ukraine and other geopolitical unrest.
