Repsol to Cut Capex in 2020, Confirm Dividend
March 25 2020 - 2:23PM
Dow Jones News
By Pietro Lombardi
Repsol SA said Wednesday that it would cut its capex this year
amid a sharp decline in commodities prices and the impact of the
coronavirus pandemic, and that it would postpone the presentation
of its strategic plan through 2025.
The Spanish energy company it would reduce capex by more than 1
billion euros ($1.08 billion) as part of what it called "resilience
Plan 2020." The plan also includes cutting opex by more than EUR350
million.
"The company's financial objective will be to preserve the
robustness of its balance sheet and its investment grade," it
said.
Thanks to the measures the company is taking, the financial debt
at the end of the year isn't expected to increase compared with the
end of 2019, it said.
"The shareholder remuneration commitment for the fiscal year
2020 under the current Strategic Plan will be maintained."
The company will pay a dividend of EUR0.55 a share in July.
The presentation of the new strategic plan, scheduled for May,
will be postponed "until the social and business outlook becomes
clearer," the company added.
Write to Pietro Lombardi at pietro.lombardi@dowjones.com
(END) Dow Jones Newswires
March 25, 2020 14:08 ET (18:08 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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