Repsol: shares fall sharply on new strategic plan
(CercleFinance.com) - Shares in Spanish oil group Repsol fell sharply on Thursday, as investor skepticism over the group's latest strategic plan weighed on the stock.
The shares were down 3% in early morning trading, after previously falling by over 6% just after the market opened.
This morning Repsol unveiled its 2021-2025 strategic plan, which aims to transform the company in the following years, accelerating the energy transition.
The company said it will invest 18.3 billion euros between 2021 and 2025, of which 5.5 billion euros - or 30% of the amount - will be spent on low-carbon businesses.
Repsol also said it plans to combine a cash dividend with share buy-backs.
The cash dividend will be set at 0.60 euro per share, before gradually increasing to 0.75 euro per share over the term of the plan. Including buybacks, the payout could exceed one euro per share in 2025, it said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The shares were down 3% in early morning trading, after previously falling by over 6% just after the market opened.
This morning Repsol unveiled its 2021-2025 strategic plan, which aims to transform the company in the following years, accelerating the energy transition.
The company said it will invest 18.3 billion euros between 2021 and 2025, of which 5.5 billion euros - or 30% of the amount - will be spent on low-carbon businesses.
Repsol also said it plans to combine a cash dividend with share buy-backs.
The cash dividend will be set at 0.60 euro per share, before gradually increasing to 0.75 euro per share over the term of the plan. Including buybacks, the payout could exceed one euro per share in 2025, it said.
Copyright (c) 2020 CercleFinance.com. All rights reserved.