Repsol: launches 'resilience plan' to preserve balance sheet
(CercleFinance.com) - On Wednesday Repsol launched a so-called "resilience plan" aiming to cut investments by 26% relative to initally planned targets for the year.
The initiatives imply reductions of over 350 million euros in operating expenses and more than 1 billion euros in capex, along with optimisations of around 800 million euros in working capital, compared with the metrics in its initial budget, the Spanish oil firm said.
The company said it aims to preserve the robustness of its balance sheet and its investment grade.
With these measures, Repsol's net debt at the end of 2020 is expected not to increase compared to the end of 2019.
However, the company confirmed that its pay-out, scheduled for July, will be 0.55 euro per share, which will be paid through a scrip dividend.
Copyright (c) 2020 CercleFinance.com. All rights reserved.
The initiatives imply reductions of over 350 million euros in operating expenses and more than 1 billion euros in capex, along with optimisations of around 800 million euros in working capital, compared with the metrics in its initial budget, the Spanish oil firm said.
The company said it aims to preserve the robustness of its balance sheet and its investment grade.
With these measures, Repsol's net debt at the end of 2020 is expected not to increase compared to the end of 2019.
However, the company confirmed that its pay-out, scheduled for July, will be 0.55 euro per share, which will be paid through a scrip dividend.
Copyright (c) 2020 CercleFinance.com. All rights reserved.