The oil company announces a new share buyback program and a “historic” investment of more than 5 billion euros by 2023.
Repsol got a net result of 4251 million euros in 2022, which represents a 70% increase over the previous year, the oil company said in a statement.
In fact, it is the largest profit in its history, although the profits of 2021 and 2022 (6,750 million euros) still do not allow us, according to the company, to offset the losses of the 2019 and 2020 financial years (7,105 million euros). euros). euro)”. In 2022, marked by the rise in fuel prices and the uncertainty caused by the war in Ukraine, cash generation enabled the company to reduce its debt by 61%.
By 2023, the company has announced that it will launch a new buyback program own shares and a capital reduction. Likewise, the company plans to allocate a “historic organic investment” of more than €5,000 million this year to bolster its multi-energy profile.
Imaz denounces tax on energy companies: ‘It’s unfair’
Repsol’s CEO, Josu Jon Imaz, with regard to the tax introduced by the Spanish government to tax the sale of energy companies with a turnover of more than 1000 million per year at 1.2%, has confirmed that he has a benefit that results from a “major investment effort”. “unfair and incomprehensible and harmful for the Spanish economy”.
“Populist messages only serve to hinder business activity, generate investor mistrust, curb investment and economic activity, reduce tax collection and endanger industrial employment. Faced with these messages, Repsol is committed to a path of accountability towards society,” he said.
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Source: EITB
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
