Geopolitical tensions exacerbated by Donald Trump's tariff threat have painted a complex first quarter for Repsol, which has plunged its net profit by 62% to 366 million euros. The figures, "in line with forecasts," allow the group to confirm objectives and promise a growing dividend.
"During the first quarter of 2025, in a volatile environment marked by geopolitical tensions, tariff announcements, and OPEC decisions, we have been meeting our annual objectives, ensuring our commitment to shareholder remuneration, optimizing investments, and improving our asset portfolio," reported the group's CEO, Josu Jon Imaz.
During these three months, the company has cashed in on its renewable assets and alliance strategy. Since January, asset rotations worth 700 million euros have been announced, a significant step towards the estimated 2,000 million in divestments by 2025. Repsol has closed a deal with NEO Energy to combine its oil and gas assets in the UK. Another one in Spain, with the renewable giant Schroders, which has acquired a 49% stake in a 400 MW wind and solar portfolio valued at 580 million euros. In the United States, it has added Stonepeak to a renewable portfolio in which the partner will invest 300 million euros.
Repsol will increase cash dividends and projects a total shareholder remuneration of between 30% and 35% of cash flow from operations by 2025, in line with the strategic plan objective for 2027.
In line with its mantra of "a profitable energy transition," Repsol's Exploration and Production (Upstream) area plans to start production at four hydrocarbon assets this year, in the United States, Brazil, and Trinidad and Tobago.