Repsol Seeks to Increase Dividend in 2019, 2020

   By Marc Navarro Gonzalez

Repsol SA (REP.MC) said Wednesday that it plans to increase in shareholder distribution by an annual average of 8%, raising its dividend to 95 European cents ($1.1) a share in 2019, and to EUR1 a share in 2020.

The Spanish oil-and-gas company said that it is updating the goals set out in its strategic plan for the 2016-2020 period after achieving all its targets two years ahead of schedule. Repsol's dividend currently stands at 90 European cents.

Repsol said that it plans to invest 15 billion euros ($17.5 billion) between 2018 and 2020 in its upstream and downstream businesses. Upstream activities entail exploration and production, while downstream includes refining, marketing and distribution services.

The company said it will allocate EUR2.5 billion to low-emissions energy projects and "develop new long-term business opportunities."

The goals are based on a benchmark Brent price of $50 a barrel throughout the period, Repsol said.

Write to Marc Navarro Gonzalez at marc.navarro@dowjones.com

(END) Dow Jones Newswires

June 06, 2018 03:27 ET (07:27 GMT)

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