REPYY Repsol SA (QX)

   By Pietro Lombardi 
 

Repsol SA said Wednesday that it would cut its capex this year amid a sharp decline in commodities prices and the impact of the coronavirus pandemic, and that it would postpone the presentation of its strategic plan through 2025.

The Spanish energy company it would reduce capex by more than 1 billion euros ($1.08 billion) as part of what it called "resilience Plan 2020." The plan also includes cutting opex by more than EUR350 million.

"The company's financial objective will be to preserve the robustness of its balance sheet and its investment grade," it said.

Thanks to the measures the company is taking, the financial debt at the end of the year isn't expected to increase compared with the end of 2019, it said.

"The shareholder remuneration commitment for the fiscal year 2020 under the current Strategic Plan will be maintained."

The company will pay a dividend of EUR0.55 a share in July.

The presentation of the new strategic plan, scheduled for May, will be postponed "until the social and business outlook becomes clearer," the company added.

Write to Pietro Lombardi at pietro.lombardi@dowjones.com

(END) Dow Jones Newswires

March 25, 2020 14:08 ET (18:08 GMT)

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