Spanish energy and petrochemical company Repsol recorded an adjusted income of €5.01bn ($5.42bn) in the year ending December 2023, almost a 30% drop compared with €6.77bn in 2022.

The company’s financial results published today showed that the Upstream business improved quarter to quarter, with €554m in the fourth quarter (Q4) of 2023 from €341m in Q3 2023. 

The Upstream business’ adjusted income in Q4 2023 was €44m lower than in the same period of 2022, “mainly due to lower oil and gas realisation prices, higher amortisation, higher exploration and production costs and the dollar’s depreciation against the euro”, the report said. 

Repsol saw a 25.6% dip in last year’s net income, from €4.24bn in 2022 to €3.16bn in 2023.

“We have delivered €7.1bn of operating cash flow, the second-highest in our history amid external uncertainty and volatility,” Repsol’s CEO Josu Jon Imaz said, citing the company’s “high-quality integrated portfolio and forward-looking strategy”. 

“Throughout the year, we have distributed €2.5bn to our shareholders. Our share capital was reduced by 110 million shares, reaching the share count previous to the scrip dividend implementation in 2012,” he added. 

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The operating cash flow for 2023 was €7.06m, €1.85m lower than the previous year. Additionally, the company’s net debt at the end of 2023 stood at €2.09bn, around €160m lower than the previous year’s period. 

Despite the decrease in cash flow, the report said the strong operating cash flow for the year covered organic investments, interests and cash dividends. 

In 2023, the accrued investment in Upstream amounted to €2.6bn, €500m higher than the previous year. Development investments made up 84% of the total investment and were mainly concentrated in the US (49%), Brazil (9%), Trinidad & Tobago (8%), the UK (6%), Colombia (4%) and Norway (3%), the Repsol statement said. 

Q4 2023 saw an average upstream production of 595,000 barrels of oil equivalent per day (boepd), increasing by 44,000boepd compared with the previous year. The total output for 2023 showed a 9% increase, reaching nearly 600,000boepd.