Repsol shares

The average share price during the period was 8% higher than in 2017. However, the price at the end of 2018 declined by 4.5%, beating the performance of the Ibex-35 index and the sector in Europe, which fell by 15% and 6.6%, respectively. During the first quarter of 2019 our share price had a revaluation of 8.4%.

During the first nine months of 2018 the price of Repsol shares was driven upwards by the progress made in attaining the company’s strategic objectives and the recovery of oil prices.

Brent crude rose from $67 per barrel at the start of the year to around $85 in October, while ending the year at approximately $55 due to the macroeconomic uncertainties that have had a negative impact on the price of Repsol shares and those of its European peers.

Repsol shares in the IBEX 35 Index

Shareholder returns

The remuneration received by shareholders in 2018 and 2017 under the "Repsol Flexible Dividend” program is as follows:

  • Remuneration of €0.873 per share in 2018. Repsol paid out a gross total of €253 million to shareholders and distributed 68,777,683 new shares, worth €1,095 million, to those shareholders opting to take their dividend in the form of new company shares.
  • Remuneration of €0.761 per share in 2017. Repsol paid out a gross total of €288 million to shareholders and distributed 61,751,953 new shares, worth €840 million, to those shareholders opting to take their dividend in the form of new company shares.

In addition, in January 2019, under that program, replacing what would have been the interim dividend from 2018 profits, Repsol paid out €175 million in cash (€0.411 gross per right) to those shareholders opting to sell their bonus share rights back to the Company and delivered 31,481,529 shares, worth €453 million, to those opting to take their dividend in the form of new company shares.

At the date of the authorization for issue of the Management Report, the Board of Directors is expected to submit a proposal to shareholders at the next Annual General Meeting to continue the "Repsol Flexible Dividend” program, through the implementation of a bonus share issue on the same dates as those on which the company has traditionally paid the final dividend and the relevant share capital reduction through the redemption of treasury shares to offset the dilutive effect of those share capital increases.