Repsol attributed the strong performance to the volatile energy market during the year. "The international economic situation has led to a rise in the price of raw materials, and security of energy supply has become one of the main priorities in Europe," the company said in a statement.
Repsol used its higher cash flow to increase capital investment to 4.18 billion euros in 2022, 40% more than in the previous year, reduce its net debt by 60% to 2.26 billion euros and increase shareholders' remuneration.
The company plans to raise its cash dividend by 11% to 0.70 euro per share and buy back 35 million additional shares, equivalent to 2.64% of its capital, and redeem 50 million shares, equivalent to 3.77% of its capital.
Repsol's hefty profit follows similar reports from larger rivals TotalEnergies , BP , Shell , Exxon Mobil and Chevron , prompting calls to further tax the sector as households struggle to pay energy bills.
Repsol's Chief Executive Officer Josu Jon Imaz said last year that new taxes would threaten companies' investment plans at a moment they are crucial to ensure energy security.
($1 = 0.9345 euros) (Reporting by Inti Landauro; editing by Jason Neely and Christian Schmollinger)
