Repsol to wind down oil exploration, focus on renewables growth

(Bloomberg) - Repsol SA will reduce its dividend next year as it outlined plans to wind down the search for oil and expand its renewable capacity fivefold during the next decade. The Spanish company, which was the first oil major to set a net-zero emissions target a year ago, will put its projects into “harvest mode” as it refocuses on higher-value oil production in fewer countries. While the dividend will be lower in 2021, it will be paid out entirely in cash, unlike the current distribution which is mostly given as new shares. Repsol expects to start growing the payment again from 2023. Repsol’s decision last December to write down the value of its oil assets by 4.8 billion euros ($5.7 b

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