Galp Energia returned to profit in the fourth quarter of last year, and plans to launch a share repurchase program.
The Portuguese energy company recorded net profit for the quarter of 106 million euros, compared to a loss of 35 million euros a year ago.
The adjusted EBITDA amounted to 644 million Euros, higher than 410 million Euros.
Galp stressed that it will propose a dividend of 0.50 euros per share for 2021, and that it expects the basic dividend for 2022 to be 0.52 euros per share, increased by 4% per year in the coming years.
The company also plans to launch a € 150m repurchase program, if approved by shareholders.
For the current year, the company has upgraded estimates and expects Brent to average $ 75 a barrel.
The adjusted EBITDA is expected to reach 2.7 billion Euros per year, while the adjusted operating cash flows are expected to reach 2 billion Euros.
Net capital expenditures will average € 1 billion.
Source: Capital
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