GASNF - Repsol Should Really Stop Its Stock Dividend And Go All-Cash
Introduction
Last year, I discussed Repsol (REPYF) (REPYY) in a previous article here on Seeking Alpha, and I argued the company’s free cash flow result would be very strong, even when the oil price was relatively weak, due to its distribution network.
The oil price is now trending in the right direction, so I was looking forward to see how Repsol performed in 2017 and if it was still able to reduce its net debt (most of its shareholders prefer the stock dividend rather than the cash dividend. This allows Repsol to keep more