One of the greatest increases on the IBEX 35 index and in the oil and gas sector
Repsol's positive results in 2016 were reflected in our share price, which ended 2016 with a revaluation of 33%.
Repsol's shares experienced the second highest growth among European oil & gas companies. Specifically, share price closed 3% above the average of these companies, despite the worse relative performance of the IBEX 35 compared to other European indices.
Exceeding the targets set in the Strategic Plan -especially those regarding efficiency measures- the implementation of synergies, and the divestment program, in addition to a recovery in crude prices, have encouraged the good performance of Repsol's share price.
This revaluation was also due to the 32% reduction in our net debt, which fell to 8.144 billion euros thanks to the business's strong cash generation capacity, the success of the efficiency and synergy program, and the management of the assets portfolio. All these measures have made it possible to maintain the same credit rating.
The Board of Directors approved shareholder retribution to a gross value of 0.8 euros per share through the Repsol Flexible Divided Program, replacing the interim and complementary dividends from 2016. The company maintains its commitment to offering attractive remuneration for its shareholders, in accordance with the context and the results.
In the scrip dividend closed in January 2017, replacing the traditional interim dividend of 2016, the holders of 80% of free assignment rights opted for receiving new Repsol shares, compared to the 65% in the previous year. This once again demonstrates our shareholders' trust in the company's project.