Repsol (REPYY.PK) says it will cut its dividend payout ratio to 40%-55% from 50%-60% in a bid to conserve cash after the nationalization of its Argentine unit. At the same time, the Spanish oil company raises its CAGR target for production to at least 7% through 2016, up from a previous target of 3%-4%, and says it is not considering any merger plans.
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