Spanish oil company Repsol YPE SA has announced that it will hold a board meeting on January 15 to vote to confirm its confidence in Chairman Antonio Brufau.

While filling to the Spanish market regulator, the company has revealed that it will vote on the degree of success if it’s strategic plan.

Earlier this week, some of the Spanish news channels reported that the company’s leading shareholder, Sacyr-Vallehermoso SA, has in past weeks been looking for a replacement for Brufau.

Highly indebted Sacyr in current months has been at odds with Brufau over the allocation of funds.

Repsol, Spain’s largest oil company, has announced that its board has sanctioned a huge interim dividend of 0.425 euros per share, which is less than the 0.525 euros awarded last year.

While talking to reporters, chairman of Repsol, Antonio Brufau said, “This dividend balances an adequate return for shareholders with the investment plan aimed at putting the company on track for growth.”

Further, a spokesperson from the company told reporters that the dividend cut was backed by all board members of the company.

Oil firm Repsol YPF SA declared that its adjusted profit dropped 61% in the third quarter due to the decreased refining margins and the decline in output.

The clean replacement cost of supplies or the adjusted net profit, excluding the inventory effects decreased to EUR279 million in the third quarter, from EUR723 million in a year earlier.

Repsol and Hess Corporation has discovered two oil beds in Gulf of Mexico. The discovery is expected to pump up the potential output of oil from theregion.

Madrid situated Repsol said in a statement that the findings are at the G104 and Shenzi-8 wells. The operator for this task was the world’s largest mining company, Melbourne situated BHP and it owns 44% of the stake. Repsol and Hess each own 28%.

After this discovery, Repsol said in a statement that the discovery is made in order to increase the future productivity of this area.