Repsol SA, the worst-performing major European oil stock over the past year, cut its dividend for the first time since 2009 as its acquisition of Talisman Energy Inc. turned sour amid the crude-market rout. Repsol’s board proposed cutting the final 2015 payout to 0.3 euros per share from 0.5 euros as the Madrid-based producer followed Eni SpA and ConocoPhillips in paring its dividend. The company booked an impairment charge of 2.96 billion euros ($3.26 billion) for the collapse in prices.

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