It conditions between 5,500 and 6,800 million euros of its business on the evolution of the regulatory and fiscal framework in Spain


Repsol will invest a record amount of between 16,000 and 19,000 million euros in the next four years (2024-2027) to accelerate its transformation plan towards a net zero emissions company and a protagonist in the energy transition.

All this investment effort will be accompanied by a guaranteed return for its shareholder, with a remuneration of 10,000 million euros, through the payment of the cash dividend – 4,600 million euros – and the continuity of the share repurchase programs during the period -about 5,400 million euros-, according to the update of the strategic plan presented by the company.

The group’s new ‘roadmap’, after pulverizing a large part of the objectives set in the previous one two years in advance, thus affects the path of deepening a profitable energy transition for the company and prioritizing “investments in the current integrated portfolio of quality assets and low-carbon initiatives, as well as attractive shareholder remuneration and the maintenance of financial strength,” the company indicated.

Of these investments, whose situation in the upper or lower part of that range of 16,000-19,000 million euros will be modulated depending on the macroeconomic scenario, the evolution of technology and regulation, the maturity of the projects and the progress in the asset rotation and planned disinvestments, 60% will be destined for the Iberian Peninsula, while the United States will account for 25%, the two major geographic focuses for the group.

Repsol thus accelerates its investment plan for the coming years, since in the last one it foreseen investments of 19.3 billion euros, although in a period of five years (2021-2025).

This increase in remuneration to its more than 520,000 shareholders and investments until 2027 will be supported by a solid generation of operating cash flow, which will amount to 29,000 million euros in the four years as a whole, and in the low level of the company’s debt, which is estimated at 2,096 million euros as of December 31, 2023 -6.7% of the capital employed-.

However, Repsol still maintains its swords with the Spanish Government and, within its industrial business, conditions net investments of between 5,500 and 6,800 million euros for the transformation of its industrial facilities and developing low-carbon initiatives. the evolution of the regulatory and fiscal framework in Spain.

The oil company has been one of the most belligerent companies in the face of the extraordinary tax that the Government established for banking and energy companies to face the crisis due to the war in Ukraine, being also the company most affected with some 450 million euros, and He has already threatened to take projects out of Spain if the tax is maintained over time.

Investments in the group’s low-carbon initiatives will continue to gain weight within the company’s transformation and will represent 35% of the total.

In addition, the company will also continue its climb in the electricity and gas business and aims to double its number of customers to four million in 2027.