The Investor
11 Mar 2026, 18:20
Repsol announced plans to invest between €8.5 billion and €10 billion through 2028, with more than half allocated to Spain and Portugal and 34% to the United States. About 30% of the investment will be directed toward low-carbon projects as the company continues its transition toward a multi-energy model.
The company expects operating cash flow to reach about €6.5 billion by 2028, roughly 20% higher than in 2025, supported by growth in its exploration and production, industrial and client businesses. Net production is projected to rise to 580,000–600,000 barrels of oil equivalent per day by 2028, with around 40% coming from the United States.
Repsol also reaffirmed its shareholder return policy, planning to distribute around €3.6 billion in cash dividends through 2028 and allocate 30–40% of operating cash flow to shareholder remuneration, including dividends and share buybacks.
The company expects operating cash flow to reach about €6.5 billion by 2028, roughly 20% higher than in 2025, supported by growth in its exploration and production, industrial and client businesses. Net production is projected to rise to 580,000–600,000 barrels of oil equivalent per day by 2028, with around 40% coming from the United States.
Repsol also reaffirmed its shareholder return policy, planning to distribute around €3.6 billion in cash dividends through 2028 and allocate 30–40% of operating cash flow to shareholder remuneration, including dividends and share buybacks.