Since expropriation of YPF by Argentina in 2012 Repsol has rebuilt its upstream business. Its top-tier exploration performance in the first half of our 2007-2016 study period, when 3.1 billion boe of new field resource was added, is delivering growth. Repsol no longer needs to chase volume, and instead its strategy is to deliver "value and resilience" from the opportunities it has. As a result, strategic priorities have been re-aligned. Exploration has been de-emphasized as the main growth option in the short-term. Increased unconventional resources may also reduce the reliance on exploration. Repsol is focused on capital discipline and delivering value through high-grading the portfolio, with a key priority being to successfully execute the current pipeline of developments. Our report highlights Repsol's core areas and key strategic themes.