Company Report
Repsol corporate report
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*Please note that this report only includes an Excel data file if this is indicated in "What's included" below
Report summary
Repsol has moved quicker than any other oil and gas company to build materiality in low carbon. The company is also prioritising shareholder distributions in a financial framework updated in 2024. But this is not coming at the expense of investment. Repsol has the highest re-investment rate in its peer group over the next four years. The execution of new business models also sets Repsol apart from its peers. The sale of a 25% stake in Repsol Renewables in 2022 set a mark-to-market price well above our valuation, confirming impressive value creation. The subsequent carve out of a 25% stake in Repsol Upstream freed up US$3.4 billion of cash to accelerate renewables growth and shareholder remuneration. But these bold moves have failed to spark a market re-rating. We explore some of the factors that could be weighing on Repsol's share price and potential next steps to build on the strategic progress to date.
Table of contents
- Low carbon molecules gaining momentum but still early days
- Scale and advantage could be key to a successful upstream IPO
- Dialling back 2030 renewable power growth targets
- Overview
-
Key targets
- Long-term strategic outlook
-
Recent market performance
- Strengths
- Weaknesses
- Outlook
- Sustainability
- Strengths
- Weaknesses
- Outlook
- Overview
- Repsol’s guidance
-
Wood Mackenzie outlook
- Legacy
- Unconventional
- Approved for development
- Pre-FID
- Oil:gas split
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New project returns
- Overview
- US unconventionals
- Conventional developments
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Portfolio renewal
- Overview
- Exploration
- Overview
- Exploration performance
- Exploration outlook
- M&A
- Overview
- 4 more item(s)...
Tables and charts
This report includes the following images and tables:
- Benchmark: market premium/discount to Wood Mackenzie’s valuation (market cap data as of May 2022)
- Resilience ratings: 1) IOC benchmarking; 2) Repsol ratings weighted by Dimension
- Benchmark: Q1 2024 gearing (including operating leases) versus av. pre-buyback Brent cash flow breakeven 24-26
- Strategic fit of Repsol’s portfolio
- Upstream Scope 1 & 2 emissions intensity versus operating cash margins (2026 to 2033)
- Wood Mackenzie's production outlook for Repsol
- Wood Mackenzie's production growth benchmark
- Evolution of Repsol’s downstream operating cash flow and ROACE
- Benchmark: European refining capacity vs net cash margin in 2024
- Sustainability ratings: 1) IOC benchmarking; 2) Repsol ratings weighted by Dimension
- Benchmark: % gas production
- 9 more item(s)...
What's included
This report contains:
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