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 is a pacesetter in pivoting to low carbon. Yet, unlike some European peers, the company has continued to invest in upstream. A new wave of oil projects will drive margins up and sustain production into the 2030s. The strategy strikes a balance between the UK Majors' initial pivot from Upstream and TotalEnergies' Integrated Power and Upstream dual growth approach. Successful execution will drive leading cash flow growth to support shareholder distributions well into the 2030s. The material and growing multi-energy business that will emerge will increase Repsol’s flexibility to adjust capital allocation to the pace of the energy transition. We expect the company to lean into Upstream during the next stage of portfolio development. But Repsol may need to embrace deeper structural change to unwind one of the most discounted ratings in our coverage.
Table of contents
- Overview
-
Key targets
- Long-term strategic outlook
-
Recent market performance
- Strengths
- Weaknesses
- Outlook
- Sustainability
- Strengths
- Weaknesses
- Outlook
- Overview
- Repsol’s guidance and Wood Mackenzie's outlook
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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
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Value and financials
- Chemicals
- Circular Economy
- Customer business
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Carbon
- Overview
- Carbon prices
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Renewables
- Overview
- Renewable Power
- Renewable fuels (including biofuels)
- E-fuels
- Biogas
- Renewable Hydrogen
- CCS
Tables and charts
This report includes the following images and tables:
- The Majors’ share price evolution
- Benchmark: market premium/discount to Wood Mackenzie’s valuation
- Resilience ratings: 1) IOC benchmarking; 2) Repsol ratings weighted by Dimension
- Benchmark: Q1 2025 gearing (including operating leases) versus av. pre-buyback Brent cash flow breakeven 25-27
- Wood Mackenzie’s forecast of cash inflows and outflows for Repsol
- Strategic fit of Repsol’s portfolio
- Wood Mackenzie's production outlook for Repsol
- Wood Mackenzie's production growth benchmark (including economically viable)
- Benchmark: % gas production
- Evolution of operating cash flow
- Evolution of Repsol’s downstream cash flow, capex, EBITDA and ROACE
- Benchmark: European refining capacity vs net cash margin in 2025
- 11 more item(s)...
What's included
This report contains:
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