Company Report
Repsol corporate report
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Report summary
Repsol has moved quicker than any other oil and gas company to build materiality in low carbon. Wind and solar account for one-quarter of our projection of total energy production by the start of the next decade. While at an earlier stage, Repsol has big ambitions in low-emissions fuels. 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
- Building the ‘refinery of the future’ is vital to long-term sustainability
- Addressing oil and gas production under performance
- Setting the pace in renewable power
- Overview
-
Key targets
- Long-term strategic outlook
- Recent market performance
-
Corporate Resilience and Sustainability ratings
- Resilience
- Strengths
- Weaknesses
- Outlook
- Strengths
- Weaknesses
- Outlook
- Overview
- Repsol’s guidance
- Wood Mackenzie outlook
-
Overview
- Legacy
- Unconventional
- Approved for development
- Justified for development
- Oil:gas split
-
New project returns
- Overview
- US unconventionals
- Conventional developments
-
Portfolio renewal
- Overview
- Exploration
- Overview
- Exploration performance
- Exploration outlook
- M&A
- Biofuels and e-fuels will be an increasingly important growth theme as oil product margins decline
- Chemicals
- A big push on the circular economy lies at the heart of the growth strategy
- Retail
-
Carbon
- Overview
- Emissions reduction targets
- Carbon prices
-
New Energy
- Overview
- Renewable Power
Tables and charts
This report includes 18 images and tables including:
- Benchmark: market premium/discount to Wood Mackenzie’s valuation (market cap data as of May 2022)
- Benchmark: Q1 2023 gearing (including operating leases) versus av. pre-buyback Brent cash flow breakeven 23-25
- Strategic fit of Repsol’s portfolio
- Upstream Scope 1 & 2 emissions intensity versus operating cash margins (2023 to 2032)
- Wood Mackenzie's production outlook for Repsol
- Wood Mackenzie's production growth benchmark (2023 to 2030)
- Benchmark: % gas production
- Conventional new field developments: total development spend versus weighted average IRR
- Repsol: development IRRs and capex to 2035 on pre-FID projects
- Benchmark: value creation from conventional exploration (2018-2022)
- Evolution of Repsol’s downstream operating cash flow and ROACE
- Benchmark: European refining capacity vs net cash margin in 2023
- Wood Mackenzie's estimate of renewable power capacity (net)
- Base price assumptions (nominal terms)
- Valuation assumptions
What's included
This report contains:
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