Insight
Strategy update: Repsol’s new five-year strategic plan
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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’s five-year strategic plan left no doubts about its direction of travel. The pivot to low-carbon businesses is gaining serious momentum. But the legacy oil and gas business is still a vital component in delivering on the transformation to a low-carbon, multi-energy retailer. The company outlined a holistic and balanced view of how it will transform its business. The new roadmap provides sector-leading exposure to new energy growth while keeping options open in oil and gas. We were encouraged by Repsol’s self-funded financial framework and disciplined investment approach. A seismic shift in culture resonated throughout the presentation.
Table of contents
- The four strategic pillars
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Our take
- 1. The pivot to new energy has substance and is gaining pace
- 2. Plans to IPO or sell a minority stake in the LCG business raised eyebrows
- 3. An overhaul of the upstream strategy
- 4. A differentiated financial framework
- 5. Upgraded decarbonisation trajectory
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Downstream: a cash engine and platform for decarbonisation
- Industrial business: prioritising cash flow and advancing new low-carbon technologies
- Long-term sustainability will depend upon developing new low-carbon technologies
- Cross-selling key to the success of the Customer-centric business
- Potential for radical portfolio action
Tables and charts
This report includes the following images and tables:
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Development IRR at US$40/bbl on Repsol's main upstream investment opportunitiesRepsol’s upstream portfolio: operating cash margin at US$50/bbl versus average production (2021-2025)Repsol’s upstream pre-capex cash margin at US$50/bbl Brent: base-case versus core assets
What's included
This report contains:
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