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Strategy update: Repsol's Strategic Update (2024 to 2027)
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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 Strategic Update was packed with new targets and detailed insight. The company is staying the course with the strategy presented in the previous five-year plan. The central message was the prioritisation of predictable shareholder distributions over the next four years, supported by growing cash flow and earnings. The plan hit the mark with investors. Repsol’s share price jumped 7% in the week after the call, outperforming Eni and TotalEnergies (both flat). We analyse the highlights and implications for Repsol's Upstream, Downstream and Low Carbon businesses.
Table of contents
- Executive Summary
- Six strategic pillars and a new financial framework
- Preparing for an IPO of Repsol Upstream
- An upbeat outlook for low-carbon fuels
- Reducing capital at risk with the renewable power playbook
- Linking the value chain through the Customer business
Tables and charts
This report includes the following images and tables:
- Wood Mackenzie’s forecast for Repsol’s operating cash flow*
- The potential to drive portfolio improvement through selling low-margin, emissions-intensive assets
- EV/EBITDA multiples versus Enterprise Value for US-listed companies
- Wood Mackenzie’s projection of Repsol’s Downstream operating cash flow and refining net cash margins*
- Wood Mackenzie’s projection of Repsol’s NPV growth in wind/solar discounting from 2023, 2025 and 2030*
What's included
This report contains:
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