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2018-2020 Strategy

After reaching all of our stated targets two years ahead of schedule, we presented an update to our 2020 strategy with new and more ambitious objectives.
  • Chart showing increasing trend

    Increasing shareholder
  • Oil well icon
    Profitable growth of
    our business units
  • Light bulb icon
    Advancing the
    energy transition
  • Person icon

    Strong financial
Josu Jon Imaz, Repsol CEO

“Repsol has a two-fold objective in its absolute commitment to the fight against climate change: to provide energy access and form part of the solution to climate change.” 

Josu Jon Imaz 

(Repsol CEO) 

Transcript> (PDF 208 KB)

The keys to our Strategic Plan

Shareholder returns
Energy transition
Financial strength
2018 Annual general meeting event

Increasing shareholder returns

We will continue to increase shareholder returns until reaching one euro per share in 2020, using the scrip dividend formula, together with a share buyback program that will prevent the dilution of those who choose cash payment.
Exploration area in a desert region

Increased production and profitability

In Exploration and Production, we will increase production to 750,000 barrels of oil equivalent per day. We will earn higher returns and optimize our asset portfolio.
View of Earth from space

International Expansion

We will open service stations in Mexico and Peru, boost the Lubricants business in Asia and South America, grow in France and Morocco through LPG, and develop the Trading business worldwide. In Chemicals, we will focus on high-value products in industries such as pharmaceuticals and food.
Solar panels and windmills

Advancing the energy transition

We will create new long-term opportunities in low-emission initiatives and the development of new capabilities in this area. Our goal is to advance the energy transition, reduce emissions of our operations and products, and anticipate important trends such as rising electricity demand and the increasingly key role of gas.
View of the sea and an oil rig in the background

Financial flexibility

In keeping with our prudent approach, the 2018-2020 Strategic Plan has been prepared under the conservative assumption of a Brent crude oil price of 50 dollars per barrel, which gives the plan a high degree of financial flexibility and a level of debt well below the industry average.
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We have an ambitious digitalization program that will transform the company, promote cultural change, and allow us to develop digital solutions to address new forms of energy consumption.
Façade of the RTC building next to a pond


Our ambition is to provide society access to energy and to be part of the solution in the fight against climate change. In 2020, we will have reduced CO2 emissions by 2.1 million metric tons.