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Following the successful completion of the previous Strategic Plan
Repsol unveils its 2016-2020 Strategic Plan: Value and Resilience
Press Release
15/10/2015 15:00
- The 2016-2020 Strategic Plan guarantees Repsol’s strength and ability to create value even with low oil prices.
- The Company's increased size and improved makeup, following the achievement of the 2012-2016 strategic plan’s goals and the transformative integration of Talisman, allow Repsol to extract value from that growth to increase efficiency and resilience and take advantage of the opportunities that arise from the energy environment.
- To meet its value-creation objective under any price scenario, the Company will focus on efficiency and asset portfolio management.
- Repsol’s demonstrated ability to create value will allow the Company to finance its own development, reduce debt, and maintain a competitive shareholder compensation. The dividend yield is among the highest on Spain’s Ibex-35 stock market index.
- After a period of growth culminating in the purchase of Talisman, the 2016-2020 Strategic Plan will implement a series of initiatives which aim to double EBITDA (at CCS) to 11.5 billion euros.
- The plan includes an ambitious efficiency program with specific actions and commitments (some of which are already implemented) with which it will obtain 2.1 billion euros a year of savings and synergies.
- With the integration of Talisman, Repsol has incorporated high quality assets that require less investments, maintaining a stable production and a reserve replacement ratio of about 100%.
- The flexibility, strength, and adaptability of its asset portfolio will allow Repsol to undertake divestments of 6.2 billion in non-strategic assets and cut spending by 38% without altering its company profile.
- The efficiency in the Downstream unit (Refining, LPG, Marketing, Chemicals, and Gas & Power), improved with investments in refineries in Cartagena and Bilbao, places Repsol at the head of European integrated companies in efficiency, value creation, and resilience.
- The plan includes a broader integration of refining and marketing activity, with divestments in non-strategic assets and a clear goal of reducing energy costs and CO2 emissions.
- “We are presenting a Plan with a clear vision, and measurable commitments. This plan not only shows our solidity and resilience, but also how far we can go in terms of creating value and strength for our Company,” said Repsol CEO Josu Jon Imaz.