One of the largest energy companies, present in the entire value chain: exploration and production, transformation, development and commercialization of efficient, sustainable and competitive energy.
We are a multi-energy company operating around the globe. Our activities range from oil and gas exploration and production to refining as well as selling derived products and providing services for your everyday life, such as natural gas and electricity.
The people on our team represent our prime competitive advantage and guarantee the company's future. A flexible and committed team comprising over 25,000 employees, united by a shared vision and values.
Our facilities are a reflection of our values and company culture. Our smart buildings promote smooth communication and transparency between team members, while allowing them to be more efficient and versatile in their work.
Our brand reflects our efficient, modern, responsible, and transparent management style which characterizes our company. Moreover, it conveys our values and builds trust.
A global, integrated company with over 90 years of history seeking to supply society's energy needs.
At Repsol, we ensure integrity in the relationships the Company maintains with its suppliers and contractors. Our suppliers are a part of our team and working together enables us to continuously evolve.
We look for energy solutions that meet people's needs and safeguard their well-being. With our solid and diversified business undertakings, we stay one step ahead of the future.
Learn about our Company's annual performance in the area of sustainability.
Our priority is to minimize the environmental impact of our activities by optimizing water management, air emissions, waste management, and spill prevention and response, in addition to considering biodiversity a key element.
We work to be part of the solution to climate change. Our challenge: responding to the demand for energy both responsibly and sustainably.
Each and every one of our decisions aims to guarantee the safety of our workers, customers, users, and suppliers. We firmly believe that all accidents can be prevented, and we develop ever-improving prevention mechanisms.
Each and every one of the actions taken by the people who make up Repsol determine the present and the future of our company. Therefore, we train our employees in core values that must govern their behavior and communicate all of our actions in a way that's reliable, transparent, and verifiable.
We are committed to managing our tax affairs by applying good practices and acting transparently. We pay our taxes responsibly and efficiently, and we foster cooperation with governments, thus avoiding serious risks and unnecessary conflicts.
We make reasonable efforts to ensure that our activities do not have negative impact on human rights, and should they occur, we do everything we can to correct them. Moreover, we do everything within our power to prevent impacts directly related to the activities of our business relationships.
Sustainability is an essential part of our forward-looking vision and the shared commitment undertaken by every one of us at Repsol.
The Repsol Technology Lab is an example of one of the most cutting-edge private R&D models in Spain, based on open innovation, whose objective is to seek sustainable solutions to achieve a more efficient and competitive lower-carbon business.
Innovation is in our DNA. That's why we've taken on the ambitious challenge of transforming the energy sector through the passion of our professionals, people who question things to make them better.
We look for industrial startups that provide disruptive reliability and maintenance solutions, particularly those related to the prediction and detection of corrosion.
Innovation, open collaboration, and a connection with the entrepreneurial world within an environment designed for co-creation. Discover our Open Innovation program.
At Repsol, innovation is part of our DNA. That's why we support education in the technical science field in order to inspire future generations.
Soluciones energéticas 100% renovables: energía solar y electricidad para particulares, empresas y entidades públicas.
Global, integrated, sustainable, and present throughout the entire value chain. These are just some of the compelling attributes that make us as an attractive company.
Useful documents to follow the company's profitability and sustainability-related measures and initiatives.
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Repsol’s Board of Directors has analyzed the role of the company in the fight against climate change and took a new step in its commitment to leading the energy transition in line with the objectives of the Paris Agreement and the Sustainable Development Goals of the United Nations.
Accordingly, Repsol will direct its strategy towards achieving net zero emissions by 2050. The company is the first in its industry to set this ambitious goal, which aims to limit planetary warming to less than 2 degrees centigrade compared with pre-industrial levels.
To achieve this objective, Repsol is setting new goals for the reduction of its carbon intensity indicator from a 2016 baseline: 10% by 2025, 20% by 2030, 40% by 2040, and net zero CO2 emissions by 2050. It is possible to achieve at least 70% of this target with the technology that can currently be foreseen, and the company is committed to applying the best available technologies to increase this figure, including carbon capture, use and storage. Repsol would, if necessary, aditionally offset emissions through reforestation and other natural climate sinks to achieve zero net emissions by 2050.
These figures will form the basis for the 2021-2025 Strategic Plan, which will be presented to the market and investors in the first half of 2020.
The new strategic focus in the context of new dynamics in the oil and gas markets and in policies that target decarbonization of the economy, Repsol has revised the valuation hypotheses for investments assuming a scenario compatible with the climate goals of the Paris Agreement and the United Nations.
As a consequence of the application of this new scenario Repsol expects to adjust the accounting value of some assets, with a post-tax accounting charge of approximately 4.8 billion euros. This adjustment will reduce specific reported income for 2019 but does not alter the company’s cash flow for the year nor the announced proposal to increase shareholder remuneration.
Cash flow from operations in 2019, which increased 22% in the nine months to September compared to the same period of 2018, will allow the company to achieve shareholder remuneration of one euro per share, formulate the proposal to the next Annual General Shareholders’ Meeting to buy back 5% of the outstanding share capital (in addition to the redemptions of the shares issued in the flexible dividend programs), and consider further stock buy-backs when cash surpluses are not applied in the short term to investment opportunities with the requisite return. Repsol’s remuneration policy is among the most attractive of the Spanish stock market and of its sector worldwide.
"We are convinced that we must set more ambitious objectives to fight climate change. We believe now it is the right time for Repsol. We do it with the utmost confidence that we invest for the future. Addressing the significant challenges that lie ahead with strategic clarity is what will allow us to turn them into opportunities. We are convinced that this strengthens our project that is sustainable, attractive and profitable for all our stakeholders" said Chief Executive Officer Josu Jon Imaz.
Repsol’s determination and strategic clarity in its progress towards decarbonization are demonstrated by the development of projects associated with the energy transition. In this sense, the company is increasing by 3,000 MW its target for low-carbon electricity generation capacity, to 7,500 MW by 2025, and will begin to expand into other markets to become a leading international player in renewable energies.
Repsol currently has 2,952 MW in operation and 1,083 MW under development, and the Board of Directors has approved new investments to incorporate and build two photovoltaic and one wind power projects totaling an additional 1,600 MW. With these projects, the renewable power portfolio reaches a total capacity of 5,600 MW.
In the Upstream business, Repsol will orient its asset portfolio towards compliance with the Paris Agreement to achieve the planned goals. This will entail prioritizing value generation over production growth, whilst maintaining flexibility as the strategic axis of the business, placing the emphasis on rotation and improvement of the asset portfolio and on cash generation.
This vision translates to a strategy of balancing gas and oil reserves, with a vision of gas as the fuel for the energy transition while also taking into account the active role that oil must play in a more decarbonized world.
For the assessment of future exploration or production decisions, the company is assuming an oil and gas price curve compatible with the Paris Agreement and the scenario of limiting the temperature increase to well below 2 degrees Celsius.
In its industrial business, with a primary focus on refining, Repsol is raising its decarbonization target, with an additional direct emissions reduction of 25% by 2025. This reduction is on top of the 23% cut in CO2 emissions achieved between 2010 and 2017.
Repsol will focus on the circular economy as a tool for the efficient use of resources and will double the production of high-quality biofuels derived from vegetable oils (HVO) to 600,000 tons per year in 2030, half of which will be derived from waste transformation before 2025.
Repsol will also integrate renewable energy into refining operations, which will incorporate production of green hydrogen as well as the use of renewable energy to fuel industrial processes.
The company’s chemicals business will also contribute decisively to a more decarbonized economy. In its industrial process, Repsol is committed to a business that is efficient and oriented towards the circular economy, with the ambition of achieving a 20% recycled content in its total polyolefin output by 2030.
Petrochemical products, present in most activities in our daily life, play a major role in achieving a lower carbon intensity scenario. Their advantages and applications include, among others, a reduction in the weight of materials that contributes to lower energy consumption in mobility, insulation for homes and buildings, which contribute to greater energy efficiency, an improvement in food conservation conditions and advanced products for medical and sanitary use. Consequently, global demand for petrochemical products is expected to increase by 30% to 2030 and 40% to 2050.
Repsol will continue developing its client-centric multienergy strategy, offering multiple solutions, and differentiated service and digitalization services to improve daily management.
The company's service stations will continue to expand the offering of electric charging points, liquid petroleum gas, compressed natural gas and liquefied natural gas, and will continue to complement its electricity offering with high-value services, such as domestic renewable power, aligned with the decarbonization pathway.
Alignment with the objectives of the Paris Agreement and the commitment to decarbonization has an overall impact on the company’s management criteria and processes, on the strategies of the businesses, and on the evaluation of investments.
For the latter, Repsol will analyze alignment with the Paris Agreement in each of its investments. Accordingly, each major investment will be accompanied by a report from the Sustainability unit to ensure this alignment.
Repsol has also updated the internal CO2 price deck that will guide its investments, starting at $25/t in 2018, with an increase of up to $40/t by 2025. Additional growth is also being established from that year, to $70/t by 2040 for refining, chemicals and gas and electricity assets, which will favor investments in renewable energy, efficiency and the circular economy.
To reinforce the organization’s commitment to these goals, Repsol will link at least 40% of the long-term variable pay of its managers and leaders, including that of the CEO and senior executives, to objectives that lead the company to comply with the Paris Agreement and, therefore, its progressive decarbonization.
Repsol’s commitment to sustainability has been constant over the past 25 years. It was the first company in the industry to support the Kyoto Protocol, and it is now intensifying its decarbonization ambitions with the aim of being a net zero emissions company by 2050.
The creation of an internal Carbon Intensity indicator, coinciding with the updating of the 2018-2020 Strategic Plan, allowed the company to set emissions-reduction targets to reduce this indicator by 40% by 2040 with respect to 2016. Thus, Repsol advanced in its strategic alignment with the Paris Agreement and the goal of limiting the temperature increase to well below 2ºC compared with pre-industrial levels. This decision was recognized by socially responsible investors, who regard the company as a leader in its sector in the fight against climate change. ESG (Environmental, Social and Governance) investors own 15% of the company’s total shares and represent 30% of its institutional investors.
In 2019, Transition Pathway Initiative (TPI), an association that brings together 50 of the largest global investors, managing assets of over 15 trillion dollars, recognized Repsol as one of the only two companies in its sector in the world with a strategy compatible with the objectives of the Paris Agreement.
Repsol works with investors to strengthen the alignment of its position on climate change with the Paris Agreement. As a result of this engagement, the Climate Action 100+ initiative, which groups over 370 international investors managing over 35 trillion dollars, recently recognized the company’s efforts in this area.
Standard & Poor’s has ranked Repsol among the companies in its industry with the most advanced sustainability strategy and made a very positive assessment of the diversification of its businesses and its firm commitment to the Paris Agreement.
In addition, the company has pledged to work so that all the associations and initiatives in which it participates are in alignment with the targets derived from the Paris Agreement.
In 2020, Repsol will publish a report with an analysis of this alignment in all the associations and initiatives in which it participates, terminating its involvement with any whose actions or messages are incompatible with the fight against climate change.
The information included in this document is published pursuant to the provision of article 226 of the Spanish Securities Market Law.
This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol’s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates and are generally identified by the words “expects”, “anticipates”, “forecasts”, “believes”, estimates”, “notices” and similar expressions. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol’s control or may be difficult to predict. Within those risks are those factors described in the filings made by Repsol and its affiliates with the Comisión Nacional del Mercado de Valores in Spain and with any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed.
Repsol does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized.
This document does not constitute an offer or invitation to purchase or subscribe shares, pursuant to the provisions of the Royal Legislative Decree 4/2015 of the 23rd of October approving the recast text of the Spanish Securities Market Law and its implementing regulations. In addition, this document does not constitute an offer to purchase, sell, or exchange, neither a request for an offer of purchase, sale or exchange of securities in any other jurisdiction.
The information contained in the document has not been verified or revised by the External Auditors of Repsol.