Over nine decades of experience are proof of our strength as an integrated and sustainable energy company. Over the years we have evolved, building a diversified and flexible portfolio and distributing and selling products in over 90 countries worldwide.
We updated our Strategic Plan mid-2018 after already achieving all the objectives we had set out for the 2016-2020 period in just two years. This is further proof of our resilience, even at a time of low oil and gas prices.
The 2018-2020 Strategic Plan is a guarantee of how we are moving in the right direction as a company and with which we hope to lead the industry, growing in dividends per share over the next three years. Our new strategy is based on three pillars: enhanced shareholder return, profitable business growth (Upstream and Downstream), and progress in the energy transition through new initiatives.
One of our objectives is to continue enhancing shareholder return, reaching one euro per share by 2020 using both the scrip dividend and a share buyback program to prevent dilution of those who choose a cash dividend.
To strengthen the profitable growth of our business portfolio, we expect to invest €15 billion between 2018 and 2020, 53% in the Upstream business (Exploration and Production), 45% in Downstream (Refining, Chemicals, Marketing, Lubricants, Trading, LPG, Gas & Power), and the rest in low-CO2 emissions assets.
All of these measures serve to strengthen our existing businesses and incorporate new sustainable lines that meet the needs of a new market demanding multi-energy companies.
Our financial flexibility enables us to continue achieving objectives and we aim to keep this up by following prudence criteria. Therefore, we will maintain our strict capital discipline to ensure that every euro creates value for our shareholders.
The 2018-2020 Strategic Plan can be self-funded at $50/barrel (Brent crude), the price at which we can guarantee high financial flexibility and a debt level under the industry average.
The progress we have made with our strategy means that we are strong in any scenario, and that is why we continue working to be a global energy company that generates value sustainably for the betterment of society through innovation, efficiency, and respect.