Repsol: Refining is strategic for Spain and Europe

Key highlights
  • Spain operates eight refineries fed by diverse Atlantic-basin crudes while Europe closed 35 refineries in the last 15 years, contributing to kerosene and diesel tightness after Strait of Hormuz disruptions
  • Repsol will allocate 30-40% of operating cash flow to shareholder returns in 2026-2028, targeting 6-9% annual DPS growth to 2028 and a 2026 cash dividend of €1.051/share
  • AGM approved €0.551/share payable 8 July 2026 (2025 results) plus €0.53/share from reserves payable Jan 2027, a €350m buyback and authorization to cancel up to 110,537,433 shares (10% of capital)
  • Growth and capex: >80% of E&P investment to the US targeting 580-600k boe/d; 1 GW/year low‑carbon additions to 9 GW by end‑2028; Puertollano renewable fuels start-up, Bilbao synthetic fuels demo, Sines expansion and Tarragona Ecoplanta due 2029

Refining and supply resilience

Antonio Brufau said Spain's refining system—eight refineries fed by diverse Atlantic‑basin crudes—leaves the country better positioned amid supply shocks from the Iran conflict and Strait of Hormuz disruptions that have tightened kerosene and diesel markets; he noted 35 European refineries closed in the past 15 years.

Regulatory and investment proposals

Brufau called for removing barriers to investment and financing for oil and gas infrastructure, avoiding excessive costs on European industry, and ensuring regulation lets renewable fuels compete on equal footing with renewable electricity.

Shareholder returns and AGM resolutions

CEO Josu Jon Imaz affirmed a policy to allocate 30–40% of operating cash flow to shareholder returns in 2026–2028, targeting 6–9% annual DPS growth to 2028 and a 2026 cash dividend of €1.051/share; the AGM approved €0.551/share charged to 2025 payable 8 July 2026, €0.53/share from reserves payable Jan 2027, a €350m share buyback and authorization to cancel up to 110,537,433 shares (10% of capital), plus auditor appointment and board re‑elections.

Operational priorities and targets

Exploration & Production will prioritize free cash generation with >80% of investment in the US and a production target of 580–600k boe/d; Low Carbon aims to add about 1 GW/year to reach 9 GW by end‑2028; industrial projects include the Puertollano renewable fuels start‑up, a Bilbao synthetic fuels demo, Sines expansion and the Tarragona Ecoplanta scheduled for 2029.

Security of supply

The company emphasized the need for reliable, price‑competitive energy and raw materials so key sectors such as tourism are minimally affected by geopolitical disruption.

Source: Repsol

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