In 2015, Repsol presented its 2016–2020 Strategic Plan, the roadmap that is allowing our company to address the market and industry challenges during a particularly complex period.
The key lines of the Plan are the creation of value and resilience through the management of the assets portfolio and the maximization of efficiency. All the commitments established in the Plan are accompanied by specific targets. By the end of 2016, we had already made great progress toward these objectives, which demonstrates the company's capacity to generate value from management efficiency.
Repsol exceeded the targets set for 2016, obtaining over 1.6 billion euros in savings, 150% more than initially forecast for the year. In 2017, we expect to reach a figure of 2.1 billion euros in savings, reaching the target set for 2018 ahead of schedule.
One essential line of the Plan is investment flexibility. The objective is to use active portfolio management to reduce investments by approximately 40% with respect to 2014. At 2016 year-end, we had already achieved 82% of the initial planned objective.
This all made it possible to reduce the crude price level from which positive cash is generated after having met investments, interests, and dividend payments, and without considering divestment cash. In 2016 this level stood at $42/bbl (Brent).
Another commitment of the Plan is to generate value through the active management of the portfolio, enabling us to disinvest 6.2 billion euros of non-strategic assets by 2020. At 2016 year-end we had already achieved 82% of the initial planned objective.
By meeting the objectives of the 2016–2020 Strategic Plan, the company demonstrates the strength of our business model and its capacity to address the challenges posed by current price levels.