Strategic Plan 2016-2020

We presented our 2016-2020 Strategic Plan on October 15th, 2015, centered on creating sustainable value through efficiency and the management of our asset portfolio, even against the backdrop of current depressed oil and gas prices.

Strategic lines

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Value creation

  • Changing our focus from growth to creating value
  • Committed to attractive returns for shareholders
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  • Creating value even at current prices (breakeven point for generating positive cash flow after dividends and tax of 40 dollars/Brent barrel)


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of our asset portfolio

  • Divestment from non-strategic assets to create value
  • Reduction of investment, to less than 4 billion euros in 2016
6,200 million of disposals
40% reduction to investment 2020
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  • Efficiency program in all business and company areas
  • Generation of synergies from the integration of Talisman
2,,100 million of annual eficiency savings
400 million/year of synergies from Talisman

Our businesses

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focused and efficient

  • Objective: savings of ~1.2 billion dollars/year in 2018
  • Three key regions: North America, Latin America and Southeast Asia
  • Average production of 700,000 - 750,000 barrels per day
  • Priority assets: onshore, shallow waters and unconventional
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sustainable cash flow generator

  • Objective: generate cash flow of ~1.7 billion euros/year
  • Foster integration of Marketing and Refining businesses to achieve maximum performance
  • Improved margins and efficiency program
  • Divestment from non-strategic assets to create value

Our commitments

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  • Reducing debt and maintaining our credit rating
  • Attractive shareholder returns
  • Security and sustainability: priorities for the company
2020 objective: zero accidents 1,9 million metric tons

Repsol 2020 stronger, more responsive and more competitive