Of this amount, the lion's share of 55% will go to Portugal and Spain, reinforcing the multinational's commitment to the Iberian market, while 34% of the capital will be allocated to the United States.This strategy comes at a time of strong financial health, with the company projecting a 2028 operating cash flow of €6.5 billion, despite volatility in international markets driven by conflicts in the Middle East.

The expansion plan focuses on both traditional production and energy transition. Repsol estimates that it will increase oil production by 6% to 10% by 2028, reaching 600,000 barrels per day, driven by operations in the US and Libya and by a strategic recovery in Venezuela.

At the same time, low-carbon initiatives account for 30% of total investment. In the industrial sector, investment will reach 4 billion euros, with 40% dedicated to low-emission projects, including strengthening the distribution of 100% renewable Nexa Diesel and expanding the electricity and gas markets in Portugal and Spain, with the goal of exceeding 4 million customers.

Shareholder remuneration is another fundamental pillar of this cycle, with €3.6 billion in dividends expected to be distributed by 2028.

For the current year of 2026, the company has already confirmed a gross payment of €1.051 per share, an increase of 7.8% over the previous year. This commitment to increase the cash dividend by around 3% per year, combined with share buyback programmes of up to €350 million, will allow the dividend per share to grow by more than 6% annually.

With these goals, Repsol reaffirms its ambition to achieve net-zero emissions by 2050, while maintaining a profitable and sustainable transition trajectory.