Repsol Investor Conference Summary Company Overview - **Company**: Repsol - **Headquarters**: Madrid, Spain - **Business Verticals**: Upstream, Industrial, Customer, Low-Carbon Generation - **Production**: Approximately 570,000 barrels of oil equivalent per day in 2024, with two-thirds gas and one-third crude oil [3][4] Core Business Insights Upstream - **Proved Reserves**: 1.8 billion barrels, with 75% gas and 25% liquid [3] - **Strategic Focus**: Targeting production of 180,000 to 200,000 barrels of oil equivalent per day from unconventional assets in the U.S. [12][13] - **Investment**: Peak investment of €3 billion in 2022, expected to normalize to €2 billion annually [17] - **Joint Ventures**: Merged with NEO Energy, projected to produce 130,000 barrels of oil equivalent per day by 2025 [15] Industrial - **Refining Capacity**: Six refineries with over one billion barrels of capacity per day [3] - **Cash Flow Improvement**: Average cash flow from operations increased by 50% from 2021 to 2023 [18] - **Decarbonization Initiatives**: Focus on renewable fuels and hydrogen production, including a new hydrogen plant in Cartagena [19][20] Customer - **Client Base**: Over 24 million clients, with 9 million digital clients [4][20] - **Market Position**: Fourth-largest operator in the Spanish electricity market, with a target EBITDA of €1.4 billion by 2025 [21] - **Renewable Fuels**: Plans to sell 100% renewable diesel at 2,000 service stations by 2027 [22] Low-Carbon Generation - **Current Capacity**: Over 5 gigawatts of renewable generation capacity, with a pipeline exceeding 30 gigawatts [23][24] - **Investment Strategy**: Focus on solar, onshore wind, and hydro technologies, with a target of 9 gigawatts by 2027 [24][25] Financial Commitments - **Dividend Policy**: Committed to distributing 25%-35% of cash flow from operations to shareholders, with a total cash dividend of €4.6 billion planned for 2024-2027 [6][7] - **CapEx Allocation**: Net CapEx of €16-€19 billion, with over 35% dedicated to low-carbon businesses [9][10] - **Share Buybacks**: Up to €5.4 billion planned between 2024 and 2027 [7][8] Strategic Goals - **Decarbonization Commitment**: First oil and gas company to commit to net-zero emissions by 2050, with interim targets for 2025, 2030, and 2040 [10][11] - **Operational Efficiency**: Focus on reducing break-even costs and enhancing production efficiency across all business verticals [16][18] Conclusion - **Future Outlook**: Repsol aims to be a leading player in the energy transition, balancing profitability with sustainability, and maintaining a strong commitment to shareholder returns [26][29]