MADRID, Feb 19 (Reuters) - Spain's Repsol said on Thursday it was targeting higher dividends and increased production in its upstream business this year, while buybacks are seen in line with 2025. The
Repsol Plans Increased Dividends and Oil Production in 2023
By Pietro Lombardi
MADRID, Feb 19 (Reuters) - Energy group Repsol pledged on Thursday to hand shareholders about 1.9 billion euros ($2.2 billion) through dividends and buybacks this year while increasing production at its upstream business.
Focus on Shareholder Returns
The Spanish company has made shareholder returns a key priority of its strategic plan and aims to keep buybacks stable this year at 700 million euros while targeting a dividend increase of 7.8% to 1.051 euros per share. Last year's returns reached about 1.8 billion euros.
"As we look ahead to 2026, we remain focused on our upcoming capital markets day and on maintaining shareholders as our main priority," said Chief Executive Josu Jon Imaz.
The company has set a production target of 560,000 to 570,000 barrels of oil equivalent per day (boe/d) in 2026, up from an average of 548,000 boe/d last year. This guidance does not include any potential increase in production in Venezuela.
Production Targets and New Projects
The first phase of its Pikka project in Alaska is expected to start production in March and reach 80,000 barrels of oil per day in the second half of the year.
Repsol swung to a profit of 722 million euros in the fourth quarter of 2025 from a 36 million euro loss a year earlier, when results were hit by impairments at its upstream division and provisions against operations in Venezuela.
($1 = 0.8479 euros)
Financial Performance Overview
(Reporting by Pietro LombardiEditing by David Latona and David Goodman)
