- Repsol partners with U.S. institutional investor EIG in its upstream business with a 25% stake for a total consideration of $4.8 billion (€4.8 billion).
- This transaction crystalizes value in the upstream unit, reinforces Repsol's leadership in the energy transition and advances the fulfillment of key objectives of the 2021-2025 Strategic Plan.
- The deal values the upstream business, one of the four business verticals of the multi-energy company, at $19 billion (€19 billion).
- Repsol will retain operational control of this business and consolidate it within the wider Repsol Group. The unit will continue to focus growth on key regional hubs and with a diversified portfolio of exploration and production assets in OECD countries.
- The agreement contemplates a potential IPO of this business in the United States from 2026 onward, subject to favorable market conditions.
- “Our ambition is to lead the energy transition. This pioneering agreement allows us to maintain the strategic direction of the upstream unit and, at the same time, to boost the transformation of the company and its multi-energy profile to achieve zero net emissions by 2050," said Repsol CEO Josu Jon Imaz.
- Repsol was the first company in its industry to target zero net emissions by 2050. This deal is another game-changer. Its upstream business has set the strategic goal of reducing its carbon intensity 75% by 2025.