Finance
Repsol targets higher payouts and oil output this year
Published by Global Banking & Finance Review®
Posted on February 19, 2026
2 min readLast updated: February 19, 2026
Tags:share buybacks
Quick Summary
Repsol will keep buybacks at €700m, lift the dividend 7.8% to €1.051/share, and target 560–570 kboe/d output in 2026. Q4 2025 swung to a €722m profit; total returns around €1.9bn.
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.
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.
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)
(Reporting by Pietro LombardiEditing by David Latona and David Goodman)
Key Takeaways
- •Repsol will maintain share buybacks at €700 million in 2026, aligned with 2025.
- •The cash dividend is set to rise 7.8% to €1.051 per share.
- •Total shareholder returns are projected around €1.9 billion.
- •Upstream production is targeted at 560–570 kboe/d in 2026, up from 548 kboe/d in 2025.
- •Repsol swung to a €722 million profit in Q4 2025 from a €36 million loss a year earlier.
Frequently Asked Questions about Repsol targets higher payouts and oil output this year
1What is the main topic?
Repsol is maintaining its share buyback, increasing its dividend, and raising its 2026 upstream production outlook. The company also reported a Q4 2025 profit after a loss a year earlier.
2How much is the dividend and buyback?
The dividend is expected to rise 7.8% to €1.051 per share, while the share buyback is kept steady at €700 million, in line with 2025.
3What is Repsol’s production outlook?
Repsol targets 560–570 thousand barrels of oil equivalent per day in 2026, up from an average of 548 kboe/d last year.
