Repsol capex

Repsol

Repsol: Rebuilding confidence to take time

BARCLAYS | Repsol’s 2016-2020 strategy presentation set out the resilience of its integrated business model with a shift to a focus on value from the previous growth focused strategy. The company expects to be free cashflow breakeven after dividends at $50/bl Brent over the 2016-2020 period with the breakeven likely to be $60/bl in 2016/17 before falling to $45/bl in 2018- 2020.