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Repsol (REP · Madrid)

Integrated — HQ Spain. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category IntegratedRegion EuropeCEO Josu Jon Imaz (2014)Jurisdiction risk Med (43)

Overview

Integrated Spanish major: upstream (US Eagle Ford/GoM, Norway, Trinidad, Venezuela, Libya, Brazil) plus large Iberian refining/retail and a fast-growing low-carbon power business; ~570 mboe/d and five domestic refineries anchor cash flow.

Solid balance sheet (net debt/EBITDA <1x), ~7% dividend plus recurring buybacks; sold 25% of the US upstream unit to EIG to fund the transition. Flags: refining-margin normalization, Spanish/EU windfall taxes, and geopolitical exposure (Venezuela, Libya).

Valuation snapshot (FY2025)

Market cap
$28.1bn
Enterprise value
$37.3bn
EV / EBITDA
6.7x
P / E
13.7x
FCF yield
6.2%
Dividend yield
4.1%
ROACE
9%
Debt / equity
49%
Net debt / EBITDA
1.2x
EV / reserves
$24.70/boe
EV / flowing
$68k/boe/d
Free cash flow
$1.7bn

Its EV/EBITDA of 6.7x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 6.2% is lower than the 6.5% median, and at $24.70/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Repsol scores 35/100, strongest on safety (46/100). Sub-scores: value 44, quality 22, growth 15, risk 54 (higher = riskier).

Reserves & production

Repsol holds approximately 1.51 billion boe of proved (1P) reserves with FY2025 production of about 548 thousand boe/d (35% liquids), a reserve life of roughly 7.5 years. Break-even: ~$40 (organic FCF break-even (Brent)) — Brent price at which organic operating cash flow covers capex plus the cash dividend.

Net asset value (public-source)

For Repsol, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

43 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Other38%50diversified/unspecified exposure — universe-average proxy
United States25%23Stable, deep; federal-lands leasing and permitting policy swings.
Trinidad & Tobago12%44Mature gas, declining reserves, cross-border Venezuela deals.
Norway10%3Stable, predictable; high but transparent 78% tax.
Libya10%98Civil conflict, blockades, split governance, force-majeure risk.
Brazil5%61Complex tax/local-content rules; Petrobras policy swings, strong pre-salt.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
US Eagle Ford / GoMUnited StatesUpstreamcore US oil & gas
Norway (Yme/Gjoa)NorwayOffshore oil/gasNorth Sea
TrinidadTrinidad & TobagoGasLNG feed gas
Spanish refineries (Cartagena/Bilbao)SpainDownstreamfive refineries
Retail (~3,300 stations)IberiaMarketingIberian fuels retail
RenewablesSpain/USPowerlow-carbon generation
Campos 33 / BrazilBrazilOffshore oilpre-salt
Venezuela (Cardon IV)VenezuelaGasJV gas

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)572550590570548
Proved reserves (bnboe)2.001.901.901.901.51
Revenue ($bn)56.078.064.054.053.5
EBITDA ($bn)8.513.510.07.65.6
Net income ($bn)2.74.63.51.92.0
Free cash flow ($bn)3.04.52.52.01.7

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Peer companies — Integrated

SU · Suncor EnergyE · EniROSN · RosneftCVE · Cenovus EnergyIMO · Imperial OilLKOH · LukoilSIBN · Gazprom NeftGAZP · GazpromOMV · OMVTATN · TatneftSNGS · SurgutneftegasGALP · Galp EnergiaORG · Origin EnergyMOL · MOL Group

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare REP against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com