February 19, 2026 [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.