March 10, 2026 [Reuters]- Spanish energy group Repsol pledged on Tuesday to give shareholders between 30% and 40% of the cash flow it generates from its operations through ​2028 via dividends and buybacks, while increasing oil production and slowing down ​investments.

The move aligns with the company’s recent strategic plans, which have ⁠prioritised shareholder returns.

Repsol will distribute 3.6 billion euros ($4.2 billion) in cash dividends ​and use buybacks to reach its target, with dividend per share expected to ​grow around 6% annually.

Its previous plan set a remuneration range of 25% to 35%.

In coming years, Repsol will reduce investments after years of significant capital expenditures, with growing focus on its upstream ​business and a slowdown in low-carbon businesses.

In its upstream business, the company ​sees net production in 2028 at up to 600,000 barrels of oil equivalent per day (boe/d), ‌which ⁠would represent a 10% increase over 2025. This guidance does not include any potential increase in production in Venezuela.

The company forecasts net investments through 2028 at between 7.5 billion and 9 billion euros. This is down from a 16 billion to 19 ​billion euros range in ​its previous multi-year ⁠plan. Around 30% to 35% will go to upstream, a higher share than in the previous plan, with another 30% going ​to low-carbon businesses, down from around 35%.

Cash flow from ​operations will ⁠rise to 6.5 billion euros in 2028, up 20% from 2025, it said.

“Repsol has the right strategy to drive continued growth, even in a volatile environment, supported ⁠by ​an integrated model, a balanced mix of conventional ​and low-emission businesses, and a diversified portfolio of assets,” CEO Josu Jon Imaz said in a ​statement.