Overview
- The selective program allocates 55% of investment to Spain and Portugal and 34% to the United States, concentrating on already approved projects.
- Exploration and production will receive €2.6–3.0 billion with about 80% directed to U.S. assets, while refineries get €3.9–4.1 billion with 40% for lower‑emissions upgrades.
- Roughly 30% of total spending goes to low‑carbon initiatives, including two approved 100 MW electrolyzers in Cartagena and Bilbao and a 150 MW Tarragona unit slated for approval in the first half of 2026.
- Guidance targets €6.5 billion in operating cash flow by 2028 and a shareholder payout equal to 30–40% of operating cash flow, including €3.6 billion in cash dividends through 2028.
- For 2026, about €1.9 billion is earmarked for investors with a €1.051 per‑share cash dividend and a buyback of up to €350 million, and the cash dividend is set to rise 3% annually through 2028.