Repsol is repositioning as a multi-energy company with significant offshore wind and renewables pivot, while maintaining cash-generative upstream assets in Latin America and the Gulf of Mexico. European energy security concerns post-Russia have boosted Spanish refining margins, and Repsol's integrated model captures both fossil and transition value. The stock trades at a discount to European majors despite improving execution. Renewables capacity build-out should re-rate the equity over 18-24 months.
Thesis reviewed May 29, 2026
Repsol SA is headquartered in Spain, which is currently showing moderate signals.
🇪🇸Spain64NEUTRALView Spain risk detail →⚡Energy100REDUCE| Ticker | Company | Score | Gap | Signal Δ | Action |
|---|---|---|---|---|---|
| CVE | Cenovus Energy Inc. | 90 | +17% | ↓99% | ENTRY |
| SU | Suncor Energy Inc. | 90 | +14% | ↓99% | ENTRY |
| TTE | TotalEnergies SE | 90 | +10% | ↓99% | ENTRY |
| FTI | TechnipFMC plc | 90 | +20% | ↓99% | ENTRY |
| SHEL | Shell plc | 90 | +4% | ↓99% | NEUTRAL |
| BP | BP plc | 90 | -10% | ↓99% | AVOID |
| ENI | Eni SpA | 90 | +13% | ↓99% | ENTRY |
Investors who hold REPYY may also have indirect exposure through these country funds.
Repsol expands offshore wind portfolio in Spanish waters
Q1 2026 refining margins beat expectations on Mediterranean demand
Estimates · Yahoo Finance · Not audited figures