The company
Repsol’s mission (its reason for being) is to be an energy company committed to a sustainable world.
Our vision (where Repsol is heading) is to be a global energy company that relies on innovation, efficiency and respect to create sustainable 
value in the service of societal progress.
Repsol has laid down values —Value creation, Respect, Efficiency and Anticipation— and company behaviors —Results Orientation, 
Accountability, Cooperation, Entrepreneurial Attitude and Inspiring Leadership— to make this mission a reality and our vision an attainable 
challenge.
Further information available at www.repsol.com.
The Management Report
Repsol1, as a further show of its commitment to transparency, has drawn up this Consolidated Management Report (the “Management 
Report”), which integrates both financial and non-financial information, specifically information on sustainability. This report is intended as the 
cornerstone of the Group’s annual public reporting.
This Management Report faithfully presents the Repsol Group’s business, results and financial position, together with a description of the main 
risks and uncertainties it faces, and the approach set out in the Strategic Plan. It also provides information on sustainability, including 
Environmental, Social and Governance (ESG) criteria.
The report not only complies with applicable legal requirements2 but is also aligned with best practice, particularly the recommendations of the 
International Integrated Reporting Framework of the International Integrated Reporting Council (IIRC), the “Guía para la Elaboración del Informe 
de Gestión de las Entidades Cotizadas” of Spain's securities market regulator, the CNMV and the European Commission Guidelines on non-
financial reporting (methodology for reporting non-financial information) (2017/C 215/01).
This report should be read together with the 2022 consolidated Financial Statements, which have been filed along with this report with the 
CNMV (www.cnmv.es) and are also available at www.repsol.com.
Report information
The financial information contained in this document, unless expressly indicated otherwise, has been prepared in accordance with the Group’s 
reporting model, as described in Note 4 “Segment information” to the 2022 consolidated Financial Statements. Some of the financial indicators 
and ratios are considered Alternative Performance Measures (APMs) in accordance with the Guidelines of the European Securities Markets 
Authority (ESMA)3. The Repsol Group has a System of Internal Control over Financial Reporting (ICFR) so as to provide reasonable asssurance 
that the Group’s financial reporting is reliable.
The information on sustainability is presented in accordance with the Global Reporting Initiative (GRI)4. Appendix V.c) “GRI Index” contains a 
list of the sustainability indicators included throughout this report, in other public reports released by the Company, and also in Appendix V 
“Additional information on Sustainability (includes Non-Financial Statement)”. These indicators, together with the additional information 
required by Law 11/2018, and the breakdowns on environmentally sustainable activities in accordance with the requirements prescribed by the 
Sustainable Finance Taxonomy (Appendix V.e), comprise the Non-Financial Statement. the content of which is as indicated in Appendix V.d) 
“Non-Financial Statement” and is verified by an external auditor (PwC), according to ISAE 3000 (verification report available at 
www.repsol.com). Sustainability figures and indicators have been calculated according to corporate rules that specify the criteria and common 
methodology to be applied to labor, environment, human rights and social issues that are described in detail in each of its sections. The report 
also includes voluntary disclosures in accordance with the Sustainability Accounting Standards Board (SASB) (Appendix V.f), the Corporate 
Human Rights Benchmark (CHRB), IPIECA and the World Economic Forum (WEF); WEF Stakeholder Capitalism Metrics – International 
Business Council” (Appendix V.h). Lastly, the 10 Principles of the United Nations Global Compact5 have been taken into account in drawing up 
this information. The Repsol Group also has a System of Internal Control over Non-Financial Reporting (ICnFR).
Repsol also discloses information on corporate governance each year in the form of its Annual Corporate Governance Report (Appendix VI) and 
Annual Report on Director Remuneration (Appendix VII), both drawn up in accordance with Articles 540 and 541 of the Spanish Corporate 
Enterprises Law (Ley de Sociedades de Capital), as per the instructions provided in CNMV Circular 3/2021 of 28 September, amending the 
templates for the annual corporate governance and director remuneration reports of stock market listed companies. The Company also follows 
the recommendations of the Good Governance Code for Listed Companies, as last revised by the CNMV on 26 June 2020.
The forward-looking information contained in this document reflects the plans, forecasts or estimates of the Group’s management at the date 
of their authorization for issue. Such forward-looking information is based on assumptions that are considered reasonable, and cannot be 
considered as a guarantee of the entity’s future performance, in the sense that such plans, forecasts or estimates are subject to risks and 
uncertainties, meaning that the future performance of the Group will not necessarily coincide with what was initially planned. 
1 Henceforth, the names “Repsol”, “Repsol Group” or the “Company” are used interchangeably to refer to refer the corporate group consisting of Repsol, S.A. and its subsidiaries, 
associates and joint arrangements.
2 Among others, the Spanish Commercial Code, the Consolidated Text of the Spanish Companies Act and Law 11/2018 of 28 December, which amends the Commercial Code, the 
Consolidated Text of the Companies Act and the Auditing Act as regards non-financial information and diversity, and transposes into Spanish law Directive 2014/95/EU as regards 
disclosure of non-financial and diversity information by certain large undertakings and groups.
3 Appendix II, “Alternative performance measures”, includes the reconciliation between the adjusted figures and those corresponding to IFRS-EU financial information.
4 All GRI standards are followed in their 2016 version, with the exception of the Water (2018), Occupational Health and Safety (2018), Taxation (2019), Waste (2020) and Universal 
(2021) standards. Additionally, the new GRI standard for the Oil & Gas sector (2021), replacing GRI-G4-OG from 2012, is followed. 
5 See section 6.

Message from 
the Chairman
Dear shareholders,
In 2022 we were reminded once again that energy 
dependence remains one of the main weaknesses of the 
European economy. Our continent does not have enough 
energy of its own, so we have to import it from countries that 
often do not share our values or our environmental 
standards. A unified and stable energy model is therefore key 
to prevent unexpected events, such as Russia’s invasion of 
Ukraine, from jeopardizing the well-being of our society. 
Integrated Management Report 2022 
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Repsol Group

This unjustified and wholly unacceptable action led to one of 
the biggest humanitarian crises in Europe since the Second 
World War, resulting in the displacement of millions of 
people, the destruction of civilian infrastructure and, sadly, 
the loss of thousands of lives. I would like to express my 
unwavering support for the people of Ukraine, in the hope 
that a solution to this conflict will be found and the 
rebuilding can soon begin, in which those affected can 
certainly count on the support of the European Union.
Aside from the humanitarian toll, the invasion of Ukraine has 
caused a profound energy crisis. The sanctions placed on 
Russia and its response by cutting the supply of gas into 
Europe called into question our continent’s ability to find a 
reliable supply of hydrocarbons, quickly pushing up the 
prices of energy, metals and agricultural commodities. The 
consequences were soon felt, and throughout 2022 we 
witnessed a sharp rise in inflation and a slowdown in 
economic activity. 
However, the war in Ukraine has not been the only factor 
jeopardizing the energy “trilemma” of security of supply, 
affordable prices and decarbonization. In Europe we have 
spent years focusing our energy policy on reducing 
emissions, with the design of a secure and competitively 
priced system taking a back seat. What this means, as indeed 
we saw last year, is that we rely excessively on Russian gas 
supplies and that today many households and businesses 
are finding it hard to pay their energy bills.
A smarter energy transition
The crisis we are now enduring also reveals certain failures in 
the energy transition process designed by the European 
authorities. For this reason, we believe that it is now high 
time to seriously rethink the EU’s route to minimizing its 
greenhouse gas emissions, which still focuses on replacing 
the use of fossil fuels as soon as possible. In our expert view, 
we consider this decision to be overly hasty and unrealistic 
and fear that it may threaten the economy.
As an alternative, our sector would call for the development 
of a smarter energy transition that minimizes emissions as 
soon as possible, but always at a cost that society can afford 
and without making our industry less competitive in the 
process. To succeed in this task, it is important for European 
and Spanish regulations to respect the principle of 
technological neutrality, which means fostering the 
development of all solutions that can contribute to 
decarbonization, without prohibiting any technology a priori. 
Notably, this is a path that certain major players, including 
the United States, are already following.
The key is to diversify our options, without focusing on a 
single technology. And that is precisely what we are doing at 
Repsol, where we have long been committed to a multi-
energy strategy to reduce our emissions and guarantee the 
security of energy supply for the benefit of society. More 
precisely, our strategy is to combine the deployment of new 
alternatives, such as hydrogen and renewable liquid fuels, 
with a gradual but planned reduction in the use of 
hydrocarbons, which, according to the International Energy 
Agency (IEA), will still be needed in the coming decades 
within key sectors of the economy, such as heavy industry, 
transportation, petrochemicals and healthcare, as well as for 
the production of a multitude of everyday items.
Integrated Management Report 2022 
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Repsol Group
“Our industry calls for the 
development of a smarter 
energy transition; one that 
minimizes emissions as soon 
as possible, but always at a 
cost that society can afford 
and without making our 
industry less competitive in 
the process.”

Given these forecasts, we believe that walking away from 
hydrocarbon production is not the way to go at this time. Oil 
and gas will still be part of our energy mix in 2050, to a 
greater or lesser extent, so it is best to concentrate our 
efforts on using them as efficiently as possible. With this in 
mind, our industry has been investing heavily for years to 
reduce both energy consumption and emissions across all of 
its processes and products, while also developing innovative 
technologies such as those used to capture, use and store 
CO2 from the atmosphere or from an industrial facility.
All these developments demonstrate that European industry 
can, and indeed must, play a strategic role in 
decarbonization, thanks to our high capacity to innovate and 
develop new technologies. To unlock our full potential, we 
need regulation to be more supportive and protective of 
industry, with flexible and inclusive policies that drive 
innovation and avoid prohibitions that only hinder the 
competitiveness of a sector that, in the coming years, faces 
the daunting challenge of undertaking the biggest 
transformation in its history as we adapt to the demands of 
the energy transition.
Moreover, this transformation process is a hugely important 
opportunity to regain the leading role lost by the European 
industrial sector, which in the last decade, to give just one 
example, has had to endure the closure of 20 or so refineries 
due to an increasingly restrictive regulatory landscape in the 
field of hydrocarbons. It is time, therefore, to reindustrialize 
the continent, to continue to create jobs, to transform 
existing facilities to make them more energy efficient and to 
be able to manufacture the circular materials and low carbon 
footprint products that our economy now needs.
Spanish industry, a key player in the energy transition
To seize the opportunities offered by the energy transition, 
our industry’s strategy is to transform —not replace— 
existing industrial facilities, adapting them to use new forms 
of energy as we build and develop the circular economy. At 
Repsol, we have been firmly committed to this industrial 
transformation for years, through which we aim to convert 
our complexes into multi-energy hubs, capable also of 
treating different types of waste and producing, among other 
products, renewable liquid fuels, which are essential for 
reducing the carbon footprint across all transport sectors.
The industrial transformation we are now undergoing shows 
that it is possible to strike the right balance between 
economic development and energy transition. As confirmed 
by our commitment to achieving net zero emissions by 
2050, at Repsol we are aware that we must move quickly to 
address climate change, but also that we must do so without 
bringing the economy to a halt or destroying our industrial 
fabric in the process. To achieve this, we strongly advocate 
close collaboration between companies and authorities, in 
the conviction that our response must be coordinated, with 
regulatory decisions based on technological progress and 
not on ideology, and with simpler and clearer rules for all 
players in the sector.
The decarbonization of the economy is one of the greatest 
challenges of our time and we must face it together. Rest 
assured that Repsol has pledged to continue leading this 
process.
Thank you for your support and trust.
Antonio Brufau Niubó
Chairman
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Repsol Group
“Our strategy is to combine 
the deployment of new 
alternatives, such as 
hydrogen and renewable 
liquid fuels, with a gradual but 
planned reduction in the use 
of hydrocarbons.”

Message from the 
CEO
Dear shareholders, 
I am writing to you after a year in which, as a company, we 
have once again faced enormous challenges, calling for the 
utmost flexibility and agility. Just when it seemed that we 
were about to recover a degree of normality in the wake of 
the pandemic, the war in Ukraine erupted; an unjustified 
invasion that, in addition to the human tragedy, brought new 
uncertainty, pushed up commodity prices and threatened 
our energy supply capacity. Allow me to start this letter by 
expressing my unflinching support for the people of Ukraine 
and all the victims of this tragedy. I sincerely hope that a 
solution to this conflict can be found as soon as possible, as 
it is not something that should be taking place in this day 
and age.
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Repsol Group

The invasion of Ukraine caused crude oil and gas prices to 
rise sharply during the first half of the year, and this upward 
pressure increased further as new sanctions against Russia 
were announced. Oil prices reached figures close to US$140 
per barrel, a level not seen since 2008, before plummeting to 
below US$80 during the second half of the year amid fears of 
a global economic recession.
Faced with this complex situation, in 2022 Repsol reinforced 
its contribution as an essential service to society, increasing 
its inventories by more than €2,000 million to guarantee the 
supply of energy to the national market and the operation of 
its refineries.
We also did our level best to cushion the effects that the 
market volatility could have on our customers, by becoming 
the first company to offer significant discounts on the fuels 
we supply at our service stations in Spain. Between March 16 
and December 31, 2022, we generated savings of €500 
million for our customers, beyond those already achieved in 
the previous year. Our sensitivity to the current situation, 
which is still fraught with uncertainty, prompted us to extend 
these discounts until March 31, 2023, once again ahead of 
other market players.
We need to invest in industry 
Last year was proof that the necessary improvement in 
sustainability is not the only challenge facing the energy 
sector. Coming up with a decarbonization model to 
transform the industry while also guaranteeing its future 
viability is also a key strategic concern. We operate in a 
sector of the economy that generates employment (200,000 
families rely, in one way or another, on the refining sector in 
our country), makes Spain more energy independent and is 
essential for making further progress in the fight against 
climate change.
Our commitment to the future of  industry is clear, with our 
investment in refineries having averaged €1 billion per year 
since 2008. This has allowed us to optimize the use of our 
assets and increase their efficiency and flexibility, as 
evidenced by the more than 50% reduction in gas 
consumption at our industrial facilities, compared to 
previous periods. Thanks to these steps, we have provided a 
better response to the tensions within the international fuel 
market, while at the same time helping to secure energy 
supply in Spain.
However, despite the positive results obtained by this 
business and its valuable contribution to the wellbeing of 
everyone, the outlook for the sector remains precarious. 
Europe has curtailed its refining capacity by more than 10% 
in the last decade, compounded by regulatory and fiscal 
uncertainty. The long-term profitability and competitiveness 
of these facilities will suffer if the endemic situation into 
which the European sector has been plunged is not 
corrected soon.
Notable progress toward our strategic objectives
The best tools for making it through this tumultuous period 
are our integrated business model and the 2021–2025 
Strategic Plan, a roadmap focused on flexibility, efficiency and 
value creation that has allowed us to perform remarkably well 
so far. In 2022, we made further progress toward the 
objectives envisioned in the plan, by transforming the portfolio 
to decarbonize our activities, welcoming strategic partners, 
strengthening our balance sheet and increasing the dividend.
You will surely agree with me that we have taken hugely 
significant steps in relation to our dividend, such as the 11% 
increase in cash remuneration for 2023, allowing us to 
achieve our 2024 target under the Strategic Plan ahead of 
schedule. Notably, we have achieved our share buyback and 
redemption target three years ahead of schedule, with 200 
million shares redeemed at the end of 2022, a target initially 
set for the entire 2021–2025 period. Both measures have 
helped to cement our status as one of the most attractive 
companies in the sector —and indeed on the IBEX-35 
bluechip index— when it comes to shareholder 
remuneration, this being a target we set ourselves at the 
beginning of this strategic cycle. Our strong cash generation 
certainly helped in this regard and also paved the way for a 
significant reduction in net debt.
Our net profit for the year, at €4,251 million, allows us to 
partially offset the losses experienced in 2019 and 2020, 
when the global health pandemic hit us hard. Our 
businesses have performed remarkably well, while deepening 
their transformation and further boosting our multi-energy 
profile.
Integrated Management Report 2022 
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Repsol Group
“In 2022, our company 
prioritized the security of 
supply in Spain by 
increasing its hydrocarbon 
inventories by more than 
€2,000 million.”

At this point I would like to highlight two milestones at our 
Upstream and Renewables divisions, which, with the 
incorporation of new strategic partners, have underscored 
the strength of their respective business models. Both 
operations demonstrate the value and worth of the roadmap 
for these divisions and, above all, reinforce our 
decarbonization strategy, based on the use of all 
technologies capable of reducing emissions, as well as the 
digitalization of our processes to improve decision-making 
and become more efficient.
Towards the decarbonization of our assets 
A key objective under this strategy is the development of 
renewable energies. To become a global operator, in 2022 we 
increased our international presence by acquiring Asterion 
Energies, which has a significant portfolio of projects in 
Spain and Italy, and by starting up our first photovoltaic 
plant in the United States, among other operations. In Spain, 
we launched Solar360, a joint venture with Telefónica to 
enable the self-consumption of photovoltaic energy by 
individuals, neighborhood communities and businesses.
In the realm of mobility, our main commitment for bringing 
about an immediate reduction in emissions within the sector 
is advanced biofuels. These renewable fuels can be used in 
today’s engines, making them essential in minimizing the 
carbon footprint across all transport sectors. The plant we 
are now building at our Cartagena refinery, the first in Spain, 
will start operating in late 2023 and will produce 250,000 
metric tons of these fuels per year from organic waste.
This circular economy project is the best example of the 
industrial transformation going on at Repsol, which is 
turning its facilities into multi-energy hubs capable of 
treating all manner of raw materials to manufacture more 
sustainable products. One of the main drivers of this process 
will be renewable hydrogen, the production of which we want 
to lead in Spain by 2030. To succeed, we have created Shyne 
(Spanish Hydrogen Network), the largest consortium for this 
sustainable gas, and we will also be launching several key 
projects in and around our industrial centers.
All these initiatives show that Repsol will continue to invest 
in the transformation of its industry, which will ultimately 
boost the Spanish economy and protect jobs within the 
sector. We are therefore firmly committed to a strategy based 
on the sustainable development of society, in which the 17 
goals of the UN Agenda 2030 are fully integrated. In 
addition, in our daily running of the business we have 
pledged to respect the 10 Principles of the Global Compact 
on human rights, labor standards, anti-corruption and the 
environment, as evidenced by our adherence to the CEO 
Water Mandate last year, which will lead to further 
improvements in water management at our facilities.
Aside from these initiatives, I would be remiss not to 
mention the signing of the new Framework Agreement, 
governing key labor aspects such as wage increases and new 
teleworking arrangements. The commitment shown by our 
employees to this project and the support of our 
shareholders have been essential to achieving our objectives 
and pursuing our decarbonization strategy, which will 
ultimately allow us to become a net zero emissions company 
by 2050.
To all of you, my most sincere appreciation and gratitude.
Josu Jon Imaz 
Chief Executive Officer
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Repsol Group
“Repsol will continue to 
invest in the transformation 
of its industry, which will 
ultimately boost the Spanish 
economy and protect jobs 
within the sector.”

Contents
1.
2022 Overview
8
2. Our Company
12
2.1 Value chain and businesses
2.2 Repsol around the world
2.3 Corporate structure
2.4 Corporate Governance
2.5 Strategy
3. Environment
19
3.1 Macroeconomic environment
3.2 Energy landscape
4. Financial performance and 
shareholder remuneration
23
4.1 Results
4.2 Cash generation
4.3 Financial position
4.4 Shareholder remuneration
5. Performance of our businesses
29
5.1 Upstream
5.2 Industrial
5.3 Commercial and Renewables
6. Sustainability
49
6.1 Energy transition and climate change
6.2 Environment
6.3 Technology and innovation
6.4 People
6.5 Safe operations
6.6 Responsible tax policy
6.7 Supply chain and customers
6.8 Ethics and compliance
7. Outlook
119
7.1 Outlook for the energy sector
7.2 Outlook for our businesses
7.3 2023 relevant events
7.4 Risks
7.5 Russia's invasion of Ukraine
Appendices
124
Appendix I. Table of conversions and 
abbreviations
Appendix II. Alternative performance 
Appendix III. Consolidated Financial 
Statements - Repsol reporting model
Appendix IV. Risks
Appendix V. Additional information on 
Sustainability (includes Non-Financial 
Statement)
Appendix VI. IAnnual Corporate Governance 
Appendix VII. Annual Report on the 
Remuneration of Directors
Integrated Management Report 2022 
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Repsol Group

6. Sustainability
Sustainability model
Repsol’s Sustainability Policy sets the goal of meeting the 
growing demand for energy and products, while contributing 
to sustainable development.
This policy, created in 2015 and updated in 2017, was revised 
in 2022 to reflect the Company’s commitment to achieve net 
zero emissions by 2050 and contribute to a fair energy 
transition.l Zero net emissions, measured according to the IIC 
(Carbon Intensity Indicator) methodology, described at 
www.repsol.com (Sustainability - Carbon Intensity Indicator) 
(For more information see section 6.1.4)
The policy is implemented through the Sustainability Model, 
in accordance with best practices in environmental, social 
and governance  matters, and it is structured into six pillars: 
climate change, environment, innovation and technology, 
safe and secure operation, people, and ethics and 
transparency.
Sustainability plans are drawn up every year, serving as public 
commitments in line with the 2030 Agenda of the United 
Nations and its 17 Sustainable Development Goals (SDGs) and 
for which the Company is accountable year after year.
The 2022 Global Sustainability Plan (GSP), which sets out 49 
medium-term objectives built around the six pillars of the 
model, incorporates new commitments this year to the 
production of renewable hydrogen and the reduction of 
absolute CO2 and methane emissions to move towards net 
zero emissions.
Based on the GSP, Local Sustainability Plans (LSPs) are 
implemented in countries and operating centers. They 
incorporate annual initiatives that respond to the Company’s 
objectives and the needs of local stakeholders. In 2022, 
Repsol had a total of 19 local plans in place: 13 across its 
countries (Algeria, Bolivia, Brazil, Canada, Colombia, United 
States, Indonesia, Mexico, Norway, Peru, United Kingdom, 
Libya and Venezuela) and six at its industrial facilities 
(Bilbao-Petronor, Cartagena, Coruña, Puertollano, Tarragona 
and Sines). The LSPs have led to the implementation of 
more than 3,000 initiatives since 2014, aligned with the 2030 
Agenda and its Sustainable Development Goals. lFor more 
information on the Global Sustainability Plan and Local 
Sustainability Plans, see www.repsol.com (Sustainability - 
Sustainability Strategy -Reports and KPIs - Sustainability 
plans).
Repsol and the Sustainable 
Development Goals
Committed to the United Nations 2030 Agenda for 
Sustainable Development since its adoption in 2015, Repsol 
contributes to achieving the SDGs and works to ensure their 
implementation at all organizational and business levels.
Repsol focuses its efforts on SDGs 7, 8 and 13 with the aim 
of guaranteeing access to sustainable energy, promoting 
economic growth and fighting climate change. Moreover, it 
is committed to technological innovation, sustainable water 
management and the circular economy (SDG 6, 9 and 12) 
and it collaborates with its stakeholders and actively 
participates in business associations, in line with SDG 17.
Since 2019, Repsol has published an annual report which 
includes more than thirty indicators, projects and 
testimonials that show its contribution to the SDGs both 
globally and locally1.
Likewise, in 2022 Repsol analyzed its contribution to the 
SDG Roadmap for the oil and gas sector, developed by 
IPIECA and the World Business Council for Sustainable 
Development (WBCSD), and in which it played a leading role 
in its preparation. This document sets out the actions that 
companies in the oil and gas sector should undertake to help 
achieve a future with a low carbon footprint and a healthier 
and more prosperous world in line with the 2030 Agenda.
On the basis of this analysis, the degree of alignment 
between Repsol’s plans and the roadmap was established 
and improvements have been identified to continue making 
progress in the SDGs in the coming years. 
Another major milestone was the Company’s participation in 
two pilot projects for the valuation of impact assessment 
tools of the United Nations Development Program (UNDP) 
and UNEP-FI
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2022 
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Our 
Company
Environment
Financial 
performance and 
shareholder 
Performance of 
our businesses
Sustainability
Outlook
Appendices
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1The SDG reports are available at www.repsol.com (Sustainability - Sustainability strategy - Our contribution to the SDGs)

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2022 
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Environment
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Sustainability
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Governance model
The Board of Directors approves, subject to oversight by the 
Sustainability Committee, the Company’s sustainability 
strategy and policy proposed by senior management. This 
Committee, among other functions, oversees and guides the 
policy, objectives and guidelines in the environmental, social 
and governance domains. In 2022, the committee held a 
total of 5 meetings and addressed the following matters, 
among others:
•  2030-2050 business scenarios analysis of the Company's 
resilience to the energy transition.
•  Accident rate scorecard.
•  Global Sustainability Plan (year-end of Plan 2021 and Plan 
2022).
•  2022 Report on Sustainable Development Goals.
•  2022-2027 Sustainability risk map.
•  CO2 emission allowances.
•  Progress made on strategic safety and environmental 
projects.
•  Assessment of the report on Repsol’s participation in 
industry initiatives and associations.
•  Local Sustainability Plans.
•  Non-financial reporting framework strategy with a view to 
2024.
•  Progress in human rights: social management of the La 
Pampilla spill (Peru).
•  Updates of the Sustainability Policy, Health and Safety 
Policy, and the new Environmental Policy.
•  Results of the 2022 materiality analysis.
•  Progress towards natural capital and biodiversity.
•  Progress made on water management.
•  Progress in human rights in the Low Carbon Generation 
business.
•  ESG 2022 performance, valuations from the main ESG 
analysts and O&G sector rankings.
•  Summary of COP27.
There is a growing demand for information from investors, 
analysts, shareholders and financial institutions regarding 
compliance with Repsol’s energy transition strategy. ESG 
(Environmental, Social and Governance) criteria have 
become increasingly relevant in recent years, such that 
environmental, social and good governance factors are 
highly valued by investors, beyond financial results.
The Company provides its main stakeholders with timely, 
accurate and transparent information on ESG aspects during 
the quarterly and annual presentation of results and strategic 
events. The management team also conducts specific ESG 
roadshows, some of which are led by the CEO himself.
The sustainability ratings prepared by prestigious entities 
(MSCI, S&P, Sustainalytics, CDP, among others) represent 
an indicator of compliance with the strategic objectives and 
the quality of the Company’s management and governance 
in this area. 
The reports obtained from the roadshows and other ESG 
events, such as ESG Day held on October 4, 2022, are 
periodically presented to the Board of Directors. On this 
occasion, aspects about the role of technology in 
accelerating the energy transition were explained. Moreover, 
the Ecoplanta project was presented as an opportunity for a 
technology-driven circular economy. The main lines of work 
relating to diversity and inclusion, as well as Repsol’s 
approach to assessing the climate credentials of an energy 
company were also discussed.
As for ethics and transparency, the Audit and Control 
Committee and the Ethics and Compliance Committee are 
responsible for ensuring compliance with the Code of Ethics 
and Conduct in all areas of the Company.
The Company’s senior management defines the objectives, 
action plans and practices with regard to sustainability. To 
ensure that the organization is properly aligned, 
sustainability and decarbonization objectives accounted for 
20-35% of the variable compensation of all Company 
employees in 2022, and 25% of the CEO’s annual variable 
compensation. Additionally, there is a long-term incentive for 
the 2022-2025 period, where 40% of the objectives are linked 
to sustainability. It applies to all senior management, 
including the CEO, and other employees.
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2022 
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Environment
Financial 
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Performance of 
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Sustainability
Outlook
Appendices
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ESG Awards 
(1) For more information on awards, see https://www.repsol.com/en/about-us/our-brand/awards/index.cshtml 
Leadership and talent
Technology and digitalization
37% 
of 
institutional 
shareholders 
are ESG 
investors
Merco Líderes Ranking
Antonio Brufau and Josu Jon Imaz are 
among the top 15 executives with the best 
reputation in Spain in 2022.
Merco Talento Ranking
Repsol ranks second among the top 100 
Spanish companies with the greatest ability 
to attract and retain talent.
Repsol Data School
It received an award from AMETIC in the 
category of more and better trained ICT 
professionals at the Digital Skills Awards 
Spain 2022.
HR Excellence in Research
The first private company research center in 
Europe to receive this award.
Accessibility
Communication and corporate 
reputation
Leed Platinium certification awarded by 
the US Green Building Council
The corporate headquarters is a sustainable 
and 100% accessible workspace. Among 
other aspects, energy efficiency, use of 
alternative energies and efficiency in water 
use are valued.
Repsol, with 72,4/100 points,has the best 
corporate website in Spain, according to 
data from the annual Webranking study. 
Sustainability is one of the most highly 
valued sections.
Repsol is among the top 6 in corporate 
reputation among Spanish companies, 
according to the Merco study.
ESG 2022 indexes and ratings
Repsol,             
a company 
recognized for 
its 
commitment 
to 
sustainability
CDP Climate change
Repsol maintains its score of A- in the 
leadership category.
MSCI
Score of A (on a AAA-CCC scale) which places 
Repsol above the average for the  O&G 
sector.
Sustainalytics
Repsol is among the best in its sector, with a 
rating of 26.9/100 (Medium Risk).
S&P ESG Evaluation
Score of 65/100. The sustainability strategy 
is highlighted as the most advanced in the 
sector.
Ecovadis
 Within the top 8% of companies with the 
best valuation in the sector.
ISS-ESG
Prime rating, which places Repsol among the 
leading companies in its sector.
Repsol maintains leadership positions in its sector in the main ESG ratings.
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6.1 Energy transition and 
climate change1,2,3
Over the past twenty years, Repsol has built a leading 
position in relation to the energy transition and the fight 
against climate change in the global O&G industry. 
The Company has been a pioneer in the sector, by in 2019, 
taking on the challenge of achieving net zero emissions by 
2050, in alignment with the Paris Agreement, and making a 
commitment to technology and digitization. Repsol is 
decarbonizing its traditional operations, investing in 
renewable electricity generation and producing renewable 
fuels to offer customers power with a low carbon footprint 
for the mobility, industry and residential sectors.
The energy transition is an unprecedented challenge. We are 
facing the so-called ‘energy trilemma’, it is necessary to 
decarbonize the energy mix, while also guaranteeing a 
reliable and affordable supply of energy.
Solving climate change issues is a great challenge for society. 
Repsol wants to be part of the solution and it has created a 
roadmap with specific targets that it is already starting to 
meet.
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1 The figures and indicators in this section have been calculated in accordance with corporate standards that set out the criteria and common methodology to be applied in 
energy transition, safety and environmental matters (S&E). As a general rule, environment and safety information includes 100% of the data from companies in which 
Repsol holds a controlling interest or control over operations.
2 This section fulfills the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD), to which the Company adhered in April 2018.
3 Each year, Repsol discloses additional climate change information in the CDP survey (available at www.cdp.net and at www.repsol.com [Sustainability - Sustainability 
strategy - Reports, indicators and alliances - Management and sustainability reports]).

6.1.1. Governance
Repsol has a governance structure for managing matters 
related to climate change that is led by the Board of 
Directors, it approves the decarbonization strategy that 
forms part of the company’s overall strategy and oversees its 
compliance by monitoring sustainability and energy 
transition targets and indicators. This monitoring includes 
performance metrics, targets for reducing emissions and 
carbon intensity, technological advances and investment 
proposals. By decision of the Board of Directors, the energy 
transition strategy and plans were submitted to the advisory 
vote of the General Meeting of Shareholders in 2022.
The Executive Committee (EC) and the Board of Directors 
oversee the compatibility of the investment proposals with 
the energy transition targets through specific reports drawn 
up by the Sustainability Department. In these reports, the 
impact of each investment on the Carbon Intensity Indicator 
(CII)4 is measured, a metric that indicates the progress made 
toward decarbonization. 
Moreover, specific sessions have been held for Board 
members on matters related to the energy transition and 
climate change, such as critical minerals for the energy 
transition, technologies to transform waste into products 
and circular chemistry, artificial intelligence technologies, gas 
markets, and the impact of the war in Ukraine.
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4 For more information, see Section 6.1.4. Metrics and targets.

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The Sustainability Committee and the Audit and Control 
Committee of the Board, as well as the Executive Committee, 
regularly monitor the information on the implementation of 
the climate change strategy and the change in compliance 
with the CII.
Specifically, in 2022 the Sustainability Committee reviewed 
the following aspects, among others: 
• Fulfillment of the energy transition targets by the end of 
2022.
• Quantification of investments to ensure they are in line 
with the energy transition.
• CO2 emission allowances. 
• Greenhouse gas (GHG) emissions map for 2022. 
• Non-financial reporting frameworks. 
• 2030-2050 business scenarios.
• Participation in industry initiatives and associations and 
their alignment with the Company’s climate position.
• Results from COP27.
Meanwhile, the Audit and Control Committee reviewed the 
non-financial information published in the Management 
Report, as well as the non-financial risk control and 
management systems5.
The Executive Committee is directly responsibility for 
managing matters related to the energy transition:
• It oversees and proposes to the Board of Directors a 
Company’s strategy aligned with the energy transition, as 
well as the long-term scenario analysis (2030-2050). 
• It approves and assesses the targets, budgets and annual 
investment plans. 
• It approves the qualification of investments to ensure they 
are in line with the energy transition.
• It approves potential changes to the CII calculation 
methodology and monitors the progress made towards 
achieving the targets established for this key indicator at 
least once a year. 
• It assesses the investment proposals and their impact on 
the CII.
• It periodically oversees the state of risk management 
policies and the emerging risks and climate change map 
presented by the Audit, Control and Risk Department.
The executive managing divisions and business areas with 
the most significant impact on the energy transition strategy 
collaborate and hold regular coordination meetings. They 
review ongoing projects related to managing climate change 
risks and opportunities, and specialized teams advise them 
on climate-related issues. More than 60 full-time employees 
work on climate and energy transition issues, distributed 
across corporate functions (sustainability, legal, risk 
management, strategy, technology, investor relations, 
communication, institutional relations, etc.) and business 
units.
Fulfillment of the energy transition targets have a direct 
impact on the variable remuneration of all employees: 
•
Short-term variable remuneration is defined and 
reviewed on an annual basis. In 2022, up to 20% of this 
remuneration is based on sustainability commitments 
linked to the decarbonization pathway, which focus on 
CII reduction and making progress in renewable 
electricity generation capacity. 
•
Repsol also has a long-term incentive in place for the 
2022-2025 horizon. 30% of this incentive is linked to 
compliance with the CII reduction goal and 10% is 
linked to compliance with the renewable generation 
capacity targets. This long-term variable remuneration 
applies to all executives and members of senior 
management, including the CEO, as well as a high 
percentage of leaders with managerial and technical 
responsibilities.
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5 For more information, see the annual reports of the Audit and Control Committee and the Sustainability Committee and the Annual Corporate Governance Report.

6.1.2. Strategy
Repsol’s strategy focuses on achieving net zero emissions by 
2050, including all emissions from production to final 
consumption of the primary energy that is produced. 
To define this strategy, Repsol carried out a process to 
identify and analyze the risks and opportunities related to the 
climate and the energy transition6.
Repsol considers that the energy transition should be 
accompanied by technological development in a series of 
decarbonization areas:  
• Energy efficiency and the decarbonization of current 
operations. 
• Renewable electrification. 
• Renewable liquid and gaseous fuels.
• Carbon sinks based on CO2 capture.
The strategy is translated into on plans and targets for this 
decade, a period with greater visibility in terms of 
environmental conditions. In the long term (2031-2050), 
Repsol uses global and regional energy demand scenarios to 
analyze several possible energy transition routes. They take 
into account the uncertainty associated with factors such as 
the pace of technological development, regulations or the 
energy needs and habits of consumers. 
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6 See information in section 6.1.3 Risks and opportunities.

Reference energy scenarios
Given the uncertainty with regards to the pace and direction 
of the energy transition in the long term, the scenario 
analysis based on different assumptions about changes in 
the energy context (demand for oil and gas, growth of 
renewables, changes in new technologies, climate policies, 
etc.) will become particularly important. In this sense, Repsol 
will adapt its businesses to varying future conditions, without 
compromising its decarbonization targets. The scenario 
analysis should make it possible to test the resilience of the 
Company’s strategy to financial risks that arise from climate 
change and the necessary transition toward a decarbonized 
energy portfolio.
As a reference for its business analysis, Repsol adopted the 
forecasts of oil and gas demand, renewable generation 
growth and other macroeconomic environmental conditions 
from the International Energy Agency (IEA) scenarios 
described in its World Energy Outlook 20217, since they are 
widely referenced in the energy sector:
•
NZE (Net Zero Emissions by 2050 Scenario): a 
scenario in which net zero emissions are achieved by 
2050 in the global energy sector, and compatible with 
the temperature not increasing by more than 1.5 °C by 
2100.  
•
SDS (Sustainable Development Scenario): a scenario 
which allows for a 1.65°C pathway to be reached in line 
with the Paris Agreement goal of maintaining it “to well 
below 2°C”. 
•
APS (Announced Pledges Scenario): a scenario in line 
with the fulfillment of the commitments and pledges 
publicly announced by governments around the world.
It is important to note that the IEA highlights its NZE 
scenario as one of the many possible scenarios that can be 
proposed to limit the increase in temperature to 1.5°C: 
“There are many possible paths to reach CO2e net 
zero emissions worldwide by 2050 and many 
uncertainties that could affect any of them; the 
NZE scenario is, therefore, one path but not the 
definitive one toward net zero emissions” (IEA, 
2021, Net Zero by 2050: A Roadmap for the Global 
Energy Sector).
In fact, the Sixth Assessment Report, AR6, by the 
Intergovernmental Panel on Climate Change (IPCC), 
published in 2022, includes more than 200 scenarios in line 
with limiting the increase in temperature to 1.5 °C by 2100, of 
which only 288 achieve emissions neutrality by 2050, whereas 
the rest do so later.
With regards to change in the demand for energy end 
products, Repsol considers a single scenario, determined by 
the European Green Deal and the associated 2030 legislative 
package Fit for 55, as will be described later, since its 
industrial complexes (refining and chemicals) and 
commercial assets are mostly located in Spain and Portugal.
Repsol’s Pathway to net zero emissions: 
2030 strategy and 2030-2050 projections
In this decade, until 2030, Repsol will follow a 
decarbonization pathway that is based on specific business 
targets proposed in its Strategic Plan (November 2020) and 
bolstered in October 2021. In the long term (2031-2050), the 
decarbonization pathway is built on Company projections 
considering the environmental conditions of the three IEA 
scenarios mentioned. 
The hydrocarbon upstream business mainly responds to 
changes in global oil and gas supply and demand. 
• Until 2030, the strategy focuses on optimizing the asset 
portfolio, prioritizing assets that are already productive as 
well as projects to develop profitable reserves at moderate 
crude oil prices, with a shorter life cycle and a lower carbon 
intensity. Hydrocarbon production in this period remains 
stable in the range 600-630 kboed, which compares with 
maximum production of 709 kboed in 2019. It will start to 
decline toward the end of the decade accompanied by a 
drop in demand in each scenario. During this period, a 
large part of the natural decline in field production will be 
offset by projects to develop reserves and contingent 
resources already discovered. Particular attention is given 
to reducing direct emissions from the assets, so that by 
2025 methane intensity will fall below 0.2% and routine 
flaring emissions will decrease by 50%. In addition, for this 
decade CO2 capture and storage (CCS) has only been 
included in the Sakakemang project (Indonesia), but other 
opportunities are being explored.
• In the long term, a more severe drop in production from 
2030 onwards has been taken into consideration than the 
worldwide decline envisaged in the IEA scenarios , 
entailing a greater contribution of lower-cost hydrocarbons 
in the hands of national companies in producing 
countries. This, meanwhile, makes it easier to reach 
Repsol’s decarbonization targets. In 2050, hydrocarbon 
production is estimated to be at 350-400 kboed (APS 
scenario), 250-300 kboed (SDS scenario) or less than 100 
kboed (NZE scenario). This last case entails the decline 
resulting from the depletion of the assets that are already 
in operation by 2030, assuming that no new developments 
will have been undertaken from that date.
The industrial business (refining, chemicals and new 
renewable and circular products) must adapt to the local or 
regional demand trends and regulations Repsol’s industrial 
operations, mainly located in Spain and Portugal, will be 
subject to demand trends where the Fit for 55 legislative 
package, published by the European Commission in 2021, is 
expected to have a decisive influence. The European Union 
aims to reduce GHG emissions by 55% by 2030 compared to 
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7 In the latest edition of the WEO 2022, published after the development of scenarios by Repsol, the SDS scenario has been eliminated. The APS scenario revised in 2022 is 
close to the 2021 SDS (+1.7°C vs. +1.65°C, respectively) since emission reduction announcements from new countries were included. A Stated Policies 2022 scenario is 
maintained which incorporates only the current policies established by the countries and that leads to a +2.5°C pathway that is incompatible with the Paris goals.
8 The 28 scenarios correspond to those that reach net zero emissions from the energy sector with a > 95% reduction compared to 2021.

1990, as an intermediate step towards achieving emissions 
neutrality by 2050, as set forth in the European Green Deal. 
Transport-related regulations will be particularly relevant to 
Repsol since they could lead to a very significant drop in the 
demand for petroleum products in the 2030-2050 period. 
These products would be progressively replaced by electricity 
in the light road transport segment (and partially in the 
heavy-duty segment), and by renewable fuels (advanced 
biofuels, synthetic fuels and hydrogen), in the latter case 
especially aimed at the transport segments that are most 
difficult to electrify (aviation, maritime and heavy road 
transport). 
Thus, in the so-called 1.5 Tech Scenario prepared by the 
European Commission, the total demand for fuels in the 
transport sector by 2050 in the European Union would be 
covered by 15% conventional fuel, 25%9 electric mobility and 
60% renewable fuels (including biofuels, synthetic fuels and 
hydrogen, all partly generated using renewable electricity as 
well).
Renewable liquid and gaseous fuels will be necessary for the 
decarbonization of the many energy uses where renewable 
electricity is not applicable or the most efficient option. The 
circular economy will also play a key role in decarbonization 
and the transformation of refining and petrochemicals 
industrial complexes, since a large part of the renewable 
fuels will be obtained from organic waste. 
• Until 2030, Repsol’s refining activity will continue to be 
high, with a reduction in crude processing toward the end 
of the decade of around 15% from 2019 values, while 
renewable fuel volumes will increase. Biofuel production 
will reach 1.3 Mt by 2025 and 2.0 Mt by 2030, and 
renewable hydrogen production will reach 0.55 GWe by 
2025 and 1.9 GWe by 2030. In the chemicals segment, 
Repsol will recycle the equivalent of 20% of its total 
polyolefin production by 2030.
• In the longer term, distillation of crude oil is expected to 
drop by 80-90% by 2050, compensated by an increase in 
the production of renewable fuels (biofuels, synthetic fuels 
and hydrogen), which will constitute some 60-70%10 of the 
Company’s energy product mix by 2050. It should be 
noted that the competitive position of Repsol’s industrial 
assets (first quartile in the EU by economic profit and 
market share in Spain) currently makes it easier to 
undertake the necessary investments for their 
transformation:
• Repsol’s production of renewable hydrogen will reach 
10-15 GWe by 2050. 
• The Chemicals business shows growth in line with the 
increase in demand estimated under the IEA scenarios. 
Circular economy projects (waste as raw material, 
mechanical and chemical recycling) will be the main 
investment vectors. By 2050, Repsol expects to recycle 
the equivalent of 50% of its total production of 
polyolefins, which will be used in applications with a 
long-life cycle.
Fuel consumption in the transport sector by 2050 (Mtoe) 
1.5 Tech scenario
Oil
E-liquids
Liquid biofuel 
Natural gas
Biogas
E-gas
Hydrogen
Electricity
2015
2030
2050
0
100
200
300
400
Source: 1.5 Tech scenario, Clean Planet for All.
Repsol’s renewable electricity generation business’ assets 
are distributed across various regions of the world, each with 
different perspectives in terms of growth in energy demand 
and other environmental conditions. These have been 
incorporated into the Company’s projections.
• The Company aims to reach a renewable electricity 
generation capacity of 6 GW11 by 2025 and 20 GW11 by 
2030.
• This will continue to be the business line that will see the 
most growth in the long term. By 2050 Repsol would reach 
an installed capacity of 40-45 GW under the SDS scenario 
and 50-55 GW under the NZE scenario.
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9 25% in terms of energy supply for mobility, equivalent to 51% of useful energy due to the greater efficiency of electric motors.
10 Percentage expressed in energy terms.
11 Operated capacity expressed in gross terms.

Renewable electricity capacity generation
In the commercial business, the strategy offers customers a 
multi-energy package of low-carbon products and services 
for mobility and for the residential and business sectors, 
leveraging digital channels for a more personalized 
relationship and with high levels of energy efficiency that go 
hand in hand with digital applications.
At the consolidated company level, the reduction in the CII is 
the key metric used to monitor and set targets for 
decarbonization toward becoming carbon neutral by 2050. 
This indicator includes both direct emissions (Scope 1) and 
indirect emissions (Scope 2 and Scope 3, the latter derived 
from the use of products obtained from the Company’s 
production of primary energy). Since the announcement of 
its first decarbonization pathway in December 2019, Repsol 
has raised these targets twice and today they are set at 15% 
by 2025, 28% by 2030 and 55% by 2040, to reach 100% by 
2050, in line with the goal of emissions neutrality.
Carbon Intensity Indicator (CII) Reduction targets
-15%
-28%
-55%
-100%
Objectives 
2016
2025
2030
2040
2050
As for the period until 2030, the CII reduction target of 28% 
will be achieved by applying a broad combination of 
technologies and solutions. This is in line with Repsol’s 
vision of the energy transition, according to which both 
renewable electrification and renewable fuels and CO2 
capture will be required, alongside with the reduction of the 
carbon intensity of the traditional operations:
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In the 2031-2050 period, the relative contribution of the 
different decarbonization levers to the reduction of the CII 
reduction is (in relation to the different IEA scenarios 
analyzed):
Relative contribution of the levers to CII reduction by 2050
28%
28%
Natural Climate Solutions (NCS)
CO2 Capture and storage (including CCUS and DAC) 
Renewable electricity generation
Renewable fuels production
E&P portfolio transformation
IIC % achieved by 2030
SDS
NZE
0%
50%
100%
In the SDS scenario, more than 90% of decarbonization is 
achieved with energy solutions and the need to offset the 
remaining emissions through natural climate solutions 
(NCS) is anticipated, given potential technological 
limitations in sectors with emissions that are difficult to 
eliminate. In the NZE scenario, offsetting with NCS would 
not be required since Repsol’s oil and gas production is 
already very low (net zero emissions are reached before 
2050). 
Lastly, Repsol compared its decarbonization pathway with 
that of the different 1.5°C scenarios of the IPCC (AR6, 2022), 
calculating their carbon intensity based on GHG emissions 
(CO2, CH4, N2O) and primary energy data (IIASA)12, to be 
able to compare them with Repsol’s CII reduction.
As shown in the graph, the reduction rate of Repsol’s 
pathway indicator declines, starting in the short term, within 
the variation interval of the 1.5°C scenarios of the IPCC, even 
when its starting point is higher due to the greater initial 
weight of oil and gas in its energy production. It should also 
be noted that in most IPCC scenarios emissions neutrality is 
achieved after 2050.
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12 IIASA (International Institute for Applied Systems Analysis) (2022), AR6 Scenarios Database hosted by IIASA, data.ene.iiasa.ac.at/ar6.

Carbon intensity (g CO2e/MJ)
Allocation of capital
Repsol’s allocation of capital to the different businesses 
responds to compliance with the decarbonization target in 
the different scenarios described: committing increased 
investments to low-carbon segments in order to mitigate 
risks and take advantage of the opportunities generated as a 
result of the energy transition.
Investment in low carbon technologies and businesses13 
represents 35% of total investments in the 2021-2025 
period. For the 2030-2050 period, Repsol estimates that the 
allocation of capital under the different scenarios analyzed 
will be: 
Percentage of capex in low carbon 
businesses out of total capex (average in 
the period)
2031-2040
2041-2050
Scenario consistent with APS demand
50-60
60-70
Scenario consistent with SDS demand
55-65
65-75
Scenario consistent with NZE demand
70-80
80-90
In 2030, Repsol plans to reach a capital employed of up to 
45% in low-carbon businesses, a proportion that will 
continue to increase until 2050 at the pace of the energy 
transition in each scenario considered: 
Percentage of capital employed in low 
carbon businesses out of the total
2030
2040
2050
Scenario consistent with APS demand
40-45
50-60
60-70
Scenario consistent with SDS demand
40-45
55-65
65-75
Scenario consistent with NZE demand
40-45
65-75
75-85
Resilience to the financial risks of climate 
change
In order to assess the financial resilience of the strategy in 
terms of climate change, an economic analysis of the current 
and future business models has been carried out in the three 
scenarios based on the IEA’s forecasts. The result is shown 
in the following graph, in terms of net present value (NPV) 
variation in the different scenarios and contexts, taking the 
SDS scenario as the baseline:
The Company’s value does not vary significantly in the 
different IEA demand scenarios, between -4% and +2% for 
the price levels considered in each of the three, for the 
following reasons: 
•
The environment of the Industrial and Commercial fuel 
businesses was considered invariable in the three 
scenarios, determined by the European Green Deal and 
the Fit for 55 legislative package. The strategy involves 
investments in low-carbon projects (renewable, synthetic 
and hydrogen fuels) that preserve the value of these 
businesses, today in the first quartile in the EU by 
economic profit and market share in Spain
•
For its part, the upstream business maintains value in 
this decade, which are the years with the greatest impact 
in terms of NPV, and, starting in 2030 it progressively 
decreases, at the rate of the fall in production and the 
drop in prices due to lower demand. 
•
The Low Carbon Generation and Electricity Marketing 
businesses, on the other hand, create economic value at 
the rate of their growth. 
The limited variation of the Company’s NPV in the three 
scenarios shows that the proposed strategy is resilient to the 
different speeds of the energy transition which are implicit in 
these scenarios. 
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13 Low carbon technologies and businesses: energy efficiency, renewable electricity generation, production and marketing of biofuels, renewable hydrogen, synthetic fuels, 
CCUS; marketing of renewable electricity, distributed generation and other value-added services such as electric mobility.

Regarding the prices in each scenario until 2030, Repsol has 
used its internal price pathway, framed by the references of 
analysts and agencies. From 2030 onwards, it has been 
linearly interpolated until reaching the IEA prices in 2040 in 
each of the three scenarios and thereafter, following that 
prices evolution. 
The IEA estimates a deterministic price scenario in each of 
the demand scenarios. However, the current energy 
environment imposes great uncertainty on the supply-
demand balance and the prices of raw materials, which adds 
to their inherent volatility. For this reason, for each of the 
three scenarios, a probabilistic analysis of sensitivity to oil, 
gas and refining margin prices has been carried out based 
on the historical variability of these indicators.
The results of this analysis are presented below, showing the 
P25 (25th percentile) and P75 (75th percentile) price ranges 
for each of the demand scenarios.
Probabilistic analysis of NPV variation
This variation in economic value is more related to the historical 
volatility of raw material prices than to the structural impact that 
the energy transition may have on these prices, but it is 
considered to provide useful supplementary information. In its 
price evolution, the IEA aims to provide a look at the impact of 
the energy transition on prices, calculating them from the 
marginal cost of production in the different demand scenarios, 
although other factors such as geopolitical ones are not taken 
into account. 
Mechanisms to incentivize decarbonization
Repsol has various internal mechanisms in place to promote 
the allocation of capital to low carbon investments, such as 
the internal carbon price and the methodology to gauge 
whether an investment is in line with the energy transition.
The Company has set an internal carbon price for making 
investment decisions on new projects. It applies to all 
investments, including cases where there is no regulated 
carbon price. This has been done with the conviction that the 
cost of CO2 emissions will be internalized through regulatory 
mechanisms in all geographical areas over the time horizon 
of the life span of such investments.
The internal carbon price14 used by Repsol distinguishes 
between the EU and the rest of the world. Thus, new 
investments in the EU are assessed at $70/t over the 
2022-2025 period (or the regulated price if this is higher), 
rising to $100/t in 2030. In the rest of the world, in countries 
without more stringent specific regulation, $60/t is applied 
across the entire 2022-2030 period.
Internal carbon price (carbon incentive for new investments)
Furthermore, in 2021 Repsol developed its own methodology 
to assess whether a new investment is in line and consistent 
with its path towards decarbonization.
Any investment proposal submitted to the Executive 
Committee and the Board of Directors must include a report 
drawn up by the Sustainability Department that reflects its 
impact on the Company’s CII. 
The investments can be categorized as follows depending on 
whether the impact is positive, neutral or negative:
• Aligned with the energy transition, when it does not affect 
or facilitate the Company’s CII reduction targets. 
• Enabling the energy transition, if it has a negative impact 
on the CII of less than one percentage point and it can be 
offset by other initiatives. Additional conditions are also 
imposed on upstream investments (limited life of 
exploitable reserves and no investment in oil sands, extra- 
heavy crude and Arctic offshore).
• Misaligned, when it does not meet the requirements of 
either of the two previous categories.
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14 Prices expressed in nominal terms.

In 2022, following the investment qualification methodology, 
the sustainability report was incorporated into 38 investment 
proposals that were submitted to the Executive Committee 
for approval (7 from E&P, 17 from Low Carbon Generation 
and 4 from Industrial Transformation and Circular 
Economy). Of these proposals, 61% were aligned, 33% were 
facilitators and 5% were misaligned. 
6.1.3. Risks and opportunities
The risks and opportunities associated with the energy 
transition and climate change are becoming increasingly 
important in the medium and long term. 
Repsol identifies and assesses the long-term risks associated 
with the energy transition and climate change from several 
perspectives by using its own analysis methodology. It 
adapts the medium-term risk assessment envisioned in the 
Integrated Risk Management System with the aim of 
extending its scope to 2050. This supplements the Group’s 
general risk map, (five-year horizon)and the emerging risk 
map (ten-year horizon) looking forward to 2030, 2040 and 
2050 for climate change and energy transition risks.
•
The risk analysis is based on the IEA’s three scenarios: 
Announced Pledges Scenario (APS), Sustainable 
Development Scenario (SDS) and Net Zero Emissions 
(NZE) described in the previous section. Climate risks 
may have an adverse or positive impact depending on 
the strategies for mitigating risk and adapting to the 
scenarios, since they imply the emergence of business 
opportunities that can be unlocked. 
•
The most significant climate change risks for the 
Company have been identified. Thus, the taxonomy 
developed for this purpose has been updated, taking 
the risk classification proposed by the Task Force on 
Climate-related Financial Disclosures (TCFD) as the 
main reference. It includes the categories of climate 
change risks, both those derived from the energy 
transition (regulatory, legal, technological, market and 
reputational) and the physical risks that could be 
exacerbated by the progress of climate change (acute 
and chronic). It includes a total of 17 risks classified 
according to their nature. Of these risks, the ten that 
account for most of the exposure are prioritized for 
subsequent analysis. These risks are prioritized by a 
group of the Company’s experts in strategy, markets, 
regulation, finances, reputation, legal affairs, 
technology and sustainability. They reach a consensus 
using the Delphi technique.
The importance of each of the risks identified is determined 
by semi-quantitatively estimating their economic impact on 
each of the business lines and geographical areas. Each risk 
is considered a factor of uncertainty that may cause a 
deviation in the long-term economic results (2030-2050 
horizon) in each of the scenarios analyzed according to the 
Company’s decarbonization roadmap. 
On the 2030 horizon, the risk analysis reveals that the 
probability of suffering negative impacts from the energy 
transition is relatively low. In other words, the Company is 
prepared for even the most rapid transition scenarios thanks 
to its decarbonization pathway. Thus, in 2030, the Company 
has a very high probability of being able to harness 
opportunities that will completely neutralize any potentially 
negative impacts, as a result of its position and its long-term 
climate strategy compared to the rest of the sector, which 
places it in a favorable competitive position. Examples of 
these opportunities include energy efficiency, renewable 
electricity generation, advanced biofuels, renewable 
hydrogen, the circular economy and, in the medium to long 
term, carbon capture and storage.
In the long term (2040 and 2050), exposure to climate risks 
will increase, as there will be added uncertainty associated 
with risk factors and the scale at which these factors may 
materialize and opportunities can be exploited. 
However, the commitment to become a net zero emissions 
company by 2050 and the analysis of its response to 
different energy transition scenarios mitigate these risks and 
demonstrate the company’s resilience (see the Resilience to 
the financial risks of climate change section, in section 6.1.2).
The exposure of all Repsol’s businesses to the various risks 
has been examined in detail and differentiating elements can 
be seen, due to the specific characteristics of each business. 
The main risks, which may become opportunities through 
mitigation measures (see section 6.1.2, Strategy), are the 
following: 
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IMPACT ASSESSMENT
TRANSITION RISK  (1)
Time horizon 
relevancel(2)
Business(3)
Geography
Regulatory and legal
Regulatory changes that affect the 
Company’s results
Short, medium, and 
long term
l
l
l
l
Special 
relevance for 
EU and North 
America
Increase in litigation derived from the 
effects of climate change
Greater relevance 
in the short and 
medium term
l
l
l
l
Technological
Inefficient, late or premature adoption of 
new practices, processes or developing 
technologies.
Greater relevance 
in the long term
l
l
l
l
UE and rest of 
the world
Scarcity or unavailability of raw materials 
and natural resources
l
l
l
l
Market
Decoupling of the portfolio management 
strategy with the speed of the energy 
transition
Short, medium, and 
long term
l
l
l
l
Special 
relevance for 
EU and North 
America
Changes associated with the preferences 
of final consumers or intermediaries
Greater relevance in 
the long term
l
l
l
l
Potential difficulty or limitation in raising 
funds
Short, medium, and 
long term
l
l
l
l
High competition in the markets 
associated with the energy transition
Greater relevance in 
the long term
l
l
l
l
Reputation
Stigmatization of the O&G sector 
(includes failure to meet objectives)
Greater relevance in 
the long term
l
l
l
l
UE and rest of 
the world
Difficulties associated with talent 
management
Greater relevance in 
the short and 
medium term
l
l
l
l
Special 
relevance for 
EU
(1) See Appendix V for a detailed description of climate change risks. 
(2)Short, medium and long term are understood as the time horizons 2030, 2040 and 2050 respectively.  
(3)The impact on each of the business divisions in a NZE 2050 scenario is semi-quantitatively determined on the basis of the consensus reached by the group of 
experts who participated in the analysis.. Three qualitative impact levels have been defined which reflect the relative contribution of each business to the total impact 
of each of the risks.
E&P 
(upstream)
Industrial
Customer
LCG (Low Carbon 
Generation)
lHigh           lAverage       lLow
Regarding the physical risks of climate change, given the 
nature and location of the Company’s activities, the team of 
experts agrees that they are lower risk factors than those 
derived from the energy transition. However, and as a result 
of the public disclosure obligations arising from the 
European Union regulation (Taxonomy Regulation 
852/2020), which establishes the framework to promote 
sustainable investment, Repsol has developed a semi-
quantitative methodology to perform a detailed analysis of  
the physical risks of climate change in existing facilities, and 
especially in the new facilities that it includes in its portfolio 
and that meet the requirements established to be considered 
environmentally sustainable activities. 
To carry out this long-term analysis, the global warming 
scenarios described by the Intergovernmental Panel on 
Climate Change (IPCC) were considered: RCP 8.5, RCP 4.5 
and RCP 2.615, with the same time horizon as for transition 
risks (2030, 2040 and 2050), in each of the geographic 
locations of the facilities studied16: wind, photovoltaic, 
hydraulic power plants and certain petrochemical plants.
The climate projections being used to carry out these 
analyses are, among others, those of the Copernicus services 
(the EU’s Earth observation program coordinated and 
managed by the European Commission).
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15 According to the Sixth Assessment Report (AR6) of the Intergovernmental Panel on Climate Change (IPCC), the RCP (Representative Concentration Pathways) scenarios 
used in this study correspond to a projected increase in global average temperature in 2100 of 4.5°C in the RCP 8.5 scenario; 2.8°C in the RCP 4.5 scenario; and 1.85°C in 
the RCP 2.6 scenario.
16 Wind power plants (PI, Delta I, Delta II, Atacama, Cabo Leonés, Elena and Antofagasta), photovoltaic power plants (Valdesolar, Kappa, Sigma and Jicarilla), hydraulic 
power plants (Aguayo, Picos and Navia), petrochemical power plants (C43 project in Cartagena; RECPUR project in Puertollano; Electrolyzer 2.5 MW in Bilbao).

In view of these climatic condition forecasts (studied 
through the analysis of the physical variables associated with 
acute and chronic risk factors related to variations in 
temperature, rainfall, wind speed, etc.), possible impacts on 
these facilities are analyzed, both from the point of view of 
potential structural damage due to intensification of extreme 
weather events and the potential production losses or 
operational inefficiencies as a result of these events or 
changes in weather patterns.
Likewise, the barriers currently implemented to mitigate 
these risks and other possible mitigation measures that can 
be implemented in the future are also analyzed, in the case 
that these types of events, which significantly reduce the 
probability of having an impact, come about. 
The conclusion reached is that Repsol is more exposed to 
transition risks than to physical risks. However,it is taking 
steps to reduce exposure to all risks.
Climate change risks, both physical and transition risks, are 
managed and mitigated in the same way as the other risks to 
which the Group17 is exposed. However, the fact that they are 
emerging risks means that they will need to be examined in 
greater detail in the long term and mitigated through a long-
term commitment to net zero emissions by 205018, a 
decarbonization roadmap through to 2050 and a 2021-2025 
Strategic Plan that is already laying the groundwork for the 
transition in the short term.
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17 For more information, see  Appendix V or section 7.4 Risks.
18 For further information on the measures of Repsol’s decarbonization pathway, see section 6.1.2, Strategy.

6.1.4. Metrics and targets
Transition targets
2016
2017
2018
2019
2020
2021
2022
2025
2030
2040
2050
Carbon Intensity Indicator vs. 2016 
%
-3
-9.6
-15
-28
 -55 
 -100 
Reduction in net absolute Scope 
1+2+3 emissions vs. 2016(1) (%)
Net zero emissions
-29
-30
Reduction in absolute emissions 
(%) 
Scope 1+2 vs. 2016(1) (%)
-37
-55
Emission reduction plan(1,2) (Mt 
CO2e)
‘-2.4 (2)
‘-0.9 (3)
-1.5 
Methane intensity(1)(%;m3/m3)
0.23
0.2
Reduction in E&P emissions 
intensity vs. 2020 (%)
-70
-75
Zero Routine Flaring(1) (kt CO2e)
50 (1)
172 
ZERO
Installed renewable energy 
capacity(3) (GW)
1.6
6 
20 
Renewable fuel production 
capacity (Mt)
0.7
1.3 
2 
Renewable hydrogen(4) (GWe)
0.55 
1.9 
Recycled polyolefins (%)
2
10
20
Base year
X
Data 2022
X Commitments
(1) Detailed information can be found below.
(2) Cumulative value in the 2014-2020 period. Exceeded the target in the 2014-2020 Emission Reduction Plan by 0.3 Mt CO2e. New emission reduction plan for the 
2021-2025 period.
(3) Capacity expressed in gross terms.
(4) Installed capacity for renewable hydrogen production. First commissioning scheduled for May 2023.
Carbon Intensity Indicator (g CO2e/MJ)
Scope 1 + 2 
operational
+
Scope 3 O&G 
E&P based
-
Displacement of 
low-carbon 
emissions
-
Carbon sinks
IIC = 
Energy Products +
Non Energy 
Products
+
Low Carbon 
Energy Sources
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Direct and indirect emissions and energy consumption
2022
2021
2020
2019
Scope 1 emissions(1)
Total GHG (Mt Co2e) (8)
 
15.7 
 
19.4 
 22.4 
 
24.7 
Total CO2 (Mt CO2) 
 
14.9 
 
17.0 
 19.0 
 
20.1 
Total CH4 (Mt CO2e)
 
0.7 
 
2.3 
 
3.3 
 
4.5 
Total N2O (Mt CO2e)
 
0.11 
 0.10 
 0.07 
 
0.08 
Breakdown by source
Flaring
 
0.6 
 
0.9 
 
1.0 
 
0.8 
Combustion
 
11.8 
 
12.1 
 
12.9 
 
13.7 
Venting
 
0.7 
 
4.2 
 
6.2 
 
7.6 
Fugitive emissions
 
0.1 
 
0.2 
 
0.3 
 
0.4 
Process
 
2.4 
 
2.0 
 
2.0 
 
2.2 
Scope 2 emissions(1)
Total GHG (Mt CO2e)
 
0.4 
 
0.4 
 
0.5 
 
0.5 
Scope 1 and 2 emissions
Total GHG (Mt CO2e
16.1
19.9
22.8
25.2
Refining(2)
 
8.6 
 
7.8 
 
7.6 
 
8.7 
Chemicals
 
3.0 
 
3.4 
 
3.3 
 
3.3 
Upstream(3)
 
2.1 
 
7.5 
 
9.9 
 
11.0 
Power & Gas
 
2.4 
 
1.2 
 
2.0 
 
2.1 
Others(4)
 0.05 
 0.04 
 
0.1 
 
0.1 
Allocation of emissions to Repsol facilities under European regulation EU ETS (Mt CO2)
 
7.3 
 
7.6 
 
7.7 
Intensity of Scope 1+2 
emissions
E&P emissions intensity 
(t CO2e/ thousands of boe produced)
 
17 
 
53 
 
56 
 
66 
Refining energy intensity (t CO2e/t crude processed)
 
0.2 
 
0.2 
 
0.2 
 
0.2 
Scope 3 emissions(6)
Raw materials (category 1)(7)
Crude oil (Mt CO2e)
 
5.6 
 
5.5 
 
5.4 
7.6
Hydrogen (Mt CO2e)
0.6
0.6
0.6
0.7
Use of sold products (category 11)
Use of refinery output products (Mt CO2e)(5)
 
161 
 
151 
 
151 
 
180 
Use of primary energy base products (Mt CO2e)
 
66 
 
69 
 
79 
 
88 
Use of marketed energy products  (Mt CO2e)
 
182 
 
172 
 
175 
 
205 
Use of marketed energy products  to  end users (Mt CO2e)
 
70 
 
65 
 
67 
 
77 
Energy (Scope 1+2) 
Total (M GJ) 
 
244 
 
246 
 
265 
 
278 
Chemical energy (Scope 1+ 2) (M GJ) 
 
54 
 
61 
 
60 
% of electricity grid
 0.2% 
 2% 
 3% 
        of which % renewable
 42% 
 47% 
 44% 
Total electrical energy generated by Repsol Chemicals (M GJ) 
 
1.3 
 
3.0 
 
4.3 
Energy intensity
E&P energy intensity (GJ/boe produced)
 
0.2 
 
0.3 
 
0.3 
 
0.3 
Refining energy intensity (GJ/t processed crude oil)
 
2.9 
 
2.8 
 
3.2 
 
2.9 
Energy (Scope 3) 
Total (M TJ)
 
2.5 
 
2.3 
 
2.3 
 
2.8 
Use of refinery output base products (M TJ)
 
2.4 
 
2.3 
 
2.3 
 
2.7 
Raw materials (M TJ)
 0.06 
 0.07 
 0.06 
 
0.08 
TOTAL Flared hydrocarbons  (Mt)
 
0.31 
 
0.37 
 0.43 
 
0.32 
Vented hydrocarbons (Mt)
 0.03 
 0.10 
 
0.15 
 
0.19 
(1) The Company’s direct and indirect emissions (Scope 1 and Scope 2) in operated assets reported in gross basis will be subject to additional verification according to EU-
ETS and international standard ISO 14064-1. Once verified, the data will be available at www.repsol.com and it will be updated in the next edition of the Integrated 
Management Report. For the 2021 financial year, no relevant changes were observed after verification. 
(2) The steam cracker plant is included in the Chemicals business.
(3) The breakdown by source for the Upstream business is as follows: 1.1 Mt CO2e for fuels; 0.2 Mt CO2e for flaring; 0.1 Mt CO2e for fugitive emissions; and 0.7 Mt CO2e 
for venting.
(4) Includes LPG, lubricants, asphalts and specialized products, mobility and headquarters.
(5) Scope 3: use of products counting the production of natural gas at E&P (Upstream) and the production of LPG, naphtha, gasoline, kerosene, diesel, fuel oil and 
petroleum coke produced at the refineries. 
(6) For more information see the Scope 3 emissions report section.  
(7) Calculated based on refinery input. 
(8) Global warming potential (GWP) factors from the IPCC's Fourth Assessment Report are used as a reference.
Research and development investment
2022
2021
2020
2019
Research and development investment (€M)
59.0
57.0
65.0
72.0
Percentage allocated to achieve neutrality(1) (%)
40
35
20
8
(1) The percentage allocated to the development of low-carbon technology projects is calculated on the total investment of the Tech Lab.
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Scope 3 emissions report 
Although there are up to 15 categories of Scope 3 emissions 
in the oil and gas sector, most emissions come from those 
derived from the final use of its products. Repsol decided to 
link its target of reaching net zero emissions and its 
intermediate targets to a Carbon Intensity Indicator (CII) that 
takes into account the energy and emissions associated with 
the use of fuel products derived from its primary energy 
production (oil and natural gas). Doing this, instead of 
referring to the emissions from the products it sells, makes 
more sense strategically and it entails a number of positive 
aspects:
• Hydrocarbon production is the most capital-intensive 
activity and its investments have a longer life cycle. 
Investment decisions today translate into production and 
product use many years later. The marketing activity, on 
the other hand, is much less capital intensive and can be 
adapted more easily to demand in the short term.
• Energy products are bought and sold successively 
throughout the value chain, meaning that a sales-based 
system could count emissions from the same product 
multiple times
• An emissions accounting system based solely on sales will 
allow an integrated company to increase its hydrocarbon 
production without impacting its Scope 3 emissions if it 
sells a greater volume of products than the hydrocarbons 
it produces.
However, Repsol also considers that metrics related to 
Scope 3 emissions of marketed products can provide a 
useful complementary perspective to understand 
companies’ energy transition strategy. That is why this 
management report includes the following metrics, in 
addition to the Scope 3 emissions of the products obtained 
from its own production of hydrocarbons19 that are used for 
the CII:
• Scope 3 emissions of the products marketed by Repsol to 
the end user (the one who uses the fuel and, therefore, 
generates the emissions).
• Scope 3 emissions of all products marketed, excluding 
those that Repsol buys and resells to a non-final consumer 
without any other intermediate transformation.
Scope 3 (category 11) Mt CO2e
2022
2021
2020
2019
Marketed energy products
 
182  
172  
175  
205 
Marketed energy  products to  end 
users
 
70  
65  
67  
77 
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19 Corresponds to Scope 3 category "Use of primary energy products (Mt CO2e)" in the table: Direct and indirect emissions and energy consumption.

Reduction in the Carbon Intensity Indicator 
As indicated, Repsol has defined its CII in g CO2e/MJ as the 
main metric for monitoring the Company’s progress toward 
the goal of net zero emissions by 2050 upon achieving a 
100% reduction in the CII. Moreover, it has set intermediate 
reduction targets of 15% by 2025, 28% by 2030 and 55% by 
2040 compared to the base year (2016).
Carbon intensity
2022
2021
2016
g CO2e/MJ
 
70.3  
73.9  
77.7 
In 2022, a reduction of 9.6% was achieved with respect to 
the base year 2016, mainly due to the optimization of the 
E&P business asset portfolio, together with the continuation 
of the energy efficiency plans, the management of methane 
emissions in E&P operated assets and the growth in 
installed renewable capacity.
The numerator of the CII shows the emissions generated by 
the Company’s activities (direct and indirect emissions, 
Scope 1 and Scope 2, derived from E&P and Refining and 
Chemicals, and from Electricity Generation), as well as Scope 
3 emissions generated by the use of fuel products derived 
from primary energy production (oil and natural gas) and the 
displacement of emissions from the fossil mix through 
renewable energy substitution. The denominator shows the 
energy that Repsol makes available to society in the form of 
end products derived from the production of primary energy 
from oil and gas and from low carbon energy sources20.
In addition to the CII reduction targets, and in response to 
the demands of its stakeholders, the Company has set two 
new targets based on its absolute emissions. In October 
2021 the company announced for the first time, its targets 
for reducing absolute emissions, Scope 1+2 of operated 
assets and for net emissions under Scope 1+2+3:
Reduction in absolute Scope 1+2 emissions
Repsol aims to reduce its emissions from operated assets by 
55% by 2030 compared to 2016. 
This commitment focuses on Scope 1 emissions (those 
produced by sources directly controlled by Repsol) and 
Scope 2 emissions (associated with the purchase of 
electricity, heat, cooling or steam consumed by Repsol). 
Today, the Company has already undertaken initiatives with 
which it has achieved a 37% reduction in emissions through 
portfolio optimization, energy efficiency measures, reduction 
of methane emissions and reduction of gas flaring in the 
E&P business, and recovery of flare gases in the Industrial 
business.
Absolute Scope 1+2 emissions
2022
2021
2016
Mt CO2e
 
16.1  
19.9  
25.4 
Reduction in net absolute Scope 1+2+3 emissions 
The target of reducing these emissions, which make up the 
CII numerator, by 30% compared to the base year of 2016, 
has been established. 
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20 Further information in www.repsol.com/content/dam/repsol-corporate/es/sostenibilidad/indicador-intensidad-carbono.pdf

In 2022, a reduction of 29% was achieved due to the 
reduction of Scope 1+2 emissions described above, lower 
E&P production and the positive impact of renewable 
electricity generation, due to emissions displacement. Given 
that it has reached values very close to achieving the 2030 
target, Repsol will consider the possible reformulation of a 
more ambitious objective.
Net absolute Scope 1+2+3 
emissions
2022
2021
2016
Mt CO2e
 
79.1  
87.1  
111.7 
CO2e emission reduction plan 
Repsol has multi-year emission reduction plans (Scope 1 and 
2) that envision various measures to improve operational 
efficiency. These plans were launched in 2006 and remain in 
force today. A plan for the 2021-2025 period is underway, 
with the aim of achieving an additional reduction of 1.5 Mt 
CO2 by 2025, which includes, among others, electrification 
projects, energy integration of units, process optimization, 
operation efficiency of the facilities and reduction of methane 
emissions. In 2022, Repsol achieved a reduction of 0.34 Mt 
CO2e. In energy terms, this is equivalent to a reduction of 3.1 
million GJ.
CO2e emission reduction (Mt)
Reduced Mt CO2e per year
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
—
-0.58
-0.27
-0.17
-0.2
-0.39
-0.62
-0.44
-0.44
-0.51
-0.39
-0.31
-0.26
-0.31
-0.17
-0.44
-0.56
-0.34
-0.58
-0.85 -1.02 -1.22
-1.61
-2.23
-2.67
-3.11
-3.62
-4.01
-4.32
-4.58
-4.89 -5.06
-5.5
-6.06
-6.4
2006-2013 Reduction: -3.1 Mt  CO₂e
2014-2020 Reduction: -2.4 Mt  CO₂e
2021-2025 Target: -1.5 Mt  CO₂e
Mt CO₂e cumulated reductions
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Reduction of methane emissions intensity
The detection, monitoring and reduction of methane 
emissions throughout the gas chain is of great importance 
given the role of natural gas in the energy transition.
Repsol participates in initiatives aimed at establishing 
standards of excellence in methane reduction and it has 
adopted short-term reduction targets. 
OGMP 2.0
In 2020, UNEP launched the OGMP 2.0 initiative, which 
already involves more than 80 signatory companies 
throughout the entire gas value chain (from production to 
distribution). 
With this commitment, Repsol began deploying different 
technologies in its operated assets, combining 
measurements at the source and aerial level (especially 
drones and light aircraft), to confirm the measurements 
detected at ground level. 
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In October 2022, the International Methane Emissions 
Observatory (IMEO) published its second report, and Repsol 
again obtained the Gold Standard from UNEP for its report 
and implementation plan. This indicates that the Company is 
well on its way to achieving the goal of reporting under the 
Gold Standard for all its operated assets by 2023 and non 
operated assets by 2025.
Reduction target
Repsol aims to reduce the methane intensity to 0.20% by 
2025 at its operated E&P assets. This value is recognized as 
near zero for the oil and gas sector by international 
organizations such as the UNEP, and it is consistent with 
the commitment recently announced by the Oil and Gas 
Climate Initiative (OGCI), of which Repsol is a member.
Methane intensity(1)
2022
2021
2017
CH4 emissions /gas produced (%)
 0.23  
0.77  
1.34 
(1) Calculation based on volume..
This year there has been a greater decrease in methane 
intensity due to the addition of divestments of carbon-
intensive asset to the reduction initiatives.
Reduction of routine flaring
The progressive reduction of routine gas flaring is key to the 
E&P business. That is why Repsol, in June 2016 joined the 
World Bank’s Zero Routine Flaring by 2030 initiative, which 
brings together governments, oil and gas companies and 
international development organizations.
Repsol also set an intermediate target of achieving a 50% 
reduction in CO2e emissions from routine gas flaring activity 
by 2025 at its operated E&P assets and with 2018 as the 
baseline year, along with specific action plans to achieve it.
In 2022, the volumes of hydrocarbons sent for routine flaring 
decreased very significantly due to the additional 
contribution of divestments in Malaysia and Ecuador, 
exceeding the target set for 2025.
Routine gas flaring
2022
2021
2018
kt CO2e flaring routine at upstream
 
50  
327  
344 
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6.2. Environment1,2
Repsol supported the Nature Is Everyone 
Business call of the Business for Nature 
international initiative, which drives business 
action aimed at business models that value 
nature and are environmentally friendly and 
nature-positive by 2030
Repsol is committed to protecting the environment and the 
sustainable use of resources. For this reason, it prioritizes 
the necessary actions to prevent and minimize the potential 
impacts of both its operations and the products and services 
it offers to its customers, and it encourages measures that 
promote the protection of natural capital.
These commitments were reaffirmed this year through the 
approval of a specific environmental policy for the first time 
in the Company. This policy reflects the commitments to 
protection and preservation of biodiversity and ecosystem 
services, the sustainable management of water resources, 
the preservation of air quality, the fight against climate 
change and the application of the principles that govern the 
circular economy, extending all these commitments to the 
entire value chain. The circular economy fosters the 
optimization of natural resources and proper waste 
management, following the principles of the management 
hierarchy, reducing waste or, when this is not possible, 
giving it a second life in its own processes or in third-party 
processes by reusing and recycling it.
Repsol implements certification, verification and assurance 
processes through internal and external audits to ensure 
proper compliance with current regulations. Moreover, it 
addresses voluntary processes, such as the certification 
granted by AENOR to Repsol’s 100% Circular Strategy, 
which are a sample of its commitments to society and the 
environment, beyond those that are strictly regulated.
6.2.1. Air quality
Repsol is aware of the importance of protecting air quality for 
society and the environment. That is why one of the 
commitments of the new Environmental Policy promotes 
“applying the latest technologies to minimize air emissions 
from both our operations and from the products we 
manufacture”, using the most demanding standards to 
achieve this.
Air quality is mainly affected by the concentration of 
pollutants caused by combustion. It is determined by the 
energy mix, the size and density of populations, 
meteorological conditions, etc. Air quality management 
focuses mainly on emissions of sulfur dioxide (SO2), 
nitrogen oxide (Nox) and particulate matter and volatile 
organic compounds (VOCs).
To control air emissions, Repsol closely monitors the 
conditions under which its operations are carried out. Its 
industrial facilities have a network of continuous 
measurement systems and immission cabins (shared with 
the authorities) that allow the composition and levels of 
atmospheric emissions to be continuously measured and 
analyzed, with the results being sent to the environmental 
authorities for monitoring and control.
To cite a specific example, in 2022, Repsol continues to lead 
the Air Quality Observatory initiative at Camp de Tarragona 
(Spain) and collaborate with the Chemical Business 
Association of Tarragona, with technical support from 
scientific institutions such as the Universitat Rovira i Virgili 
and the Eurecat Technological Center of Catalonia in 
Tarragona. The entity is coordinated by the Institut Cerdà 
which aims to provide an ongoing assessment of air quality 
in the cities and neighborhoods of Camp de Tarragona to 
improve the environment and the sustainability of the 
region.
Minimization of emissions from operations
Emissions from processes are continuously minimized 
through the implementation of the best technologies 
available. This includes low NOx burners (DLN technology), 
vapor recovery units or particulate abatement systems. In 
addition, and in order to control and minimize fugitive 
emissions, periodic Leak Detection and Repair (LDAR) 
campaigns are carried out and high sealing systems are 
installed to prevent the leakage of volatile organic 
compounds.
Minimization of emissions from products
The commitment to air quality goes beyond operations, as 
Repsol is constantly working to expand the range of products 
offered that generate lower emissions when used by 
customers. For example, renewable energy for mobility, 
advanced biofuels, synthetic fuels, renewable hydrogen, LPG, 
ad-blue, Autogas, LNG or specific gas oils for state-of-the-art 
boilers, among many others. 
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1 For more information, visit www.repsol.com (Sustainability - Environment)
2The figures and indicators in this section have been calculated in accordance with corporate standards that set out the criteria and common methodology to be applied in 
safety and environmental matters. As a general rule, environment and safety information includes 100% of the data from companies in which Repsol holds a controlling 
interest or control over operations.

6.2.2. Natural capital and biodiversity
Repsol and natural capital
Natural capital is defined as the inventory of both renewable 
and non-renewable natural resources. Through ecosystem 
services, it provides benefits to people by contributing to 
their well-being, the development of society and progress in 
the world economy, and it does so in the form of energy, 
materials supply, cultural aspects, etc. Repsol, like other 
companies, depends on natural capital and generates both 
positive and negative impacts through its operations. 
Therefore, conservation and protection are key factors in 
achieving sustainable development and ensuring that the 
benefits provided by these ecosystems, and specifically 
biodiversity, are safeguarded for present and future 
generations, in line with the commitments of the 
Environmental Policy.
In the scope of natural capital, Repsol has adopted a unique 
approach that makes it possible to quantify and value from 
an economic point of view the services provided by 
ecosystems in general, and biodiversity in particular, which 
makes it easier to include them in management decision-
making. This approach is especially relevant, since it 
provides a new way of understanding the Company’s 
relationship with nature and the related risks and 
opportunities, with the ultimate goal of guiding actions for 
its protection.
To this end, Repsol developed the Global Environmental 
Management Index (GEMI3) methodology, which 
comprehensively assesses the environmental impacts of 
projects and operations globally, and it has implemented it 
as a digital solution (READS4). In 2022, new functionalities 
were added and implemented to cover the entire energy 
sector. Thus, it covers all the Company’s activities 
throughout the entire value chain.
READS helps to advance management by providing key 
indicators for the economic analysis of the impacts of 
projects and assets on biodiversity and ecosystem services, 
climate change, water resources and well-being. 
In 2022, Repsol has modeled all types of facilities in the 
READS tool, which has made it possible to obtain an 
analysis of its portfolio with natural capital criteria and thus 
understand the impacts, in order to develop and prioritize 
specific action plans.
In 2022, Repsol assessed its dependence on natural capital 
as a company and the ecosystem services it provides. To 
carry out the analysis, it used the ENCORE methodology5, 
developed by Natural Capital Finance6 in collaboration with 
UNEP-WCMC. Among other things, it allows the risks and 
opportunities associated with the dependencies on natural 
capital to be assessed, with the ultimate goal of managing 
them properly. The following table summarizes the results 
obtained:
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3 Recognized in 2020 by experts from The Capitals Coalition (www.capitalscoalition.org) and the World Conservation Monitoring Centre (www.unep-wcmc.org) of the 
United Nations Environment Programme (UNEP-WCMC) for its scientific soundness, for its adaptation to the standards established in that program, and for being in line 
with the Natural Capital Protocol and the Biodiversity Supplement that accompanies it.
4 For more information, visit www.repsol.com (Sustainability – Environment)
5 The tool has a database that encompasses a selection of ecosystem services, natural assets and drivers of environmental change for the different economic sectors. 
Economic sectors follow the Global Industry Classification Standard (GICS), while the categorization of ecosystem services is based on the Common International 
Classification of Ecosystem Services (CICES). The classification of natural assets follows that established by a group of researchers at the United Nations Environment 
Programme World Conservation Monitoring Centre (UNEP-WCMC).
6 naturalcapital.finance.

Type of ecosystem service
Ecosystem services (included in 
ENCORE)
Upstream
Refining
Chemicals
Lubricants and 
specialized 
products
LPG
Customer
Service stations
Low Carbon 
Generation
Corporation
Are enabling factor for all or part of 
a production process
Maintain nursery habitats
Soil quality
l
Ventilation
Water flow maintenance
l
l
l
l
l
Water quality
l
l
Pollination
Help to mitigate direct impacts 
associated with a production 
process
Bioremediation
l
l
Dilution by atmosphere and ecosystems
Filtration
l
l
Attenuation of sensory impacts
l
l
l
Input into a production 
process
Fibers and other materials
Animal-based energy
Genetic materials
Ground water
l
l
l
l
l
Surface water
l
l
l
l
l
l
Provide protection from 
disruption to the production 
process
Disease control
Buffering and attenuation of mass flows
Climate regulation
l
l
l
l
l
l
Flood and storm protection
l
l
l
l
l
l
l
l
Mass stabilization and erosion control
l
l
l
l
l
l
Pest control
All economic activity, in the same way that it produces impacts (positive or negative) on natural capital, also has dependencies on ecosystem services 
generated by that capital. This table contains a summary of the dependency analysis carried out in 2022 (see text) using the ENCORE tool5. Only the 
dependencies (rows) for the representative economic activities in each of Repsol Group’s main business lines (columns) are included, without taking into 
account the dependencies with a “low” or “very low” level according to the results provided by ENCORE. Each business line will show dependency on a given 
ecosystem service provided that at least one of the economic activities of that business line has this dependency.
Biodiversity protection and conservation in 
all our activities
One of the main assets of natural capital is biodiversity. This 
term encompasses not only ecosystems and their living 
components, but also the ecological processes that sustain 
them and the valuable offer of services on which society 
depends. 
In December 2022, during the United Nations COP15 High-
Level Segment on Biodiversity was established the 
commitment of the signatory countries to undertake a 
coordinated global action “to stop the loss of biodiversity by 
2030 and to achieve the goal of living in harmony with nature 
by 2050”. Repsol, through IPIECA, is working to establish a 
Global Biodiversity Framework (GBF) together with IUCN, 
with traceable targets and goals to halt the current decline in 
biodiversity and guarantee its conservation and recovery. 
As an energy company with a clear commitment to a 
sustainable world, Repsol plans and develops its projects 
and operations, regardless of their location, bearing in mind 
biodiversity conservation and protection, as well as the 
mitigation of the impacts7that may arise. To do this, it 
applies the mitigation hierarchy (avoid, minimize, restore 
and offset) throughout the life cycle of its operations, and 
especially in protected areas. This commitment has been 
embodied in the new Environmental Policy published in 
2022.
Likewise, and fully aware of the positive role that companies 
can play in finding solutions to the challenges regarding the 
loss of biodiversity and ecosystem services, Repsol develops 
its management practices according to the following 
principles:
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7 For more information on the potential impact of operations on biodiversity, see Appendix V – Further information on sustainability (includes Non-Financial Statement).

• Integrating natural capital, biodiversity and the protection 
of ecosystem services into decision-making processes.
• Engaging with local communities and other stakeholders, 
and understanding their expectations regarding 
biodiversity.
• Assessing the impacts and dependencies associated with 
the ecosystem services and provided by the elements of 
natural capital, with special focus on biodiversity.
• Preventing and minimizing impacts on biodiversity and 
natural capital, in addition to restoring the environment in 
which activities are carried out and offsetting residual 
impacts if necessary, applying the mitigation hierarchy at 
all times, with a special focus on sensitive and protected 
natural areas.  
• Developing indicators to measure performance and 
optimize management efforts.
• Involvement in research, biodiversity conservation, 
education and awareness projects.
Repsol has internal environmental management regulations 
that envisage the performance of environmental, social and 
health impact assessments (ESHIA) for all new operations or 
facilities (even when not required by local legislation). 
According to this regulation, and considering the pre-existing 
environmental baseline, risks and impacts on biodiversity are 
assessed from the design phase to the decommissioning of 
each project, advanced assessment and monitoring 
procedures are developed in areas where biodiversity is 
especially sensitive, and appropriate mitigation measures are 
defined.
This information is used to draw up biodiversity action plans 
(BAPs), which are developed at sites and operations located 
in areas that are sensitive in terms of biodiversity. 
Described below are some of the main protection and 
restoration activities8, along with other actions related to 
biodiversity management that are carried out by Repsol in 
2022. It should be noted that independent and competent 
legal bodies have overseen the standards and methodologies 
used in each case.
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8 For more information, see Appendix V. Further information on Sustainability (includes Non-Financial Statement)

6.2.3. Water
2025 
target
To have integrated water 
management at 100% of our 
assets and industrial facilities at 
the Upstream, Refining and 
Chemical businesses
Water, a key element in energy management 
Water and energy are intrinsically connected. Water is used 
in industrial processes, factories and in hydrocarbon 
upstream activities. For this reason, the strategic and joint 
management of water and energy resources is key.
In this regard, Repsol, as an energy provider, is committed to 
carrying out sustainable water resource management, 
promoting the search for new solutions to optimize water 
use, guaranteeing the reduction of freshwater withdrawal and 
promoting measures to increase internal and external reuse 
as well as to preserve the quality of the receiving 
environment, as stated in the new Environmental Policy. 
In 2022, Repsol reinforced its commitment to address global 
water challenges by endorsing the CEO Water Mandate, an 
initiative led by the United Nations Global Compact. This 
mandate offers a unique platform to share best practices and 
establish multi-stakeholder partnerships to address 
challenges related to scarcity, quality, governance, and 
access to water and sanitation.
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Interactions with water as a shared resource
Most of the water withdrawn by Repsol comes from the 
ocean (77%) and is used for cooling processes. The 
remaining water comes from different sources: from third 
parties (13%), mainly public water network suppliers, from 
surface water sources (5%), production and flowback water 
(3%); and from groundwater sources (2%). 
Of the total water withdrawn, 19% is freshwater and only 
0.6% of this freshwater comes from regions with high or 
extremely high water stress levels.
The main use of the withdrawn water is for industrial cooling 
process. It is also used to produce steam or be incorporated 
into industrial processes, in drilling activities and, to a lesser 
extent, to supply sanitation networks, firefighting systems 
and cleaning services. 
In terms of water discharge, the main destination is the 
ocean (95%). Other minority destinations for effluents are 
surface water bodies (3%) or their transfer to third parties for 
effluent treatment or final disposal (2%). 
Repsol promotes optimization and circularity in the use of 
water at all facilities. That is why in 2022 19 Mm3 of water 
were reused internally, 25% of the total incoming water, 
excluding that water withdrawn for once-through cooling 
processes in combined cycle power plants and produced and 
flowback water. By implementing this type of responsible 
water reuse practices, it has been possible to reduce the 
withdrawal and dependence on natural environment and its 
potential impacts.
Strategic action lines for 2025 
For several years, Repsol has been working on a series of 
strategic lines in water management that are based on the 
analysis of its main risks and the implementation of specific 
actions to minimize the impacts, on the incorporation of its 
real economic value in decision-making, and on promoting a 
responsible water culture in the Company.
In this sense, efforts are being made to define and 
implement improvement action plans in the different 
business areas until 2025. Specific targets are set in some 
selected cases, and regular monitoring of key performance 
indicators is carried out at each facility or operational center.
Analysis and management of water risks
Given that water is used throughout the life cycle of projects 
and activities, it is essential for Repsol to have the Repsol 
Water Tool (RWT), which allows it to identify and minimize 
associated risks.
The RWT was developed in 2013 to identify and assess the 
main water-related risks to which operations are exposed. Its 
analysis methodology takes into account both internal 
factors (measurement level, types of use, quality treatment, 
withdrawal sources and discharge receptors) and external 
factors (future availability, regulatory changes and 
reputational aspects).
RWT was fully updated in 2022 to incorporate functionalities 
such as exposure to the risk of water stress9 and the option 
to calculate the value of water price10 based on the risks 
associated with quantity and quality, which allows this value 
to be used in the economic analysis for strategic decision 
making.
Once its analysis criteria was updated, the scope of risk 
calculations has been expanded to include new businesses 
and operations, in order to identify those centers or critical 
assets where greater effort must be made to mitigate risks by 
prioritizing and implementing improvement programs.
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9 The reference tool used to analyze the risk of water scarcity is the Aqueduct Water Risk Atlas, from the World Resources Institute (WRI, www.wri.org/aqueduct).
10 The reference tool used to calculate the price of water is Water Risk Monetizer, developed by Ecolab in partnership with Trucost and Microsoft, 
about.smartwaternavigator.com.

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Minimization of impacts
The main potential impacts derived from the use and water 
consumption in operations are related to withdrawal and the 
consequent reduction of availability in the environment. 
Regarding discharges, there may be potential impacts with 
the possible decrease in quality in the receiving bodies.
To carry out proper identification and monitoring, a series of 
specific tools are applied, including:
• Environmental, social and health impact assessments, 
which are conducted in accordance with the requirements 
established by legislation in the countries where the 
Company operates, internal regulatory standards and 
requirements of reporting, controlling and monitoring 
each facility or asset on a regular basis as agreed upon 
with the environmental authorities and based on internal 
requirements.
• Analysis of the impacts and dependencies of Upstream 
assets, following the internal GEMI (Global Environmental 
Management Index) methodology, which assesses water 
management as a key element, based on a natural capital 
approach. 
• Analysis of the product life cycle, including the water 
vector. 
• Water footprint studies, such as the Blue Certificate of the 
Peru Business Unit and other detailed technical analyses 
(water map studies or environmental risk analysis carried 
out at the LPG factories).
Managing the impacts derived from the use of water at 
Repsol takes into account both compliance with legal 
requirements that affect operations and internal standards 
developed according to the best international practices and 
recommendations published by IOGP, IPIECA, CONCAWE 
or other governmental agencies in which the Company 
participates.
Collaborative approach to water 
management
To promote an integrated water resource management, it is 
necessary to adopt a participatory approach that involves all 
users, water planning authorities and water government 
agencies at all levels.
For Repsol, it is important to establish relationships with all 
stakeholders involved in water management, including 
regulators, and taking their needs and interests into account. 
This approach leads to more effective management 
strategies to help prevent risks and mitigate impacts in each 
river basin where it is present.
Examples of collaboration with stakeholders with regard to 
water include:
• Participation in sectorial working groups at associations 
such as IPIECA, CONCAWE, AOP, CEFIC and FEIQUE. In 
the case of IPIECA, specifically in the water risks and 
opportunities working group, one of the initiatives in 2022 
involved validating the accuracy and usefulness of the 
global flood and drought risk identification tools vs using 
local data. The aim is to determine whether these global 
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tools can assess risks at a local level, with the same 
accuracy as local tools or assessments, reinforcing the 
standardization of their use and the comparability of 
results.
• Establishment of permanent dialogue channels between 
society and the Company, such as public advisory panels 
at the industrial facilities, which allow us to become aware 
of and convey the concerns of neighbors regarding safety, 
health and the environment ( including water). 
• Multidisciplinary coordination at the operational level 
through the Operational Excellence Group (OEG) for water 
management among industrial facilities (refineries and 
chemical plants) with the participation of technical experts 
in the field.
Evolution of freshwater withdrawal by activity
61%
56%
2%
8%
30%
25%
3%
7%
4%
4%
1%
—%
Refining
Exploration and Production
Chemicals
Low-carbon generation
Mobility
Other
2021
2022
—%
10%
20%
30%
40%
50%
60%
70%
80%
90%
100%
Water management
2022
2021
Freshwater withdrawn (thousands of m3)
 59,681  50,519 
Reused water (thousands of m3)
 
19,532  17,691 
Discharged water (thousands of m3)(1)
 276,637  250,858 
Hydrocarbons in discharged water (tons)
 
71  
158 
In 2022, freshwater withdrawal increased by 18%, mainly due 
to an increase in Refining and Low Carbon Generation 
production (use of water for once-through cooling) and for 
carrying out drilling campaigns in E&P North America. On 
the other hand, non-freshwater withdrawal dropped 4% due 
to a decrease in the extraction of produced water from E&P 
after divestment of assets. This reduction offsets the 
increase in seawater withdrawal in Low Carbon Generation 
for once-through cooling.
6.2.4. Circular economy11
In recent decades, the industrialization of emerging 
economies and the accelerated production and consumption 
models of developed countries have led to unparalleled 
growth in demand for resources. The link between economic 
development and the consumption of raw materials, the 
basis of the linear economy, represents an unsustainable 
model over time.
The risks of a linear economy are not only associated with 
resource scarcity, with the problems involved in sourcing the 
supply chain or the impact on the price of commodities, but 
also with growing waste generation with a high 
environmental impact on ecosystems.
Given this scenario, the circular economy emerges as a new 
production and consumption model that promotes 
maintaining a balance between the preservation of the planet 
and economic development.
Since 2016, Repsol has promoted the circular economy, not 
only as a key lever in the industrial transformation and 
decarbonization process, but also as a clear reflection of its 
duty to preserve the environment. In 2022, the new 
Environmental Policy reinforces Repsol’s express 
commitment to the principles of the circular economy.
2025 
target
Develop cross-company circular 
economy initiatives in 
partnership with external firms, 
working with all businesses
Repsol applies the circular economy in all the countries in 
which it operates and throughout its value chain. This 
encourages extending the life of products, optimizing the use 
of resources, reducing the consumption of raw materials and 
reusing waste, giving it a new life or recycling it to turn it into 
new products. 
The Company relies on the Repsol Technology Lab to apply 
circularity to its production processes and to the products it 
offers to society. Moreover, it works closely with partners, 
suppliers and customers, generating synergies and 
partnerships that allow progress to be made in technological 
developments and the implementation of projects. 
To this end, it analyzes circular raw materials and 
technological pathways that progressively reduce the use of 
fossil fuels: municipal solid waste, organic waste, residual 
plastics, biogas, renewable hydrogen, CO2, etc. 
In the framework of its strategic objectives, Repsol will: 
• Process 4 Mt of waste by 2030. 
• Reach low carbon biofuel production capacity  of 1.3 Mt by 
2025 and more than 2 Mt by 2030, of which more than 
65% will be produced from waste. 
• Recycle the equivalent of 20% of its polyolefin production 
by 2030, incorporating waste plastic material from 
mechanical and chemical recycling into the manufacture of 
new polymers.
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11 More information about the circular economy and Repsol's commitment at www.repsol.com (Sustainability – Circular Economy)

+ 300 + 220 +160
+40
+ 4
circular 
initiatives in 12 
countries
strategic 
alliances
circular 
projects under 
development 
with strategic 
partners
types of 
waste and 
technologies 
under 
analysis
million tons in 
waste 
processed as 
raw materials 
by 2030
In 2022, some of the most notable advances in the circular 
economy that are worth mentioning are:
• Search and assessment of new pathways, technologies 
and raw materials. In 2022, more than 40 different types of 
waste and technologies were assessed to ensure the 
production of advanced biofuels and circular 
petrochemical materials.
• Progress in the decommissioning of the Tarragona and 
Puertollano thermal power plants following the principles 
of circularity. Joint work with specialized waste managers 
in order to optimize a new life for waste as resources 
through reuse and recycling.
• To disseminate good circular practices, Repsol 
collaborated in the third conference series “Towards a 
circular economy”, organized by Repsol Foundation and 
Funseam, which had more than 900 participants.  
• Repsol Foundation and the University of the Basque 
Country launched the Energy Transition Classroom, 
focused on the role of the circular economy in the 
industry’s value chain.
• Active collaboration in the public consultations initiated by 
the Government of Spain and the European Commission 
on circularity. In 2022, it has participated in more than 50 
consultations directly or through sector organizations.
•
• Contribution, as a signatory company to the Circular 
Economy Pact and for the third consecutive year, to the 
initiatives launched by the Government of Spain: business 
indicators and the development and dissemination of 
good circular economy practices.
• Active participation in more than ten national and 
international circular economy working groups (World 
Economic Forum, IPIECA, CONCAWE, Plastics Europe, 
CEFIC, Spanish Chamber of Commerce, CEOE, COTEC, 
CTN323 UNE, Circular Economy Observatory by the Club 
de Sostenibilidad, Spanish Association of Petroleum 
Product Operators, FORÉTICA Circular Economy Group, 
etc.).   
• First multi-energy company to obtain the voluntary 100% 
Circular Strategy certification from the Spanish 
Standardization and Certification Association (AENOR), 
which endorses the commitment to the goal of reaching 
net zero emissions by 2050.
In addition, this year Repsol has launched various circular 
economy initiatives.  l For more information, see Section 5.2, 
Performance of our businesses - Industrial, Section 5.3, 
Performance of our businesses - Commercial and Renewables, 
and Section 6.3.1, Technologies for Decarbonization.
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6.3. Technology and 
innovation
6.3.1. Technology and innovation1
Ambition 
Drive technological innovation as a lever 
of transformation towards more 
sustainable business models
Technological innovation is an essential driver for building 
more sustainable energy models and meeting the challenge 
of decarbonization in industrial production and 
transportation. 
Repsol's technological development resides in its 
Technology Lab and it supplements the Company’s own 
research work with the Corporate Venturing investment fund 
and an open innovation strategy by establishing partnerships 
with technology centers, companies and universities around 
the world.
Repsol Technology Lab works on detecting, validating, and 
developing relevant technologies for its industrial activity, 
among which the most important are those aimed at 
decarbonization, such as:
• Production of renewable hydrogen through the use of 
technologies such as first- generation electrolysis and 
development of future generations from renewable 
electricity, biomethane reforming and 
photoelectrocatalysis.
• Production of renewable fuels from waste, and 
development of synthetic fuels from CO2 and renewable 
hydrogen.
• Circular economy as one of the pillars for transforming the 
industrial centers into large multi-energy hubs, capable of 
using different types of waste and converting them into 
carbon-neutral products.
• Development of technological products for the energy 
transition, such as the Energy Management System 
(EMS), which optimizes the electric energy consumed, 
generated, and stored by customers.
2027 
target
50% of the investment in R&D 
projects in line with the pillars of 
the Sustainability Model.
Production of renewable hydrogen at 
refineries and petrochemical plants
Repsol has recently proposed an ambitious renewable 
hydrogen development strategy with objectives set at 550 
MWeq in 2025 and 1,900 MWeq in 2030. To succeed, more 
mature electrolysis technologies that allow for early 
development will be needed, as well as disruptive 
technologies to improve the efficiency of the process over 
the medium term. Repsol Technology Lab is working on both 
time horizons.
With regard to more mature technologies, such as alkaline 
electrolysis and Proton Exchange Membrane (PEM), efforts 
in 2022 have focused on selecting the most suitable 
technologies and their use in industrial applications for 
projects that are expected to be launched over the short and 
medium term. At the same time, we continue looking for 
new solutions that allow us to improve the efficiency and the 
investment costs of both technologies, seeking to implement 
said technologies in medium- and long-term projects.
In addition, a project subsidized by the Center for the 
Development of Industrial Technology (CDTI) program 
Misiones (Missions) called Zeppelin has been developed in 
collaboration with companies and technology centers such 
as Técnicas Reunidas, Naturgy, Aqualia, Reganosa, Redexis, 
Norvento, and Perseo Biotechnology to explore different 
alternatives for the production of renewable hydrogen from 
waste. 
Work also continues on initiatives for the development of 
disruptive technologies capable of improving the efficiency of 
the renewable hydrogen production process. One such 
initiative has turned into a consortium of Spanish companies 
for the development and scaling of SOEC technology (solid 
oxide electrolyzer cells), being submitted to two national 
calls for public aid (PERTE H2 and "Misiones" - "Missions" 
2022). 
The second initiative, based on photoelectrocatalysis 
technology, was developed in 2021 through the spin-off 
Sunrgyze, together with the company Enagás . During 2022, 
we have continued supporting Sunrgyze in its optimization 
and scaling so that it can be implemented in a demo plant 
that will start up in 2025 at the Puertollano refinery, for which 
an European aid was received under the Innovation Fund 
(Small Scale) call.
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1 The figures and indicators in this section have been calculated in accordance with corporate standards that set out the criteria and methodology applicable.

Development of fuels with a low carbon 
footprint for mobility
Repsol is working to seek out new carbon neutral fuels for 
road, air and maritime transport. During 2022, progress has 
continued in the activities started in 2021, such as the 
design, manufacture, and supply of the first 100% renewable 
gasoline for single-seater competition, manufactured at 
Repsol Technology Lab.
Production of synthetic fuels from renewable 
hydrogen and CO2 
In 2022, in collaboration with Saudi Aramco, a 
demonstrational project was developed for the production of 
synthetic fuel from renewable hydrogen and CO2. The 
installation is located at the Port of Bilbao, in the vicinity of 
the Petronor refinery. The project will allow for the validation 
of a key technology to achieve the objectives set by the 
European Commission. 
Decarbonization and circular economy in 
refineries and petrochemical plants
Repsol is working to transform its existing refineries and 
petrochemical plants into industrial centers that can convert 
organic waste and recycled plastics into carbon-neutral fuels. 
In 2022, the following initiatives were implemented:
•
Development of the basic engineering design for the 
first plant on the Iberian Peninsula to transform 
waste into chemicals and fuels, doing so in alliance 
with Enerkem. The plant will be able to convert around 
400,000 tons of non-recyclable municipal solid waste 
into approximately 220,000 tons of methanol, which 
can be transformed into renewable plastics or 
advanced biofuels.
•
Start of the Horizon Europe Plastic 2 Olefin project. 
Repsol is coordinating the project, which aims to 
develop a new technology for the chemical recycling of 
plastic waste for the production of circular olefins, 
doing so in a consortium with twelve other 
technological and industrial partners. Its objective is to 
scale the technology from a pilot plant to a demo 
phase, building a demo plant in one of Repsol's 
industrial complexes in 2027.
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Biomethane production
In 2022, an alliance between Reganosa, Repsol, and Naturgy 
was established to create a network of biomethane 
production plants. The agreement aims to progressively 
deploy a network of plants throughout Spain that use cattle, 
pig, and poultry slurry for the production of renewable 
energy. 
CCUS
Repsol and its Oil & Gas Climate Initiative (OGCI) partners 
are channeling their efforts into the development of carbon 
capture, utilization and storage (CCUS) technologies 
through the Climate Investment Fund2. The OGCI brings 
together 12 major companies in the oil and gas sector, and 
its fund invests in decarbonization technologies. During 
2022, it invested in five new companies and projects with 
which it hopes to reduce emissions from various industrial 
sectors. 
Repsol is likewise appraising CCUS opportunities at its 
upstream assets with the scientific support of the Repsol 
Technology Lab. 
Intelligent systems for energy management 
and flexibility
Repsol is working on developing integrated solutions based 
on artificial intelligence and complex optimization 
algorithms applied to energy systems.
EMS (Energy Management System) is a technology 
developed at Repsol Technology Lab and tested with positive 
results at customer facilities over the last two years was 
transferred in August of 2022 to the company Smarkia.
EMS is an energy management system that allows us to 
remotely and autonomously optimize the customers' 
consumption (residential, commercial, and industrial), 
saving them on their electricity bill while reducing CO2 
emissions. It is based on predictive intelligence and physical 
modeling of assets. 
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2 For more information, visit oilandgasclimateinitiative.com/climate-investments.

H2Opera. Its aim is to maximize profit in the production of 
renewable hydrogen by undertaking the intelligent and 
autonomous management of elements such as an 
electrolyzer, a battery, and/or self-consumption photovoltaic 
solar panels, all the while taking into account available 
renewable electrical energy. It is under development for 
application in power supply systems for Repsol's future 
electrolyzers.
Quantum computing
Repsol participates in the CUCO project, subsidized by the 
Center for the Development of Industrial Technology (CDTI) 
and supported by the Ministry of Science and Innovation 
under the Recovery, Transformation, and Resilience Plan. Its 
aim is to progress in quantum computing algorithms both 
scientifically and technologically through public/private 
collaboration between companies, research centers, and 
universities, thus accelerating the implementation of these 
technologies for use over the medium term. In addition, it 
identifies a series of relevant cases for use in the Spanish 
economy in which concept tests can be carried out. In this 
context, cases will be investigated in which this technology 
has been used in Earth observation, the fight against climate 
change, the traceability of information throughout the supply 
chain, etc.
Open innovation model
Repsol's open innovation model covers all phases of 
innovation and allows for the establishment of strategic 
alliances and collaborative efforts with third parties, doing so 
with the aim of joining forces and bringing together 
capabilities in order to offer solutions for the global energy 
transition challenge and for the company's own aim of 
being, in terms of emissions, a net-zero company by 2050. 
The objectives of Repsol's networked open innovation model 
are:
• Early detection of technologies that solve the challenges of 
the energy industry.
• Validation and scaling of technologies developed by third 
parties.
• Accelerate innovation cycles and ensure that technological 
solutions reach the market as soon as possible. 
2023 
target
Creation of an industrial innovation 
hub together with other corporations, 
with a focus on decarbonization and 
the circular economy to accelerate 
the process of detecting and adopting 
technologies that help achieve 
sustainability goals.
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Repsol Corporate Venturing3,4
In 2022, Repsol diversified its investment capacity in 
startups, launching (along with Suma Capital) SC Net Zero 
Tech Ventures, a new venture capital fund for 
decarbonization technologies. 
It is a venture capital investment fund focused on 
technologies for the energy transition. It will accompany 
companies that develop technologies aimed at 
decarbonization and the circular economy to promote said 
technologies' growth and international expansion and 
accelerate their application on an industrial scale. The fund 
will have an approximate size of €150 million.
Simultaneously, Repsol Corporate Venturing has kept its 
own corporate investment fund, which is starting a new 
phase under the name Repsol Deep Tech Fund. It will invest 
in technological startups in the most incipient phases of 
development and has 50 million euros. 
6.3.2. Digitalization
The year 2022 was key to completing the Digital Program 
which has been consolidated at Repsol since its creation in 
2017.
Among its objectives, the following are noteworthy:
•
Obtaining economic benefits along the entire value chain 
through the implementation of digital tools. 
•
Promote sustainability, advance in decarbonization, and 
contribute positively to the achievement of Repsol's goal of 
having zero net emissions by 2050.
•
Promoting the transformation of work methods and develop 
employees’ digital capabilities.
Foundations of the digital program and 
results
The Digital Program was based on three main pillars:  
•
Practical application and results oriented. More than 
500 digital cases were deployed in the last five years, 
and the goal of €800 million of impact captured in 
2022 was surpassed (after discounting the positive 
effect derived from macro variables, such as the price 
of crude oil and gas or the refining margin). 
•
Focused on people and new ways of working. More 
than 1,200 employees have participated in digital 
cases. One of the priorities of the program is the 
development of digital talent, accompanying people in 
their training and in new, more streamlined ways of 
working.
•
Focused on data and artificial intelligence. Over 60% 
of the digital cases deployed have a data analytics and 
artificial intelligence component.
The digital program numbers
+500
Digital 
initiatives
‘+1,200
people involved
4 continents 
+20 countries
9
Technological        
HUBS                 
+180    new hires in 
two years     
Including 
Data Analytics 
Omnichannel 
RPA 
User Experience
Digitization along the value chain
Digitization is integrated into all areas of the Company and 
all business units have numerous digital initiatives. 
The following initiatives are those most related to the 
decarbonization strategy:
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3 For more information, visit www.repsol.com (Energy and innovation - Opern innovation).
4 See ventures.repsol.com

Commitment to digital capabilities
Repsol has continued to promote initiatives that foster the 
development of skills and training in digital technologies, 
such as our Data School, which contributes to creating a 
data-driven culture through employee training.
Also, and with the aim of improving the way we work and of 
meeting the needs of businesses and employees in the 
future, the Workforce for the Future initiative has been 
implemented, which allows such requirements to be 
planned.
 
Digital capabilities
Data 
School
16 editions held             
500 employees trained    
26 editions                   800 
employees in 2023
Digital ecosystem 
Repsol believes that collaboration is key to the digital 
program’s success, as collaboration allows access to skills, 
experience in implementation, and technology platforms. In 
2022, a digital ecosystem was consolidated with more than 
60 partners. This digital ecosystem is making it possible to 
accelerate digital innovation.
To this end, consortia and alliances have been established 
with SMEs and startups with capabilities in very specialized 
areas – such as Kabel, Tinamica, and Touring. 
Likewise, partnerships have been formed with large 
technology companies (Microsoft, AWS, Celonis, Salesforce) 
and business consortia such as INDESIA have been 
promoted.
Second digital wave
Building on its success from the initial years, Repsol is 
committed to giving new impetus to the digital 
transformation; therefore, throughout 2022, a new digital 
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wave with a time horizon of 2025 was planned, a digital wave 
to tackle the strategic challenges and incorporate a special 
focus on multi-disciplinary platforms and the generation of 
synergies between businesses. Likewise, new actions have 
been defined which allow us to reinforce digital training and 
the promotion of talent.
External recognition 2022
Gartner
Gartner published a case study that highlights 
Repsol as an example of digitalization leadership in 
companies that are beginning their digital 
transformation. 
MIT
The Massachusetts Institute of Technology (MIT) 
analyzed Repsol’s digital model and recognized its 
scaling at scale capacity (the possibility of multiple 
digital innovation initiatives yielding a big value from 
their innovation).
CIO 100 
Awards 
Spain
Award to the 2022 Organization of the Year as a Large 
Company at the CIO 100 Awards of Spain, which 
recognize the most outstanding digital innovation 
projects of the year.
Enertic X 
Edition 
Awards
Enertic 2022 Awards Two winning Repsol initiatives at 
the Enertic X Edition Awards, which recognize 
innovation projects in information technology 
disciplines: (i) READS, for the valuation and accounting 
of impacts on natural capital, and (ii) The Green Engine 
marketplace, as a CO2 compensation platform for 
citizens and companies.
National 
Industry 
4.0 
Award
The Factory of the Future initiative, aimed at 
transforming industrial complexes, received the 
National Industry 4.0 Award in the Industry 4.0 category 
for Large Industrial Companies, as well as the 
Community of Madrid Digitization Award for the best 
initiative undertaken in the field of raw material, energy, 
and/or water production/distribution.
Cybersecurity
The progress made toward digitalization certainly brings 
great benefits. However, as the use of new technologies and 
their capabilities increases, so do the risks derived from their 
exposure in cyberspace, the reliance on the systems 
deployed and the information generated at the Company. 
The risks are not only technical but also business-related and 
may take the form of operational disruptions, theft of 
intellectual property or sensitive information, fraud, etc. 
Exposure to these risks has increased with the international 
pandemic and the mass use of online working and remote 
connections. The war in Ukraine and its overflow to 
cyberspace has also meant an increase in the level of 
alertness maintained since the start of the war especially for 
the energy sector.
Even so, in 2022 Repsol did not encounter any relevant 
incidents for which it was necessary to trigger the crisis 
management model for cyber-attacks or business continuity 
due to the massive unavailability of information systems. 
To mitigate these risks, the Strategic Plan and the 
Cybersecurity Operating Model promote the concept of 
information system resilience (in all aspects: management IT, 
industrial IT, digital environments, cloud environments, data, 
etc.) and the operations that support and strengthen the 
resources assigned to cybersecurity This model is constantly 
being adapted and reinforced. Its main features are:
•
The person responsible for the model within the 
organization possesses the necessary hierarchical level 
and independence to perform his or her tasks and make 
decisions. 
•
It is implemented in the form of a policy, regulations and 
procedures to ensure the protection of information and 
the sound management of cybersecurity concerns. 
•
It is based on the risks generated within the business, 
which are identified and periodically monitored, 
controlled and mitigated at the corresponding areas and 
with the senior management.  
•
Internal cybersecurity analysis and third-party audits are 
conducted on a regular basis. They are certified by 
international standards and continuously follow 
independent ratings and benchmarks that measure their 
performance. The Company also regularly takes part in 
the relevant national and international forums. 
•
It is reinforced by continuous training and awareness-
raising for all workers through specific training and 
awareness campaigns. 
•
Business continuity and incident response plans are 
continually improved to include new threats and 
response processes with periodic training exercises 
(tabletop, red and purple team, breach and attack) and 
other simulations.  
•
It has a security operations center and a cyber-
intelligence service that continuously detects, analyzes, 
reports and corrects alert information and potential 
threats, identifies cyber-attack patterns and manages 
security incidents.
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Repsol applies state-of-the-art detection and protection 
technology that is constantly evolving. It is configured 
according to risk prioritization, the principle of zero trust, 
least privilege, and security and privacy by design, and it 
draws on the capabilities of artificial intelligence, machine 
learning and automation in cybersecurity.
In this context of constant evolution, more than 50 initiatives 
have been deployed over the last year through the ambitious 
2021-2023 Cybersecurity Strategic Plan, some of the most 
significant of which are listed below:
•
Obsolescence remediation.
•
Deployment of state-of-the-art protection and detection 
technologies on all user devices.
•
Isolation and immutability of backups.
•
New micro-segmentation scenarios for communications 
between computers in the network.
•
New cyber intelligence analysis scenarios.
•
Improvement of risk management in relationship with 
providers of industrial control systems.
•
Centralization and integration of monitoring for 
industrial control networks.
•
Deployment of advanced monitoring and threat hunting 
services.
•
6.4 People
6.4.1 People-centered and just 
transition
Repsol is committed to a just energy 
transition towards a future with low 
emissions
For Repsol, the energy transition can only be understood if it 
includes the principles of efficiency, sustainability, and 
fairness and it must be achieved with solutions that 
minimize the social and economic impact on workers, local 
communities, and society in general always being based on. 
respect for human rights and paying special attention to the 
most vulnerable groups of people.
As an integrated, multi-energy company, Repsol is 
diversifying its business portfolio by creating jobs in low 
carbon activities, investing in new energy sources, and 
improving processes through technologies that help reduce 
and neutralize emissions.
Repsol recognizes the need to collaborate with key players 
from the public and private sectors and society in general to 
achieve a just transition. In addition, the Company actively 
participates in different forums, such as IPIECA and The 
Council for Inclusive Capitalism, with the aim of sharing best 
practices and expert knowledge.
6.4.2 People management
Repsol's management and organization of people is a way to 
respond to the challenge of transforming the business to 
advance in terms of the energy transition and to achieve net-
zero emissions before 2050. This challenge will be achieved 
by boosting people's development with the help of 
committed leaders who inspire and promote the employees' 
professional development so that they can be main players 
in this transformation, with talent management aimed at 
responding quickly to business needs and change 
management that involves digitalization, new ways of 
working, and the deployment of agile and flexible 
organizations.  All of this, of course, must be done while 
taking care of people and ensuring their commitment, well-
being, diversity, and inclusion. 
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Leading to transform
For Repsol, leadership is a key strategic pillar in the process 
of the energy transition and cultural evolution. Repsol is 
investing its efforts in analyzing what leaders need in order 
to deploy training and support programs so as to promote 
the type of leadership that the strategy requires. 
Promote inspirational leadership 
Leaders play a crucial role in talent management by engaging 
employees so that they achieve business objectives, 
generating a sense of purpose, and driving and facilitating 
continuous development.  
During 2022, a leadership survey was carried out to identify 
and assess the strengths and areas for improvement of our 
leaders (2,700 people) based on the Company's leadership 
model, after which an individual development plan was 
defined. The results were very favorable, as reflected in the 
external benchmark,1 placing Repsol's leaders in the first 
quartile when compared to the market (84% vs. 81% of the 
market).
In order to accompany new leaders and boost their growth at 
such an important time in their careers, Repsol launched a 
flash mentoring program in 2022, the first edition of which 
had 122 senior leaders mentoring newly promoted leaders.  
Promoting entrepreneurial leadership
Repsol needs an entrepreneurial leader who is capable of 
identifying and promoting the needs for change in the areas 
he/she is responsible for, likewise being able to guide teams 
towards the challenges of the transformation at hand. 
In 2022, the LEAD training program concluded. This is a 
program which, for the last three years and with the 
participation of around 1,800 leaders from all over the world 
and an NPS2 of 77.17%, has focused on promoting 
transformative and inspiring leadership by developing the 
skills if prioritization, communication, digitization, and 
innovation. It has become as a disruptive proposal with 
excellent results that has received external recognition, such 
as the gold medal for the best leadership development 
program by Brandon Hall.3
During 2022, renewal of our management structure 
continued in order to accelerate Repsol's evolution (17 
departures, 49 moves, 8 appointments, and 2 new additions 
to the Executive Committee).  
Transforming to advance
The 2021-2025 Strategic Plan envisions a new company 
operating model in which the organization and the way of 
working must evolve in order to streamline decision-making, 
improve efficiency, and champion innovation.  In this plan, a 
different, anticipatory approach to talent management is key 
in order to respond to business needs.  
Deploying an agile and adaptable organization 
The Company's transformation involves adopting a more 
integrated and efficient operating model, supported by a 
more agile, flatter organization with greater adaptability. To 
this end, in 2022 Repsol continued with its process of 
evolving and transforming in terms of the different units' 
operating models and organization. 
For example, in Upstream, the Excellence Centers4 have been 
consolidated, concentrating support for the central areas to 
the business units and adapting the organization to the 
entrance of a new partner. In the Industrial Transformation 
and Circular Economy Division, a new operating and 
organizational model has been implemented that lays the 
foundations for new growth platforms in businesses and 
multi-energy and decarbonized assets. In the Customer 
Division, a new transformational phase has been embarked 
upon to advance in the challenge of offering multi-energy 
solutions adapted to the needs of each customer. In the 
Low-Carbon Generation and Carbon areas, the organization 
has been adapted to the current context and the entry of a 
partner. And in the Corporate Areas, the optimization and 
efficiency process has continued, consolidating the Global 
Services model while transformation processes have been 
undertaken in the Legal, Tax, Digital, and IT areas. 
Within this context of evolution, the simplification and 
flattening of the organizational structure has continued, 
improving the ratio of employees per manager from 5.9 in 
2021 to 6.4 in 2022.
Promoting change in ways of working
Repsol faces the challenges of making the way teams and 
people work evolve to be more efficient, promoting 
collaboration, innovation, and digitization, and adapting to a 
hybrid and flexible work environment.  
During 2022, Repsol undertook an alliance with Microsoft to 
design and implement the Microsoft Viva Insights5 tool in 
the Company. This technological solution allows for 
obtaining key data and analytics on how people work and 
how they use digital tools.
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1 Benchmark prepared by Korn Ferry with more than 600 companies. It evaluates leaders with a 14-question quiz based on their team's perception. Based on the answers, 
results are obtained that allow companies to be evaluated and positioned.
2 Net Promoter Score.
3 Brandon Hall Group is a leading professional development company providing data, research, insights, and certification to learning and talent executives and 
organizations.
4 Our Excellence Centers are organizational units responsible for certain technical or support activities for the different business units. Repsol has eight Excellence Centers: 
Health, Safety, and Environment, Planning, Purchasing, Underground, Production Engineering, Maintenance Engineering, and Information Management. 
5 Microsoft Viva Insights is a solution that helps individuals and teams to improve productivity and wellbeing with data-driven, privacy-protected insights and 
recommended actions.

Additionally, a support program was launched to achieve 
efficient work in a hybrid and flexible working environment. 
Its objective, initially, is to integrate the new ways of working 
into the teams in order to improve efficiency through optimal 
management of individual time and collaboration, facilitating 
well-being and the reconciliation of people's personal and 
professional life and reinforcing team cohesion. Based on 
diagnosis of the current situation, an action plan is 
generated with specific objectives to improve the adoption of 
new ways of working.
Anticipatory talent management 
Anticipatory talent management is essential to ensure that 
the Company has the talent it needs when it needs it. The 
development and reinforcement of existing talent together 
with the attraction of new profiles are the two key pillars to 
achieve a human team capable of facing present and future 
challenges.  
Repsol is working to promote ongoing strategic planning 
and anticipation of the talent needs in the different 
businesses delving deeper into the use of data analytics for 
people management. Thus, the development of digital tools 
for the projection of talent needs and for the analysis of the 
main people management indicators has allowed the 
Company to model various scenarios, to analyze voluntary 
turnover data, to focus on talent renewal and the loyalty of 
critical team members, and to establish a roadmap of the 
types of profiles and resources necessary to fulfill the growth 
strategy.
New methodologies have been developed and applied to 
identify key positions that, due to their impact or uniqueness, 
will make an essential contribution to achieving Repsol's 
strategy. Along with this process, a successor identification 
process is being deployed in order to more accurately 
diagnose the available talent and draw up action plans to go 
along therewith.
Talent attraction
In order to face the challenge of being a multi-energy 
company, Repsol must be able to identify and attract specific 
and innovative talent profiles that allow the Company to 
respond to the needs of the changing context of its business 
activity -- without neglecting the talent it needs to guarantee 
the efficiency and safety of all operations. 
To do this, during 2022 Repsol hired 1,313 people with 
permanent contracts, of which 14% corresponded to 
strategic profiles that expand knowledge in emerging 
disciplines such as hydrogen, industrial optimization, solid 
waste management, and the circular economy -- thus 
contributing to the transformation of the industrial sector. In 
line with the "Primera Ola Digital" ("First Digital Wave") 
Program,6 key profiles specializing in big data, artificial 
intelligence, and cybersecurity were added. 
In addition, the Low-Carbon Generation Division launched a 
two-year program for young graduates, something which 
ensures a pool of professionals who will help achieve 
corporate objectives thanks to their development inside the 
Company.
In order to ensure proper generational change, the Company 
annually plans scholarship and internship opportunities in 
varied and adaptable formats. These programs ensure that 
students can put their knowledge into practice by developing 
technical skills and gaining experience in real situations. 
During 2022, a total of 707 scholarships for university 
students were handled, as well as having 189 dual vocational 
training students who were able to carry out their internships 
at Repsol. Thus, in addition to helping to bring talent into 
Repsol, the Company contributes to improving the 
employability of young students. 
 
30% of the students who participated in 
the scholarships and internships that we 
organized during 2022 joined the 
Company as employees at the end of 
their programs
Talent development 
Repsol is convinced of the importance of the talent of its 
people and the value of their knowledge and experience. For 
this reason, the Company is developing and deploying new 
approaches and activities for development, training, learning, 
and mobility.
The design of career and professional development plans is 
perfected year after year. In order to accelerate the 
development of its professionals to ensure critical talent 
needs over the medium and long terms, the Company 
started a program in 2022 that includes the identification of 
employee interests and the detection of successors in key 
positions so that they can be provided with the necessary 
training, as well as giving them opportunities for mobility 
and challenging projects that allow them, together with 
external support, to create their development plan. 
Also during 2022, 300 professionals participated in the 
Learn&Lead training program7 and 100 participated in an 
external development assessment.
As part of Repsol's commitment to developing potential 
successors in management positions, 24 experienced 
leaders participated in development assessment programs 
and 17 participated in management development programs 
at business schools.
Additionally, with the aim of bringing about new 
development possibilities for professionals with key technical 
knowledge, the Engineering and Technology areas updated 
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6 "Primera Ola Digital" is a company program that promotes the design and development of strategic projects to promote digitization. They are deployed and assessed by 
applying agile methodologies.
7 The Learn&Lead program has as a learning objective to understand the importance of the role of leader in an environment of change and transformation and to 
strengthen commitment and motivation.

the competencies of the technical studies program. At the 
same time, the definition of specialist positions continued,8 
totaling more than 60 in different areas. 
At Repsol, training is a key to development. To this end, 
training plans are designed that respond to the needs linked 
to the company's strategic challenges, all with an increasing 
focus on sustainability and the development of new, low-
carbon businesses. 
Examples of this are training in the energy transition and 
green exploration for the Upstream business (covering 
topics related to hydrogen, geothermal energy, and the 
capture, storage, and use of CO2), as well as training in 
industrial safety and renewable energy for the Industrial 
Transformation and Circular Economy Division (dealing with 
issues such as the hydrogen value chain and the storage of 
renewable energy and its relevance in the energy transition). 
In addition, all service station employees participated in a 
program on the sale of electricity and gas.
Additionally, awareness was reinforced of the importance of 
data-based management and decision-making. During 2022, 
1,136 people received online training and 480 started face-to-
face programs within the context of the Repsol Data School, 
a learning program that improves the knowledge and 
analytical skills of employees.
Key talent retention
Given the competition for key talent on the labor market in 
2022, Repsol acted quickly by developing new, more flexible 
compensation formulas that help retain the talent that is 
needed and even attract new key talent for new businesses 
and operations, doing so without harming internal equity 
between employees. In this way, more individualized 
compensation formulas have been developed, such as 
retention bonuses, premiums for expertise or critical specific 
knowledge, success bonuses for results, etc. 
In addition, in high-demand labor markets such as that of 
renewable energy, case-specific salary measures have been 
taken to ensure the attraction and loyalty of strategic talent.
Taking care of people to prosper
Repsol knows that its employees are the main players in the 
transformation that the Company is undergoing and is 
working with the firm commitment to manage them in a 
sustainable way that is focused on their wellbeing and fair 
and inclusive treatment.
Satisfied and committed people
Repsol is convinced that a motivated and committed team is 
the key to succeeding in the challenges it faces. The 
Company is in a continuous process of updating and 
improving its value proposition for employees, doing so 
from a perspective that guarantees the generation of resilient 
teams which are prepared to face challenges – guaranteeing 
sustainable employment, proper working and remuneration 
conditions, and a continuous dialog with workers.
Active listening to employees
For Repsol, employees' opinions are important, and for this 
reason the Company periodically launches a global culture 
survey, as well as different perception surveys on topics of 
general interest.  This is done in order to measure employee 
perception. 
The 2022 culture survey (79% participation) obtained an 
average favorable score in all the survey questions of 71%, 
exceeding the target defined in the Strategic Plan (70%). 
Among the most positively ranked aspects, it is worth 
highlighting our employees' sense of belonging and their 
recognition of Repsol as a good place to work (80% 
favorable score). 
Fair, flexible, and variable compensation
Repsol has built a full compensation model based on fair 
remuneration and components that contribute to people's 
well-being as a crucial part of the Company's value 
proposition to employees.  This approach aims to offer a 
competitive and attractive system.
In general, full compensation includes the base salary, short- 
and long-term variable remuneration, and a set of benefits 
(pension plans, healthcare, life and disability insurance, 
stock plan, among others). 
In addition, Repsol's full compensation model promotes the 
Company's sustainability strategy by linking the variable 
remuneration of leaders and employees with strategic 
objectives and the sustainable transformation of the 
business. Examples of this are the inclusion of sustainability 
and decarbonization criteria in the annual variable salary and 
long-term incentive for the CEO (such as an increase in 
renewable generation, a reduction of intensity in terms of 
carbon, and growth in low-carbon businesses).
Regarding pay equality, Repsol carries out continuous and 
transparent monitoring to ensure internal equity and 
outward competitiveness at each location, and therefore 
efficiently meet the requirements of each country.
The compensation policy is continuously adapted to ensure 
that talent is attracted and retained. In 2022, in a context of 
higher-than-normal inflation and with a labor market 
featuring increasing mobility, the remuneration of employees 
was improved through an increase in the fixed salary, 
adapting it depending on the collective and on the realities of 
each country.
Work-life balance and flexibility
We at Repsol are aware that work-life balance and flexibility 
are fundamental elements on the current labor market; thus, 
these good practices are continuously promoted worldwide 
through ongoing programs, initiatives, and informational 
campaigns to raise awareness and promote a culture that 
strives towards work-life balance, digital disconnection, and 
flexible working hours.
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8 Profiles with specific critical technical knowledge.

In 2022, there was a 19.9% increase in 
the number of employees who applied 
for telework, rising to 5,403 (4,506 in 
2021)
Aside from teleworking, many countries have established 
flextime, whereby employees can adjust their workplace entry 
and departure times to ensure a healthier work-life balance. 
This system is in operation in Brazil, Canada, the USA, 
Spain, the Netherlands, Portugal, Indonesia, Luxembourg, 
and Norway. In addition, many countries have adapted their 
work schedules during the week so that their employees have 
Friday afternoons off.
Throughout 2022, in countries whose local law does not 
include provisions to this end (Bolivia, Peru, Trinidad and 
Tobago, and Venezuela), numerous work-life balance 
benefits were extended to the LGTBI+ collective, which 
makes it easier for people in this group to access leave for 
marriage, maternity, and/or paternity and allows them to be 
included on the health insurance of their partners. 
Diversity and equal opportunities
Repsol considers diversity a fundamental part of its 
corporate culture and of the just transition and, for this 
reason, it works to promote the integration of different 
profiles, as well as to raise awareness regarding inclusion 
and respect.
In this regard, Repsol continues to work towards its target of 
35% of women in leadership positions by 2025, after having 
achieved 32.2% in 2022 (31.4% in 2021). The figures are 
improving year after year, working to attract female talent 
and make it more visible.  This is evidenced by the fact that 
in 2022, 47% of external hires were women -- something 
which has contributed to positioning Repsol as a diverse and 
inclusive company.
Repsol is a company committed to hiring people with 
disabilities, aiming to eliminate the barriers that hinder their 
inclusion. In Spain, it exceeds the legal requirements of the 
General Law on Disability,9 as 2.16% of the Company's 
employees have a degree of disability greater than 33%. The 
total number of employees with disabilities in the countries 
where Repsol is present amounts to 486. In 2022, a 
collaboration agreement was signed with Down Spain to 
promote the occupational inclusion of people with 
intellectual disabilities through hiring at service stations.  
To achieve a more inclusive environment for the LGTBI+ 
collective, different internal awareness activities have been 
developed, including the development and offering of the 
"Energía con Orgullo" ("Power with Pride") training. The 
Proud at Repsol Group10 has grown and it now has more 
than 200 people in 10 countries.  
Social dialogue
As part of the commitment to manage people in a 
responsible and sustainable manner, freedom of association 
and the effective recognition of the right to collective 
bargaining are part of Repsol’s culture.
Collective bargaining in Spain, where 72.31% of the group’s 
employees are based, is best exemplified by the Framework 
Agreement. Entered into with the most representative trade 
unions, it includes overarching labor issues that are later 
transferred to the collective bargaining agreements of the 
companies included within its scope. In September 2022, 
Repsol signed the X Framework Agreement, which includes 
(among other relevant issues) new teleworking formulas and 
salary increases for agreement employees, taking into 
account the current market and the inflationary context, 
internal equity, and value contribution. By signing this 
agreement, the Company reaffirmed its commitment to 
people while guaranteeing the sustainability of industrial 
employment, salary competitiveness, and an attractive offer 
for its employees.
On the international scene, Repsol has employees under 
collective bargaining agreements in Spain, Peru, Portugal, 
Brazil, Indonesia, France, Italy, and Norway, all represented 
by an internal body or by an industry-wide trade union. Of 
the total number of employees from these countries, nearly 
85.91% of them were covered by a collective bargaining 
agreement in 2022, representing more than 79.44% of the 
Group's total workforce.
Since 1997, Repsol has had a European Works Council — a 
body for information, consultation, and communication on 
issues that may affect the Group in general and which 
focuses more specifically on key issues affecting the 
Company on a European scale. 
The Company has formalized an Equality Plan with the 
Equality Plan Monitoring and Negotiation Commission, 
which the majority unions are a part of – and this plan falls 
under the scope of the Framework Agreement. The plan puts 
the focus on female talent, with measures in areas such as 
selection, training, professional promotion, remuneration, 
and professional classification. The last update of 2022 
concludes that there is no discriminatory treatment at 
Repsol, nor are there inequalities based on sex. The plan was 
modified to respond to a new challenge: to advance the 
presence of women in the Company due to the fact that our 
sector continues to be mostly male, despite the progress 
made in recent years.
In addition, the plan includes a broad and improved set of 
reconciliation measures, a protocol for prevention and action 
against harassment, and a protocol for the protection of 
victims of violence in the family environment.
Since 2020, Repsol has held a Sustainability Roundtable with 
the Group's most representative unions in Spain, where 
issues such as sustainability plans, non-financial information 
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9 Royal Legislative Decree 1/2013, dated November 29, which approves the Consolidated Text of the General Law for People with Disabilities and for their Social Inclusion.
10 In 2020, the LGTBI+ Ally Group was created ("Grupo Aliad@s LGTBI+") in order to bring together the forces of those committed to creating a secure and inclusive 
ecosystem, supporting and implementing initiatives related with equality and non-discrimination against the LGTBI+ collective.

from management reports, circular economy initiatives, 
strategic S&E projects, etc. are discussed.
Employee health and wellbeing
Repsol is committed to investing efforts and resources in 
health and well-being and, since 2018, it has approached this 
mission with a holistic approach and attention being paid to 
mental health as a key aspect for employee well-being in a 
context of transformation in terms of how work is done.
Repsol continues working on the review of health protocols 
issued by the authorities so as to adapt them to the current 
times in each country and any new health emergencies that 
may arise.
The Company has a strategic framework for occupational 
health and well-being implemented in all countries and 
which aims to share common guidelines and make 
resources available to employees to help them improve and 
maintain their health and well-being. During 2022, initiatives 
focused on physical, emotional, and cardiovascular wellbeing 
were developed, as well as on other health-related prevention 
and promotion campaigns.
Thus, the Company is prepared to face the challenges of the 
present and the future; it values its legacy and continues to 
transform and develop its professionals by providing them 
with the tools they need to enhance their talent and by taking 
care of each one of them through competitive working 
conditions, fair and inclusive treatment, and with concern for 
health, flexibility, training, and wellbeing.
6.4.3 Respect for human rights 
and community relations11
Repsol considers the role of companies as agents of change 
to be key in terms of respecting human rights and, thus, this 
idea constitutes a very relevant managerial aspect in all of 
the company's business activities. The two cornerstones of 
respect for human rights are as follows: governance and 
commitment at the highest level, as well as excellent social 
performance on a day-to-day basis. 
The Company’s aim is to always operate with the acceptance 
of internal and external stakeholders, maintaining solid
relationships therewith based on respect and honest, 
proactive, and transparent dialog that seeks shared benefit 
and contributes to local, socioeconomic, and environmental 
development. 
Human rights due diligence is the management model used 
to identify, prevent, mitigate, and remedy negative impacts 
and to maximize the positive consequences of the 
Company's business activities. Therefore, there is a 
commitment from top management (which also extends to 
the people who work in the field) that brings them to carry 
out their work based on the most demanding international 
standards, and this commitment is accompanied by a 
process of dialog with all stakeholders. This commitment is 
present throughout the value chain, providing support to 
contractors and partners to achieve better performance in 
terms of handling social aspects.
Repsol’s commitment to human rights
Repsol is committed to complying with 
the most demanding international 
standards on respect for human rights 
throughout its value chain
Since its approval in 2008, the Human Rights and 
Community Relations Policy has been adapted to comply 
with the highest international standards. It represents the 
formal commitment of top management to steer the 
Company’s endeavors in this area. 
This commitment spans the entire life cycle of the 
Company’s business activities, from the design, 
construction, and commissioning phases of the projects to 
their execution and decommissioning. Repsol also promotes 
compliance with the highest international standards among 
employees, contractors, suppliers, and partners. 
To this end, the Company actively takes part in industry-wide 
initiatives, in partnership with other companies from the 
sector. For example, through IPIECA, an association in which 
Repsol collaborates in different working groups. These 
include Social Responsibility and SDG.
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11 For more information on human rights management and community relations, see www.repsol.com (Sustainability - Human Rights and Sustainability - Communities 
and Shared Value).

Governance in human rights
Board of Directors (1)
1. Approves the Company's human rights strategy.
2. Approves human rights policies and oversees the implementation of 
the strategy. As part of the Crisis Committee they also manage critical 
claims.
3. Regularly monitors the strategy and compliance with human rights 
action plans and objectives.
4. Oversees the process of preparing financial and non-financial 
information and the integrity thereof (including human rights), as well as 
the risk management and control processes.
5. Works alongside the businesses and corporate functions to coordinate 
and develop the sustainability strategy and monitor action plans.
6. Steers and implements the human rights strategy across the different 
businesses.
7. Carries out strategic analysis and coordinates and provides technical 
support through the expert area of community relations and human 
rights.
8. Deploys the strategy in each business unit.
9.Link between the communities and the Company in its operations.
10. Share good practices and address material issues in the areas where 
Repsol operates.
11. Coordinates the global strategy with the businesses and cross-cutting 
areas.
Chief Executive Officer 
(CEO) and Executive 
Committee (EC) (2)
Sustainability 
Committee (3)
Audit and 
Control 
Committee (4)
EMD Energy Transition, 
Technology, and 
Institutional Affairs and 
Deputy CEO (5)
Business 
Division or 
Officer (6)
Sustainability Division (7)
Business Units 
Executive 
Divisions (8)
Community 
Liaison Officer(9)
Expert Group on 
Human Rights (11)
Regional Committees (10)
Human rights governance is established at the highest level 
and is supplemented by specialized teams that carry out the 
day-to-day management of human rights and the 
relationship with the surrounding communities. Repsol has a 
Human Rights Expert Group since 2020 which coordinates 
the global strategy throughout the Company. One of the 
actions carried out in 2022 was the Human Rights Course 
being published on the Company website and open to all, 
with special attention focused on suppliers and contractors 
since the procurement and contracts function has already 
carried out this training in 2021.
In this regard, the Code of Ethics and Conduct for Suppliers 
has also been reviewed, including new social risks.12 In 
addition, work is being done to adapt to the future European 
Directive on Due Diligence on Human Rights, focusing 
especially on new renewable energy projects.
As part of the due diligence process, Repsol annually defines 
human rights objectives at global and local levels. These 
objectives are added to the Global Sustainability Plan and the 
19 local sustainability plans, which include information on 
the progress.
Priority issues on human rights
Repsol identifies and prioritizes human rights issues based 
on the severity and scope of the impacts of its activities and 
how easily they can be remediated. The Company therefore 
relies on several sources: analysis of risks and impacts, 
social audits, grievance mechanisms, consultations with 
stakeholders and the feedback received from the different 
countries with operations. 
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12 See 6.8, Supply Chain.

Due diligence management model 
Ambition  
Promoting proactive dialog and early 
management of social impacts and 
opportunities
Repsol uses due diligence in human rights as the ideal 
model for managing internal processes with an anticipatory 
approach focused on the identification, evaluation, and 
mitigation of  risks and impacts associated with the activity 
itself, as well as in the search for new opportunities. The due 
diligence model is applied throughout all stages of the life 
cycle of the assets, from the beginning to abandonment. 
Proactive and fluid dialog is at the heart of human rights due 
diligence and the process involves all stakeholders: 
contractors, partners, employees, communities, etc. and it is 
based on the main international standards.
The objective is to minimize the risks and any negative 
impacts and maximize the positive impacts. The following 
actions are therefore carried out in all projects and 
operations:
•
Exhaustive analysis of the context and the specific social, 
economic, and cultural characteristics of each area.
•
Identification and assessment of risks, as well as 
negative and positive impacts.
•
Design and implementation of mitigation plans for risks 
and negative impacts.
•
Identification of social opportunities to maximize positive 
impacts.
These actions are combined with participation strategies 
with local communities and other stakeholders in all 
operating projects. All this contributes to the sustainable 
development of the communities in the area of influence of 
our operations and helps Repsol to obtain and maintain its 
social license to operate.
An example of an initiative involving local stakeholders is the 
Caipipendi Block (Bolivia), where nearby communities are 
informed of the scope of all projects being carried out in the 
block. In addition to describing the scope of the project, the 
benefits for the community are reported during these 
meetings and the number of local staff members and 
services to be contracted is agreed. Subsequently, the 
committed agreements are monitored and followed up on, 
evidence of our commitment to transparency at all times.
Activities are developed in accordance with the 
environmental, social, and health impact assessment 
standard in force since 2011, which ensures that an 
environmental, social, and health risk and impact 
assessment process is carried out for all Repsol projects and 
activities in order to identify and assess risks and impacts 
and, where applicable, deploy the necessary prevention and 
mitigation measures, all the while involving stakeholders. 
Before starting a new project, business units run a 
preliminary analysis of the social, environmental and health 
context, as well as of the legal requirements, identified 
potential impacts and the vulnerability of the local 
environment. 
The social impact assessment takes into account, among 
other matters, the right to land and its natural resources, the 
right to a healthy environment, and the right to preserve the 
identity and culture of communities. In addition, the 
Company has had its own methodology for assessing 
human rights impacts since 2014. 
All impact assessments conducted in 2022 (5 in total: 1 in 
Peru, 3 in Spain, and 1 in the USA) included social and 
human rights aspects.
Repsol includes human rights clauses in contracts with 
partners and suppliers, assesses their performance, and 
provides support through awareness-raising activities to 
ensure human rights due diligence along the entire value 
chain. 
In operations in which Repsol does not participate in the 
management of social aspects, as is the case with non-
operating assets, information is shared with partners on 
commitments, policies, and practices and the Company’s 
know-how, expertise, and techniques necessary to 
implement its objectives are made available thereto.
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Grievance and remediation mechanisms
Repsol promotes claim mechanisms 
as the preferred way of resolving 
disputes.  
Repsol has grievance mechanisms for communities, 
employees, partners, suppliers, customers, and any third 
party. The Company is committed to verifying any report or 
complaint received and to cooperating to remediate the 
impact caused by its activities or those of its partners or 
contractors. This allows us to be proactive, respond to minor 
incidents before they escalate, and provide an early way of 
reparation for to affected parties.
These mechanisms include the Repsol Ethics and Compliance 
Channel, the Employee Service Desk, and the Customer Care 
Service. However, many of the concerns, worries, and 
complaints from stakeholders are related to impacts on the 
communities near operations, which is why it is essential to have 
operational-level grievance mechanisms as well. 
These mechanisms are designed in accordance with the 
United Nations Guiding Principles on Business and Human 
Rights, in collaboration with partners  and other 
stakeholders. They are adapted to the specific characteristics 
of the environment and are accessible to all so that they are 
considered legitimate by all concerned. This helps to create 
an environment of trust and respect that makes it easier for 
anyone to report complaints or grievances without fear of 
retaliation. Moreover, these mechanisms are no impediment 
to in-court or out-of-court proceedings, nor do they affect the 
legitimate and peaceful activities of human rights defenders. 
Relevant complaints are handled at the local level and 
forwarded to the communities and human rights expert 
team of the Sustainability Division so that, if necessary, they 
may be submitted to the Executive Committee for review and 
possible management.
During 2022, a total of 107 grievances were received(96 in 
2021), excluding those related to the incident that occurred 
in Terminal 2 of the La Pampilla refinery, which are treated 
separately due to that incident's magnitude (it came up as a 
result of an impact generated and not normal operations). 
The increase compared to 2021 is due to the inclusion of 
claims from the renewables business (47) for the first time. 
All claims have been addressed and 81% resolved. 
Types of social grievances in 2022
34
19
19
19
12
4
Local content
Land use
Stakeholder engagement, agreements and social investments
Damage to property, the environment or use of resources
Contractor misconduct
Other
As a result of the accident that occurred in Terminal 2 of the 
La Pampilla refinery (Peru) on January 15, 2022, a grievance 
mechanism adapted to the circumstances was designed and 
implemented, accessible to anyone through different 
communications channels, including the web page where the 
progress in the environmental and social remediation is 
being published. The image 'Social action plan for the 
incident at La Pampilla refinery terminal 2' shows additional 
information on the social action plan put in place to respond 
to the implemented social action plan in response to the 
incident. Claims could be filed through the website, by email, 
phone, WhatsApp, social media or in person.
Grievances received during 2022 related to this accident 
amounted to 3,932. All of them were addressed and resolved 
throughout the year. Additionally, community liaison officers 
took care of more than 7,400 queries from the population 
and more than 8,000 case files related to the compensation 
process, presented by the Parties' Reporting Desk, are being 
managed. The types of grievances received are detailed 
below: 
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Types of social grievances at La Pampilla in 2022
91%
7%
1%
0%
1%
Compensation request
Information about compensation process
Incidents in the compensation process
Health and environment
Other
Indigenous communities
Repsol recognizes and respects the unique nature of these 
communities and their rights to the land and natural 
resources. Actions in environments with indigenous 
communities are governed by Convention 169 of the 
International Labor Organization (ILO), regardless of 
whether or not it has been transposed into the national 
legislation of each country. 
In accordance with this commitment and the requirements 
included in Repsol’s regulatory framework, feasible 
alternative designs that minimize land acquisition and 
restrictions on land and subsoil use are considered prior to 
starting each activity to avoid resettlement and adverse 
impacts on local communities and those using the land.
Another key aspect of managing indigenous communities is 
respect for their right to free, prior, and informed 
consultation. Repsol verifies the level of acceptance of the 
indigenous peoples in all its activities and actively seeks the 
consent of those potentially affected. Otherwise, both the 
potential impacts and the advisability of continuing with the 
project are assessed, a decision that is taken by the Executive 
Committee.
Economic impact on communities and shared 
value
The Company, in line with its commitment to the 
Sustainable Development Goals, contributes to social 
development by maximizing the positive impacts generated 
by its activities and enhancing shared value in its projects. 
The social investment strategy focuses on an exhaustive 
analysis of the needs of the context, and on the priority SDGs 
for Repsol (6, 7, 8, 9, 12, 13, and 17). 
The social investment management standard, aimed at 
guaranteeing transparency and optimizing positive impacts, 
governs these processes: Repsol assesses opportunities that 
bring about positive impacts in each context and enhance 
the shared value when undertaking projects, while at the 
same time avoiding future dependencies. Sustainable socio-
economic development stemming from planning based on 
dialog and consensus with local communities is a key 
priority and determines the scope of the investment.
In 2022, social investment amounted to 49 million euros (33 
million euros in 2021).13
Security and human rights
Repsol has been adhered to the United Nations Voluntary 
Principles on Security and Human Rights since 2013 to 
guarantee the security of operations in sensitive or conflict 
zones through working procedures that ensure respect for 
human rights. 
Repsol asks private security companies to guarantee that 
100% of the employees providing services at its facilities are 
trained in human rights. The Company oversees this training 
or undertakes courses for corporate security personnel. In 
addition, in some countries, public security and law 
enforcement agencies receive specific training in human 
rights.
Human rights
2022
2021
Number of employees trained in human rights
 
921  
714 
Number of training hours in human rights
 
952  
714 
Contracts with security firms that include human rights 
clauses (%)
 
100  
100 
Security providers evaluated according to human rights 
criteria (%)
 
99  
100 
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13 For more information and examples of social investment projects, see Appendix V. Further information on Sustainability (includes Non-Financial Statement).

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6.5. Safe operations1
Repsol is committed to carrying out its activities considering 
the health and safety of its people and environmental 
protection as essential values, based on the firm conviction 
that all accidents are preventable and avoidable. This 
continuous effort in recent years has led to a significant 
improvement in safety, although we are certain that we can 
continue to improve, as serious accidents are still occurring. 
Therefore, the Company considers it essential to focus on 
the interactions between people, the safety culture, facilities, 
processes, and work systems.
This drive to improve safety is reinforced with the 2022 
update of the Health and Safety Policy, which includes 
commitments in terms of the human factor, fair recognition, 
and error management as a source of organizational 
learning. Said policy includes the commitments that allow 
our activities to be carried out while preserving the integrity 
of our people and avoiding any damage to the environment, 
all the while ensuring a healthy and safe work environment 
from both a physical and mental point of view:
• Leadership from the Executive Committee, with the line of 
command responsible for application.
• Proactive risk management, with the aim of minimizing 
the probability of damage to people and the environment, 
especially major accidents, and incorporating that into 
decision-making processes.
• Consideration of human factors as a key for continuous 
improvement.
• Organizational learning, both in terms of investigating 
incidents and based on the systematic analysis of habitual 
work practices, treating human error and failures to 
comply as elements for analysis and learning.
• Requirement of individual responsibility and compliance 
with rules and procedures.
• Involvement of employees, contractors, and other 
stakeholders in continuous improvement and in the 
definition of health and safety management programs and 
systems that make it possible to systematically evaluate 
performance and undertake the appropriate corrective 
measures.
In addition, in 2022 the Safety and Environment Excellence 
Program has been launched, the aim of which is to take a 
qualitative leap while promoting the culture of safety and the 
environment protection. The program was born with a clear 
operational focus, led by new corporate management in 
coordination with those responsible for all the Company's 
businesses. Currently, has already advanced in the first 
diagnostic phase, with the entire organization involved in 
said phase, including partners and collaborators.  This will 
make it possible to identify strengths and weaknesses in 
order to later move on to the implementation and 
monitoring phases.
As a basis for the diagnosis, the safety management system 
updated and formalized during 2022 is being used. In 
accordance with international and industry standards and best 
practices, the system establishes the safety requirements 
applicable to operations throughout the entire life cycle and it 
facilitates uniform risk management in all areas throughout 
Repsol. It is made up of the following key attributes:
•
Two fundamentals, which constitute the bases of the 
management system: leadership and culture, and 
continuous improvement.
•
Nine elements, each of which is made up of an objective 
and a series of requirements:
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1The figures and indicators in this section have been calculated in accordance with corporate standards that set out the criteria and common methodology to be applied in 
safety and environmental matters (S&E). As a general rule, environment and safety information includes 100% of the data from companies in which Repsol holds  a 
controlling interest or control over operations. In particular, in the field of security, this includes data from contractors that provide services under a direct contract.

The safety culture is one of the fundamentals of the 
management system, without which its effective and full 
implementation is not possible. Thus, in order to achieve 
and maintain excellent safety performance, it is necessary to 
ensure that the attributes of Repsol's safety culture model 
are reflected in the elements of the management system.
The second fundamental, continuous improvement, is key to 
preventing accidents, especially the most serious ones. To 
spark continuous questioning, promote learning, and avoid 
possible complacency inside the organization, it is essential 
to have specific improvement processes. Thus, Repsol 
continues to work on deploying specific safety culture 
diagnostics across its assets and businesses. In 2022, the 
LPG business and the Spanish Upstream unit's diagnostics 
were completed, contemplating the dismantling of the 
Casablanca and Poseidón assets, something which brings 
the sum to more than 25 since the start in 2015. 
Fair recognition is one of the attributes of Repsol's safety 
culture model and a key element in achieving a climate of 
trust in which safety information flows, latent system risks 
are identified and corrected, and organizational learning is 
promoted. 
During 2022, the bases were established and the conceptual 
framework was defined which has allowed for the 
development of a pilot project in the LPG business, 
incorporating the lessons learned into a second pilot in the 
Upstream business. Both will make it possible to continue 
laying the foundations for deployment in the rest of the 
businesses in the coming years -- something which is in line 
with the provisions of the Health and Safety Policy.
As an example of concrete actions from these pilots, work is 
being done to eliminate the differences between "imagined 
work" and "performed work" for key processes, both in terms 
of safety and operations. This is making it possible to identify 
actions for improvement at all levels of the organization at 
both a technical and a human level.
In safety leadership training, the Safety Leap program has 
been tailored and delivered to the technical groups that are 
part of the Industrial business and the Upstream business 
units based in North America (Eagle Ford, Marcellus, and 
Canada). 
Repsol is convinced that collaboration between different 
companies and industry associations is key to improving 
safety and accelerating the learning process. Repsol 
continuously participates and collaborates in organizations 
such as:
• International Oil & Gas Producers (IOGP), promoting a 
shared vision and some principles to improve human 
performance.
• Energy Institute, sponsoring the JIP Toolbox as a tool to 
share lessons learned from accidents.
• International Process Safety Group (IPSG), acting as hosts 
at the A Coruña refinery for the 2022 international 
conference in which topics such as hazard identification in 
transient operations, contractor management, and human 
performance were discussed.
• Center for Chemical Process Safety (CCPS), hosting the 
European regional meeting on digitization in process 
safety.
All these collaborations have also been reflected internally 
with the preparation of the internal guide entitled "Improving 
Human Performance in Safety: Understanding before 
Acting," which analyzes the interactions of the organization, 
the work environment, and the people and provides tools 
applicable to asset managers.
6.5.1 Personal safety
The Company is working to reduce personal accidents, 
especially those with the most serious potential 
consequences, doing so in conjunction with the groups that 
are most involved: employees, contractors, and suppliers. 
In 2022, the incident management standard was revised and 
concepts such as "remote work" and "on mission work" 
were included. Likewise, the requirements for the 
management of high potential indicators (HPI) were clarified 
and simplified and the reporting area was reviewed and 
aligned in accordance with good industry practices.
Transport continues to be one of the main causes of harm to 
people, both personally and professionally. For this reason, 
the Safe Mobility course has been re-done, also being 
updated online with all the new means of transport.
Repsol is constantly developing tools that allow for the 
digitization of security:
• Internet of Things (IoT), with the increase of sensors for 
better knowledge on the location and state of equipment, 
the environment, and the workers.
• Digital Twins & Analytics,  to monitor operations in real 
time and for the early identification of risks.
• Artificial intelligence, for process optimization, risk 
mitigation, decision making, and situation assessment. 
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• Broadband Mobile, for communications with latency, 
which allows for a real-time response and the transmission 
of large volumes of data.
• Robotization and remote control, to improve safety by 
reducing human participation in dangerous environments.
• Automation, agility, and simplification in actions 
stemming from risk situations and events that impact 
health and safety.
• IT tools for key processes such as change management 
and work permits, or the Guided Operations tool.
In 2022, it is worth noting the launch of a proof of concept 
from the Knowledge Graph Accident Taxonomy, IA (KATIA) 
project, whose objective is to improve safety through the 
analysis of spill data.
At Repsol, occupational accident indicators are reported in 
accordance with the incident management standard, based 
on international standards (IOGP and OSHA), which 
establishes  the common criteria and methodology to 
properly record and manage incidents, improvement actions 
and lessons learned. Accordingly, incidents are classified 
depending on the severity of their actual and potential 
consequences. 
All employees are required to report any incident they 
experience or witness. The incident is recorded in the IT tool 
and an investigation process is then opened to identify the 
root causes and to propose improvement actions and 
lessons learned. The standard affects 100% of the 
companies in which Repsol has a majority interest or control 
over operation. Incidents affecting contractors that provide 
their services under a direct contract are also recorded.
Unfortunately, in 2022 we had to regret the death of three 
subcontracted workers in occupational accidents. In March 
at the A Coruña refinery: during the opening of a line cover.  
When two workers were carrying out this task, they were 
affected by the inhalation of gases. One of them died days 
later in the hospital. The investigation committee was made 
up of specialist technicians from the different areas of the 
refinery, as well as workers' representatives. In October, also 
at the A Coruña refinery, a worker from an auxiliary company 
died while carrying out specialist tasks in a construction 
project. The accident was caused by the impact of an 
element of the tool used during concrete injection. 
In addition, in October, a tanker truck (tractor and trailer 
unit) overturned, and a second vehicle was also involved. 
The driver of the overturned tanker died in the accident. 
Although the event is still under investigation by the 
competent authority, it has been confirmed that the vehicle 
complied with applicable safety measures and legal 
inspections, and that the environmental and road conditions 
posed no difficulties.
The 2022 TRIR increased from 0.89 to 1.59. This is mainly 
due to incidents that occurred during the remediation work 
from the spill that occurred in Terminal 2 of the La Pampilla 
Refinery and to incidents linked to an increase in drilling 
activity when compared with 2021. Repsol continues to work 
to promote leadership in safety, as well as actions to 
strengthen preventive safety observations, digitization, etc., 
which will also be promoted through the Safety and 
Environment Excellence Program.
Main personnel safety indicators(1)
2022
2021
Lost Time Injury Rate (LTIR)(2)
 
1.13  
0.64 
Employee lost time injury rate
 
0.81  
0.56 
Contractor lost time injury rate
 
1.49  
0.73 
Total Recordable Injury Rate (TRIR)(3)
 
1.59  
0.89 
Employee total recordable injury rate
 
1.01  
0.74 
Contractor total recordable injury rate
 
2.24  
1.06 
Number of employee fatalities 
 
—  
— 
Number of contractor fatalities 
 
3  
— 
Number of safety training hours
 254,145  164,568 
(1) There is a corporate regulation that explains the criteria and methodology for 
recording incidents.
(2) Number of personal consequences (fatalities and with days lost) during the 
year, for every million hours worked. Includes company employees and 
contractor staff.
(3) Total number of cases with personal consequences (fatalities, with days lost, 
medical treatment and restricted work) accumulated during the period, for 
every million hours worked. Includes company employees and contractor staff.
Occupational safety according to severity of consequences
2022
2021
Severity
Men
Women
Total
Men
Women
Total
Very serious
3
—
3
—
—
—
Serious
4
—
4
2
—
2
Moderate
64
24
88
40
6
46
Minor
34
3
37
21
3
24
Trivial
2
—
2
5
—
5
Total
107
27
134
68
9
77
6.5.2. Process safety
Repsol considers process safety to begin in the design phase 
of the installation and to continue throughout the entire life 
cycle of the asset and until the dismantling and 
abandonment of the installations. To this end, the Company 
works on the design, implementation, management, and 
maintenance of safety barriers and critical processes that 
guarantee the integrity of the facilities through operational 
discipline and compliance with our global standards and 
operating procedures, based on international standards such 
as API, NFPA, ISO, EN, IEC, IOGP, and CCPS.
Repsol runs inspection and preventive maintenance 
programs to check the correct functioning of safety- critical 
systems and equipment. These programs are part of the 
Company’s tools that help improve and prevent leaks of 
dangerous products.
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In 2022, the number of safety incidents from Tier 1 and Tier 
2 processes increased with respect to 2021 by 5 accidents, 
although these indicators are in asymptotic values, and are 
better than the target values established in the continuous 
improvement path. These incidents mainly took place in 
Upstream, due to a significant increase in activity and to the 
integrity of the facilities. Actions are being carried out to 
improve integrity, inspection plans, and monitoring 
programs.
Process safety indicators(1)
2022
2021
Tier 1 process safety events
 
3  
3 
Tier 2 process safety events
 
11  
6 
(1) A process safety accident is one in which the first line of control has been 
breached. The following criteria must be met simultaneously: i) There is a 
process or chemical involved. ii) It occurs in a specific location; that is, it occurs 
in a production, distribution, storage, auxiliary services (utilities) facility or pilot 
plants related to the process or chemical product involved. iii) It results in an 
unplanned or uncontrolled release of material --including non-toxic and non-
flammable materials (for example, steam, hot water, nitrogen, compressed 
CO2, or compressed air)-- with certain levels of consequences. The process 
safety accident will be classified as Tier 1 or Tier 2, according to the defined 
thresholds.
6.5.3 Spill management
Spills
2022
2021
Number of oil spills (>1 bbl)
reaching the environment
 
24  
11 
Volume of oil spills (>1 bbl) reaching
the environment (tons)(1)
 
1,510  
6 
(1)Data corresponding to oil spills of more than one barrel to have reached the 
environment.
In 2022, two relevant spills occurred in Peru. The first 
occurred on January 15 at Terminal 2 of the La Pampilla 
Refinery while crude oil was being unloaded from the ship 
Mare Doricum. The amount spilled was 1,460 tons (see 
infographic on the next page entitled "Environmental actions 
against the spill in Terminal 2 of the La Pampilla Refinery," 
and Section 5.2.1, "Refining"). The second spill occurred as a 
result of a tanker overturning while trying to avoid two 
mounds of minerals on a sloping curve and under rainy 
weather conditions. The driver was unharmed, but one of the 
hatches opened, spilling 32 tons of the product it was 
carrying. The remediation work was carried out through a 
specialized external company.
The Company has internal and external emergency response 
mechanisms and has specialized and trained teams that use 
the most advanced detection tools and follow specific 
management and training protocols to ensure the allocation 
of the highest priority required in each case. Once the 
situation has been controlled, new preventive actions are 
established to prevent the same thing from happening again. 
These mechanisms are critical components for Repsol, and 
are fundamental in reducing the impact on individuals and 
the environment.
In the event of maritime spills, in addition to our own 
response means, Repsol has contracts in place that 
guarantee rapid action by external specialists and equipment 
(Oil Spills Response Limited - OSRL, including access to the 
Global Dispersants Stockpile, Wild Well Control, Helix, etc.).
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6.5.4 Emergency preparedness 
and crisis management
Repsol does its utmost to prevent accidents, which is done 
with careful preparation for any possible contingency. 
Therefore, in addition to prevention, it works on mechanisms 
that enable early detection of any situation and the rapid and 
effective management of safety, environmental or other 
emergencies. 
The Company continues to make progress and improve its 
comprehensive crisis and emergency management model. In 
addition to traditional oil and gas sector and in-house 
expertise, it includes industry best practices and is applied to 
crisis and emergency management at the business or 
corporate levels. It involves senior management in the most 
serious cases and ensures the allocation of specific 
resources, such as management support teams specifically 
trained and coached each year, with 24/7 coverage.
The crisis and emergency management standard ensures a 
minimum and uniform management standard, as well as 
frequent training, drills, and exercises at all levels -- including 
at least one annual exercise at the highest level of the 
Company.
In 2022, the annual drill to learn how to act in the event of 
crises and emergencies was developed around a hypothetical 
scenario of a cyberattack on the Company's main systems, 
preventing normal operations. Senior management 
participated in this drill and it was led by the CEO. In 
addition to training the teams on how the crisis plan should 
be carried out and executed, the aim was to verify that the 
technical resources and the complex coordination 
mechanisms between the various management groups 
would function when activated at the same time (Crisis 
Management Team, Business Support Team and CMT 
Support Group).
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6.6. Responsible tax policy
 
€17,002 M
Taxes paid by 
Repsol
Responsible tax policy
Repsol is aware of its responsibility for the well-being and 
social and economic development of the countries where it 
operates, and about the relevance that the taxes it pays have 
for these purposes. For this reason, it has defined a tax 
policy that is related to the responsible payment of taxes, 
through the application of good fiscal practices, the 
transparency of its actions and the promotion of cooperative 
relations with governments.
Through this tax policy, which is in line with the mission and 
values of the Company and the Sustainable Development 
Goals, Repsol aims to be publicly recognized as a company 
that practices integrity and transparency in its tax affairs. Our 
tax policy is available at www.repsol.com.
Tax contribution and impact
2022 tax contribution reached a historical record level: 
€17,002 million paid in taxes and similar public levies. 
By countries, Spain’s tax contribution is especially 
noteworthy, exceeding €11,900 million, which accounts for 
70% of the Group’s tax payments. 
This significant tax contribution, generated by our activities 
and paid by the Group companies, is borne both by the 
company (tax burden) and by its customers, employees and 
investors (tax collected).
Its tax burden paid in 2022 amounts to €4,544 million 
(€1,672 million in Spain). For its part, corporate income tax 
amounts to €2,595 million(€783 million in Spain).
Lastly, the Group’s tax contribution related to preserving the 
environment also reached historical highs in 2022, coming 
to €6,397 million (€5,429 million in Spain).
Details of tax payments by country, can be found in Appendix 
V to this report and at www.repsol.com.
Taxes paid in 2022(1)
Tax paid(2)
Tax burden
Tax collected
Profit
Millon euros
Tax on 
profits
Other 
taxes on 
profits
2022
2021
Total
Total
VAT
HI(3)
Other
2022
2021
Europe (4)
13,397
9,155
2,078
1,099
979
11,319
4,929
5,870
520
2,468
1,297
Latam and Caribbean
2,295
1,239
1,241
562
679
1,054
701
267
86
1,030
766
Asia and Oceania
239
299
229
228
1
10
4
—
6
-48
91
North America
337
207
267
34
233
70
16
—
54
430
-7
Africa
734
554
729
672
57
5
—
—
5
371
351
TOTAL 2022
17,002
4,544
2,595
1,949
12,458
5,650
6,137
671
4,251
TOTAL 2021
11,454
2,290
1,042
1,248
9,165
3,282
5,363
520
2,498
(1) Information prepared in accordance with the Group’s reporting model, as described in Note 4 – Segment information of the 2022 Consolidated Financial Statements.
(2) The amount includes returns from previous years.
(3) Hydrocarbon tax. Includes receipts from logistics operators where the Company is ultimately responsible for payment.
(4) Includes, among others, production taxes, local taxes, social security paid by the employer, public untaxed payment on fuels, etc. 
Our tax contribution: tax burden and tax collected 
from third parties (€ million)
Tax Burden, 4,544
Third party 
taxes, 12,458
56%
tax burden on our 
profits(1)
44%
effective rate of 
corporate income 
tax
(1) Percentage corresponding to the Company’s  
tax burden accrued on the net result. The 
Company’s tax burden paid and accrued is 
typically different due to the offsetting of tax 
credits from previous years that reduce the tax 
burden paid.
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Tax contribution made to environmental 
protection(1)
€6,397M 
in 2022 
€5,556M 
in 2021
(1) Classification according to EuroStat. More information in our 
“Tax contribution report 2022”, available at www.repsol.com.
commitment to transparency
Repsol explains its tax contribution and discloses relevant 
information so that it can be appraised by interested 
parties. The main reports available on the company's 
website (www.repsol.com) are the following:
1. Tax Contribution Report. It discloses all taxes and other 
public levies paid, broken down by item and country.
2. Country-by-country report for corporate income tax. Report 
as presented to the tax authorities and which Repsol 
publishes on a voluntary basis, containing further 
disclosures relating to the corporate income tax paid in each 
country in which we operate.
3. Report on Repsol’s presence in tax havens. It describes 
and explain the activities carried out and the taxes paid in 
these jurisdictions.
This commitment to transparency has earned us numerous 
recognitions.1
Good tax practices
The Group’s tax decisions are made responsibly in 
accordance with a reasonable interpretation of tax 
regulations, following not only the letter but also the spirit of 
the law. In the event of any disagreement or dispute with the 
tax authorities, Repsol prioritizes amicable solutions, though 
if the disagreement persists, the company defends its 
legitimate rights and interests through the legally available 
channels and appeal mechanisms.
Repsol is committed to complying with best practices of 
responsible taxation and tax governance through voluntary 
adherence to internationally accepted principles, guidelines 
and recommendations (Code of Good tax Practices, GRI 207, 
OECD, B-Team). For more information, see Appendix V and 
www.repsol.com include detailed information on Repsol’s 
compliance with these transparency standards and, more 
precisely, with GRI 207.
 
Accredited good tax practices
Repsol is compliant with GRI 207 (see 
Appendix V).
Cooperative relations with tax 
authorities
Repsol is committed to maintaining cooperative relations 
with the tax administrations of the various countries in which 
it operates, based on the principles of good faith, 
transparency and mutual trust, and with the shared goal of 
ensuring the effective application of the tax system. 
Following this approach, Repsol expects to reduce the 
inherent risks and uncertainties applying tax rules, facilitate 
the tax authorities to understand its operations and avoid 
unnecessary conflicts.
Notably, Repsol has submitted, as has been doing since 
2015, its Voluntary Tax Transparency Report before the 
Spanish Tax Office (AEAT). It also continues to lend its 
support to international cooperation initiatives for the 
prevention of tax risks and, after having taken part in the first 
program of the OECD International Compliance Assurance 
Programme (ICAP), it is now participating in the European 
Trust and Cooperation Approach (ETACA) of the European 
Union and in the CONFIA program in Brazil.
Presence in non-cooperative 
jurisdictions for tax purposes
2023 
target
Reducing presence in non-
cooperative jurisdictions.
Repsol is committed to having no presence in tax havens, 
unless it is for legitimate business reasons, in which case it 
undertakes to be transparent in its activities. 
Repsol’s presence in these non-cooperating jurisdictions is 
immaterial and any presence it does have is not intended to 
conceal its business activities or make them less transparent. 
The revenue obtained there does not account for even 0.01% 
of our turnover and there is only one active Group company 
that has presence, through a permanent establishment, in 
one of these territories  (Trinidad and Tobago), carrying out 
hydrocarbon upstream activities.
Repsol releases detailed information on its presence and 
activities not only in non-cooperative tax jurisdictions but 
also in other territories considered controversial for tax 
purposes by civil organizations, even though they may not be 
included on official lists2.
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1  Norges Bank, the Corporate Responsibility Observatory, Transparency International Spain, OXFAM, Haz Fundación (which has awarded us its top score for transparency –
three stars) and, more recently, the Dutch association VBDO (which awarded Repsol the EU Tax Transparency Award 2022).
2 For further information, see in Appendix V to this report, or visit www.repsol.com.

6.7. Supply chain and 
customers
6.7.1. Supply chain1
Sustainable supply chain management
Repsol responds to the expectations of stakeholders and 
compliance with ethical, labor, environmental, safety and 
social standards through the sustainability of its supply 
chain. Likewise, it promotes employment and the rights of 
employees among local communities and drives local 
economic and social development where it operates. In this 
regard, it is aligned with the United Nations 2030 Agenda for 
Sustainable Development and contributes to the 17 SDGs, 
seeking to integrate commitment, dissemination and action 
in favor of this global agenda into its culture. 
In this regard, the space available on the Repsol website, 
called ‘Sustainable Management along the Supply 
Chain’,features relevant content related to sustainability and 
the commitment to the United Nations 2030 Agenda. This 
space seeks to disseminate the culture and actions carried 
out to support this global agenda and in this regard the 
Repsol Sustainable Development Goals Contribution Plan 
has been made available to all suppliers. Another tool 
developed to raise awareness on this matter is a 
dissemination course for employees and suppliers, called 
ODStories. This course works like a fictitious social network 
and navigates through the different SDGs, showing 
examples of how Repsol contributes to them.
This sustainable supply chain management requires greater 
transparency in the information disclosed to both local 
communities and consumers, while at the same time 
promoting good practices among suppliers and contractors. 
The relationship with suppliers and their respect for human 
rights are fundamental pillars to achieve a just transition to 
which Repsol is committed. Moreover, the goal of managing 
risks and being diligent with the impacts derived from 
commercial relations with its partners, suppliers and 
contractors2 was also set.
Suppliers play an important role in Repsol’s value chain. 
That is why they must comply with current regulations and 
adopt the Group’s good practices. For their part, contractors 
must adopt behaviors in line with the Suppliers Code of 
Ethics and Conduct, aimed at mutual benefit, by including 
obligations such as the rejection of child labor, the rejection 
of forced labor, freedom of association and the right to 
collective bargaining, in addition to ethical behavior and 
measures against bribery, corruption and conflict of interest. 
Likewise, they must act in accordance with the code, as well 
as with the Anti-corruption Policy. 
Repsol ensures the absolute integrity of its commitments to 
suppliers, which are based on mutual respect and trust. With 
this aim, control levels and a procedure to ensure that they 
behave in accordance with the Company’s commitments in 
this regard were implemented. This allows for continuity of 
operations and mitigates the risks of the process.
Risk management
Repsol is aware that the supply chain poses specific risks 
and can help create jobs and promote local economies 
where it operates. Thus, it works to ensure that suppliers and 
contractors behave in accordance with the commitments 
they have undertaken. In this regard, the company is 
adapting selection, qualification and monitoring processes to 
identify and mitigate risks at different stages of the business 
relationship. Suppliers who want to work with Repsol must 
undergo a due diligence process relating to risk 
management, integrity, and international sanctions and 
embargoes, among others.
The Company inserts specific clauses in its contracts 
insisting that the counterparty complies with internationally 
recognized standards and observes the safety, 
environmental, ethical behavior and respect for human rights 
provisions of its internal rules and regulations. 
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1 Information related to the Repsol Group's purchases, managed by the purchasing function in accordance with the Company's internal regulatory framework, is included
2 By law, the illegal assignment of workers is not allowed. For this reason, Repsol’s internal purchasing and procurement regulations establish that services are contracted 
with suppliers and not with people. This condition prevents specific data on employees who are not workers from being provided.

Likewise, awareness-raising activities are carried out among 
the counterparties and there is a standard of due diligence 
with third parties, applicable to business relations to manage 
the risks related to corruption, money laundering and 
terrorist financing, and international sanctions and 
embargoes. 
Repsol has set itself the goal of developing and 
implementing agile and effective mechanisms whereby it can 
verify compliance with the agreed conditions and implement 
corrective measures if deemed necessary, so that the 
performance of the participants in the supply chain is the 
one that corresponds. 
The procedure established to ensure efficient risk 
management in the supply chain is illustrated below.
Environmental and social 
assessment of suppliers
Repsol works together with its value chain to implement 
initiatives related to the environment, SDGs and circular 
economy. In this sense, it defines the principles of action on 
the environment in the phase of carrying out new contracts 
and agreements with partners and third parties. As for the 
acquisition of goods and services with a high safety and 
environmental risk, the inclusion of environmental criteria in 
supplier performance qualification and assessment, 
contractual clauses and bid evaluation is monitored. 
Thus, in the due diligence phase, suppliers are registered in 
the purchasing management systems, undergoing prior 
filtering using the Refinitiv World Check One tool. This tool is 
used to assess aspects of integrity, anti-corruption, bribery 
and international sanctions and embargoes to mitigate risks. 
This information is regularly reviewed and updated for all 
suppliers that maintain a relationship with Repsol. 
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Likewise, the Company has internal and external audit 
procedures that examine and monitor to ensure that the 
established requirements are met. Moreover, and depending 
on the purpose of the award, it is necessary to fill out several 
compliance questionnaires on the security of operations and 
compliance with additional legal requirements (data 
protection, illegal assignment of workers, cybersecurity, etc.). 
Thus, in 2022, integrity, corruption and bribery aspects were 
assessed at 9,338 suppliers worldwide (4,015 in 2021). These 
assessments revealed material information on 20 companies 
(21 on 2021) relating to international sanctions, judicial 
investigations for fraud and/or bribery, fines for anti-
competitive activities or environmental damage, and 
relationships with politically exposed persons. In accordance 
with Repsol’s internal regulations, the responsible areas 
undertook due diligence actions by applying the specific 
analyses included in the internal regulations, in order to 
mitigate any compliance risks that might arise. To this end, 
several instructive actions have been carried out for 
employees in the purchasing area and for some suppliers in 
certain regions.
Furthermore, in 2022, in the tender processes, suppliers are 
assessed on the basis of a safety and environmental 
technical benchmark, with relevant issues and aspects for 
the new contract and relationship. The aim is to maintain the 
social license to operate, demonstrating that Repsol is 
sustainable throughout its entire value chain.
Thus, in 2022, 5 assessment audits were conducted on 
suppliers, in which financial and business aspects, among 
others, related to their fiscal, tax and insurance obligations 
were analyzed. As a result, it was determined that none of 
the audited companies present any relevant non-
conformities, meaning they are therefore considered serious 
and reliable to establish a satisfactory business relationship.
In addition, a total of 3,702 performance assessments were 
completed in 2022 at 878 suppliers and contractors, taking 
into consideration environmental, labor, social and integrity 
aspects. 
From this procedure, there is a supplier disqualification 
process, through which any current and future business 
relationship with a certain supplier is blocked for a period of 
time or even indefinitely. It takes into account all kinds of 
aspects in the relationship with the supplier (ethical, social, 
safety, environment, etc.) and is approved by the Purchasing 
Functional Committee. In 2022, 2 suppliers were disqualified 
by these means. 
Indirect economic impact
Repsol indirectly contributes to the generation of wealth in 
the local economy by supporting local companies, 
encouraging them to join its network of suppliers and 
contractors. Moreover, local purchasing has the advantage of 
geographical proximity between the point of origin and the 
point of demand, which provides a faster response to 
emerging needs and greater flexibility in operations. 
In the same way, Repsol generates indirect employment 
opportunities in the projects it carries out in different 
countries. The percentage of purchases and procurement 
that were made locally in 2022 represents 83% of the total 
purchases in the year. These purchases focused on medical 
services, logistics (civil engineering, catering, 
accommodation, vehicle rental and driver rental), warehouse 
and office lease, and IT support, waste management and 
courier services.
Furthermore, the Company aims to develop cross-company 
circular economy initiatives in partnership with external firms 
and working with all Group businesses to add secondary raw 
materials to its value chain, maximize process efficiency, 
reduce waste, create new products and services and driven 
eco-design.
Average payment period to suppliers
The average period for payment3 to suppliers of Spanish 
companies in 2022 was 38 days, below the maximum 
statutory period of 60 days set out in Law 15/2010, of 5 July 
(amended by the final provision two of Law 31/2014), on 
measures to combat late payment in commercial 
transactions.
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3 For further information, see Note 17 – Trade debtors and other receivables, of the consolidated Financial Statements..

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6.7.2. Responsible management 
of customers
Safety across the product life cycle
Managing the safety of the products sold is a priority for the 
Company and is present through all stages of their life cycle. 
In addition to the applicable legislation in force, Repsol has 
internal regulations that establish the requirements to ensure 
appropriate management of risks from the very beginning of 
the research to design a product until it is sold on the 
market.
During the design phase, any hazards are identified and 
potential risks arising from use are assessed in order to take 
the appropriate measures to manage these risks. As an 
example, in the project for new circular polyols manufactured 
from polyurethane waste, knowledge has been generated 
about the possible adverse effects on people and the 
environment by carrying out several laboratory studies. This 
knowledge was applied to assess the potential risks 
associated with manufacturing at the centers and 
subsequent use by customers. This information is being 
communicated to workers and customers through the safety 
data sheet, which includes the conclusions from the results 
of the studies and the measures for safely handling the 
product.
Ensuring product safety involves ongoing monitoring to 
detect new or changing risks. Therefore, products already 
made available to customers are also re-assessed in order to 
ensure efficient updates. 
Repsol encourages participation in voluntary programs of the 
sector itself and European bodies that examine in greater 
detail specific knowledge about certain products. For 
example, together with European companies that 
manufacture diesel processed with hydrocarbons from 
renewable sources (vegetable oil or animal fats), the 
Company is participating in several studies aimed at 
obtaining further knowledge about their possible adverse 
effects. 
The Company is also part of a project focused on improving 
scientific knowledge of NLP (no longer polymers) polyols. 
This project, led by the top manufacturers of this type of 
product, seeks to improve toxicological knowledge of the 
same based on a limited number of studies, and subsequent 
extrapolation of results between different polyols within the 
same group or category.
Technological innovation also makes it possible to increase 
safety, optimize the use of raw materials, eliminate 
emissions and contribute to reducing the waste generated. 
Communication of hazards
In compliance with internal regulations, Repsol provides 
information on the hazards of each product it sells through 
safety data sheets and hazard labels so that customers can 
take the appropriate measures to handle them safely.
It works with a global tool that allows access to all product 
safety documents from a single repository available to all 
employees. This tool also allows an advanced analysis to be 
carried out, by company or by product range, of the different 
parameters of the products handled for the entire company. 
These documents are available to Repsol customers and 
employees in accordance with the laws of the country where 
the product is to be handled. Business and product data 
come together in the tool, which allows Repsol to 
automatically send safety documents to customers.
Customer privacy4
Privacy and personal data protection is one of the most 
relevant issues for companies today, due to the volume of 
information handled, which includes personal and financial 
data of customers, suppliers and employees.
Repsol ensures the fundamental right to the protection of 
personal data of all individuals that have a relationship with 
the Group companies. The Company therefore carries out all 
its activities in accordance with the laws of the countries in 
which it operates, in keeping with its spirit and purpose, and 
ensuring respect for the right to honor and privacy in the 
processing of the different types of personal data.
The Data Protection Division, which is part of  the 
Compliance Processes Department, is tasked with advising 
on and managing the personal data protection compliance 
model. This division is composed of a team of professionals 
specializing in privacy that offer advisory services to the 
entire Company through a corporate mailbox. In 2020, the 
OneTrust software suite was acquired as an ideal platform 
for ensuring compliance with data privacy regulations across 
all sectors and jurisdictions, including the EU GDPR and 
Privacy Shield. Throughout 2021, a loading of the records of 
processing activities and risk analysis was carried out. In 
2022, a method for monitoring recommendations from the 
Data Protection area was implemented through the 
corporate tool SACI, an Onetrust optimization process was 
carried out and the security breach module of this tool was 
started to be used. 
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4 En 2021 reported data  includes information relating to breaches of customer privacy and loss of customer data at Group companies in Spain and Portugal.

The configuration of the module and the fact of having a tool 
that serves as a register to record any analysis of incidents 
that affect data independently of their criticality has led to a 
substantial increase in the number of incidents reported, 
since it has made it possible to strengthen the model and 
not only count incidents not only of medium or high risk but 
also of low or negligible risk. 
Substantiated complaints concerning breaches of 
customer privacy and losses of customer data
2022 2021
Total number of substantiated complaints relating to 
breaches of customer privacy
 
11  
– 
Complaints received from third parties and substantiated 
by the organization
 
9  
– 
Claims raised by regulatory authorities
 
2  
– 
Total number of identified cases of leakage, theft or loss of 
customer data
 
13  
3 
Managing customer grievances
Repsol has procedures that allow claims and complaints 
from customers in all business areas to be heard and 
managed. These contacts may correspond to business 
customers (business to business) or household customers 
(business to consumer).
No matter the type of customer, claims or complaints 
relating to sustainability issues are handled with the aim of 
minimizing or mitigating potential environmental or social 
impacts. The process for handling claims is as follows:
•
Claims received by the relevant agents provided 
(Customer Service, Technical Assistance and 
Development technicians, business department, etc.), 
through the enabled channels (telephone, email, social 
media, in-person, etc.) .  
•
•
Claim registered in the computer systems, with detailed 
categorization of each case, by process, petitioner, origin, 
classification levels, etc.
•
Assignment the area responsible for handling and 
following up on the claim to the resolving group.
•
Management: information gathering, analysis of the root 
cause, proposal and start-up of control, corrective and 
improvement actions.
In 2022, the number of claims received in Spain rose to 
41,641 (of which 93.7% have been resolved). In Portugal, 
7,025 claims were received, of which 98% have been 
resolved.
Registered claims
Customer Care Service
Total no. of 
claims
% vs. total 
registrations
Spain
41,641
1.5%
Portugal
7,025
4.5%
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6.8 Ethics and compliance1
Comprehensive compliance management model
Stages
Matters
Prevention
Anticipating risks
Monitoring
Supervise the model
Correction
React to non-compliance
Anti-corruption
Through a risk 
identification and 
assessment 
methodology that 
enables us to prevent 
risks and roll out 
mitigation measures
Ensuring its efficiency 
and proper functioning 
across all the different 
business processes and 
countries
By establishing and 
monitoring 
improvement plans 
and conducting 
investigations or audits
Crime prevention
Data protection
Competition
Sanctions and embargoes
Anti-money laundering and 
counter terrorist financing
Having a self-surveillance model prevents or mitigates potential 
liability in the event of a legal breach
Repsol has in place a range of procedures, an overarching 
action framework and a specialized team dedicated solely to 
ensuring that its internal and external obligations are 
properly fulfilled. The compliance function reinforces 
compliance culture across the Group and improves our 
ability to identify and monitor ethics and compliance risks. 
We focus especially on anti-corruption measures, anti-money 
laundering and counter terrorist financing, crime prevention, 
international sanctions and embargoes, antitrust rules and 
personal data protection.
Code of Ethics and Conduct2
Repsol’s Code of Ethics and Conduct is approved by the 
Board of Directors and applies to all directors, executives, 
and employees, whatever the nature of their contractual 
relationship with Repsol. Our business partners, including 
non-operated joint ventures, contractors, suppliers and other 
third parties, are an extension of Repsol, and for this reason 
they should act consistently with our code, as well as any 
applicable contractual provisions, when working on our 
behalf or in collaboration with us. These business partners 
are also encouraged to develop and implement ethics 
programs that are consistent with our standards. This Code 
creates a frame of reference for understanding and putting 
into practice the Company’s expectations as to each person’s 
behavior, in light of the Group’s principles of action.
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1 The figures and indicators in this section include 100% of the data from companies in which the Company holds a controlling interest or control over operations, with 
the exception of communications received through the Ethics and Compliance Channel, the scope of which would be that established in Repsol’s own Code of Ethics and 
Conduct.1
2 Available at www.repsol.com

In 2022, Repsol once again has undertaken a global initiative 
for training on and dissemination of its Code of Ethics and 
Conduct. This includes all employees (even part-time 
employees –something new this year) and aims to continue 
promoting a positive culture of compliance, as well as to 
measure the knowledge that employees have on certain 
issues to this end. Specifically, the dissemination campaign 
entitled “Los intachables” ("The Flawless") has been 
developed with a total of seven dissemination initiatives by 
senior management that included sketches, interviews, 
podcasts, and ethics regulations. Likewise, mandatory 
training has been deployed for all employees (entitled "Tu 
conducta en juego" – "Your conduct at stake") in an 
interactive, innovative, and disruptive format. Additionally, it 
is worth noting the expansion of our voluntary network of 
compliance ambassadors to more than 100 people and our 
holding of three compliance days: one worldwide (with 
recognition of the best practices in this area) and two local 
ones (in Mexico and Houston, USA).
The aim, among others, of the Ethics and Compliance 
Committee is to manage the monitoring and compliance 
system for the Code of Ethics and Conduct. In accordance 
with the committee’s own internal regulations, it is a 
collective, high-level, multidisciplinary body, with 
autonomous powers of initiative and control, and other 
powers necessary to carry out its functions. It comprises 
representatives from Legal Affairs, People and Organization 
(Corporate), Audit, Control and Risk, Legal Services 
(Corporate) and Chief Compliance Officer (CCO) and Labor 
Relations, Labor Legal Affairs and Occupational Health.
The Ethics and Compliance Channel3 is accessible 24 hours a 
day, seven days a week. It is managed by an external service 
provider, which allows employees and any third party to 
communicate directly with the committee with absolute 
confidentiality and anonymity, and in any language. Said 
individuals can raise queries or report possible breaches of 
the Code of Ethics and Conduct and the Crime Prevention 
Model. 
In 2022, 91 pieces of correspondence were received through 
the Ethics and Compliance Channel, of which 55 resulted in 
an investigation. At the end of the year, 6 cases of 
discrimination and harassment were confirmed, although 
most of them correspond to situations involving a lack of 
respect and unwanted or annoying behavior, of minor 
importance. No cases of corruption, or violation of human 
rights were proven.
The Company has the internal investigation procedure of the 
Ethics and Compliance Committee, as well as an orientation 
guide for investigators and channel managers regarding 
personal data protection and other regulations. The 
regulation emphasize that no type of retaliation is allowed 
against a person who in good faith discloses or alerts a 
breach or raises questions about the code, internal 
regulations, and/or the law. Nor are retaliations allowed 
against anyone who collaborates in an investigation. 
Specifically, everything mentioned above is guaranteed and 
regulated first and foremost by the principles of impartiality, 
confidentiality, professionalism, and independence.
Ethics and compliance
2022
2021
Number of participants in the Code of Ethics and 
Conduct training(1)
 
22,814  
21,758 
Number of communications received through the 
Ethics and Compliance Channel
 
91  
47 
(1) Includes anti-corruption training..
Fight against corruption and bribery
Repsol reiterates its commitment to strict compliance with 
regulations for the prevention and fight against corruption4 
and fraud in all their forms, developing the principles 
contained in the Code of Ethics and Conduct and extending 
compliance therewith not only to all employees of the 
companies in which we exercise direct or indirect managerial 
control, but also to our business partners. 
During the general recurring process of reviewing and 
updating internal regulations, in 2022 the Company reviewed 
its Anti-Corruption Policy, changing its name to the Integrity 
Policy as its contents were expanded to include aspects 
related not only to corruption but also to fraud (following the 
lines of European regulations). Said regulations include 
Repsol's express position regarding illegal conducts like 
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3 Available at ethicscompliancechannel.repsol.com.
4 Corruption: offering, promising, granting, receiving, requesting, or accepting an unjustified benefit for oneself or for a third party in exchange for unduly favoring another 
party in the acquisition or sale of goods, in the contracting of goods and services, or in business relations. This includes both the public sphere and the private/business 
sphere and also when the purpose or result of such conduct implies the breach of the contractual, fiduciary, and/or legal duties by the corrupt individual person.

corruption, fraud, and conflicts of interest in an additional, 
more detailed way than what is listed in the Code of Ethics 
and Conduct, covering not only illegal conduct but also 
aspects that are unethical or dishonest. 
The Ethics and Compliance Committee is also Repsol’s 
crime prevention unit for the purposes of Article 31 bis (2)(2) 
of the Spanish Criminal Code. Repsol has internal framework 
(Crime Prevention Model and Internal Investigations by the 
Ethics and Compliance Committee) that dictates the 
preventative measures and response mechanisms for 
breaches of the Code of Ethics and Conduct or suspected or 
confirmed criminal offenses within the scope of the Repsol 
Crime Prevention Model5.
In this context, the Ethics and Compliance Committee 
approves and monitors the annual plan for the updating and 
continuous improvement of the Crime Prevention Model.  In 
terms of said Model, the following objectives and work 
carried out should be highlighted: 
•
Adaptation of the model (internal regulations and 
criminal risk matrices) to Organic Law 10/2022, of 
September 6, on the Comprehensive Guarantee of Sexual 
Freedom, which modifies different aspects of the 
Criminal Code, among which we must highlight the 
expansion of the list of crimes that a legal entity may be 
responsible for (mental wellbeing, sexual harassment, 
and discovery and disclosure of secrets).
•
Digitization of key compliance processes (risks, gifts and 
hospitality, and conflicts of interest). 
•
Review of the risk control framework (such as fraud in 
terms of subsidies and discovery and disclosure of 
secrets). 
•
Definition of minimum control standards for companies 
with a limited size or business activity.
The Company has internal standards and guidelines on due 
diligence with third parties, conflicts of interest, gifts and 
hospitality, social investment, and relations with public 
officials. These rules are specifically focused on mitigating 
potential risks in terms of corruption and fraud. Repsol also 
has a Criminal Prevention Manual to improve the company's 
understanding of criminal risks and the actions and 
behaviors expected of employees. In addition, we have a 
comprehensive training plan that includes, among other 
things, simultaneous actions on the role of leaders, 
managers, executives, and the Repsol representative. Finally, 
an online course is available for those responsible for 
running and managing Crime Prevention Model controls and 
the whistleblowing channels for raising queries and reporting 
breaches in relation to the Model. 
Likewise, the Company has a guide to the anti-corruption 
compliance domain management system which describes 
the general standards and requirements, as well as controls 
and associated risks (bribery of officials, bribery in the private 
sector [offering and accepting bribes], and influence 
peddling). In 2022, 11 specific assessments were carried out 
in relation to corruption risks6.
Protection of fair competition
Repsol is firmly committed to complying with anti- trust 
regulations in all its spheres of action and in all countries in 
which it operates. This commitment is a core element of 
Repsol’s Code of Ethics and Conduct.
The Company believes in fair and effective competition on 
the market and we do not engage in inappropriate practices 
that might impair free competition. Nor does it seek to 
obtain competitive advantage through the use of unethical or 
illegal business practices.
In addition, specific risk assessments continue to be carried 
out in terms of competition, and the measures implemented 
to prevent or mitigate risks are improved or reinforced as 
needed. Likewise, the Company has developed specific 
training and awareness initiatives, among which we can 
highlight the development of guidance and training 
materials, the development of micro-learning sessions on 
fair competition, and complementary training actions for the 
most sensitive groups. In 2022, an 80% attendance rate for 
synchronous training was reached and a total of 648 
employees received training on compliance with competition 
regulations. 
Repsol has an Anti-Trust Compliance Manual, a guide on 
how to act in the event of home inspections, guidelines on 
risks associated with participation in business associations, 
and a procedure for state aid, among other materials. The 
main aim is to continue to drive the implementation of these 
regulations, help all employees understand the fundamental 
principles governing anti-trust regulations, and provide them 
with clear guidelines to identify potential risk situations for 
the Company. 
Additionally, the Ethics and Compliance Channel is available, 
among other resources, through which any employee or 
third party can direct any type of query or alert regarding 
compliance with anti-trust law.
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5 Among the crimes included in the model is money laundering (crime no. 15). Likewise, the Company has a guide that describes the general standards and requirements 
in terms of money laundering and there are models for compliance/anti-money laundering and counter terrorist financing for those bound by local/specific regulations.
6 In 2022, there were zero confirmed cases in which contracts with business partners were terminated or not renewed due to corruption-related offenses. Moreover, there 
were no public legal cases related to corruption filed against the organization or its employees during the reporting period, and there have been no confirmed cases in 
which an employee has been dismissed for corruption or in which disciplinary action has been taken in this regard.