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{{Short description|Spanish multinational energy and petrochemical company}}
{{Infobox company
| name              = Repsol S.A.
| logo              = Repsol 2025.svg
| logo_size         = 250
| image = Repsol headquarters (Madrid) 01.jpg
| image_size = 250
| image_caption = Headquarters in [[Madrid]], Spain, April 2014
| type              =  [[S.A. (corporation)|''Sociedad Anónima'']] 
| traded_as         =  {{BMAD|isin=ES0173516115|REP}}
| ISIN = {{ISIN|sl=n|pl=y|ES0173516115}}
| predecessor       =  [[National Hydrocarbons Institute|Instituto Nacional de Hidrocarburos]]
| founder           = 
| hq_location       =  ''[[Repsol Campus]]''
| hq_location_city  = [[Madrid]] and Muskiz (Basque Country)
| hq_location_country = [[Spain]]
| area_served       =  Worldwide
| key_people        =  [[Antonio Brufau Niubó]] ([[Chairman]])<br /> [[Josu Jon Imaz|Josu Jon Imaz San Miguel]] ([[chief executive officer|CEO]])
| industry          =  [[petroleum industry|Petroleum]]
| products          =  [[Gasoline|Oil and gas]] [[Hydrocarbon exploration|exploration]] and [[Extraction of petroleum|production]], [[natural gas]] and [[Liquefied natural gas|LNG]] trading and transportation, [[Oil refinery|oil refining]], [[petrochemistry]]
| services          =  [[Filling station|Fuel stations]]
| revenue           =  {{increase}} €78.724 billion <small>(2022)<ref name="AR2022">{{cite web
 |title=Repsol Group. Annual Financial Report 2022 |url=https://www.repsol.com/content/dam/repsol-corporate/en_gb/accionistas-e-inversores/resultados/2022/q4/consolidated-annual-financial-report-2022.pdf |publisher=Repsol|access-date=19 March 2023}}</ref></small>
| operating_income  =  {{increase}} €10.648 billion <small>(2022)<ref name="AR2022"/></small>
| net_income        =  {{increase}} €4.251 billion <small>(2022)<ref name="AR2022"/></small>
| assets            =  {{increase}} €59.964 billion <small>(2022)<ref name="AR2022"/></small>
| equity            =  {{increase}} €24.611 billion <small>(2022)<ref name="AR2022"/></small>
| num_employees     =  23,810 <small>(2022)<ref name="AR2022"/></small>
| divisions         = 
| subsid            =  Repsol Petróleo, Repsol Butano, Repsol Química, Repsol Exploración, [[Petronor]]
| foundation        =  {{start date and age|1986}}<ref name="history1986">{{cite web |title=Repsol's birth |url=https://www.repsol.com/en/about-us/history/the-early-years/index.cshtml |publisher=Repsol |access-date=15 August 2023 |language=en,es}}</ref>
| homepage          =  {{URL|https://www.repsol.com/en/index.cshtml|repsol.com}}
}}
'''Repsol S.A.'''<ref name=cambio>[http://www.elnuevoherald.com/2012/05/31/1216931/repsol-cambia-nombre-tras-expropiacion.html "Repsol cambia el nombre tras expropiación en Argentina"] {{Webarchive|url=https://web.archive.org/web/20191219093323/https://www.elnuevoherald.com/2012/05/31/1216931/repsol-cambia-nombre-tras-expropiacion.html |date=2019-12-19 }}, El Nuevo Herald, 2012-05-31</ref><ref group="nb">Originally an initialism for '''''Re'''finería de '''P'''etróleos de [[Escombreras]]'' adding the word '''''Sol''''' (Sun)</ref> ({{IPA|es|reβˈsol}}) is a Spanish multinational energy and petrochemical company based in [[Madrid]]. It is engaged in worldwide [[Upstream (petroleum industry)|upstream]] and [[Downstream (petroleum industry)|downstream]] activities. In the 2022 [[Forbes Global 2000]], Repsol was ranked as the 320th-largest public company in the world.<ref>{{cite web |title=Forbes Global 2000 | website= [[Forbes]] | url=  https://www.forbes.com/lists/global2000/ |access-date=19 March 2023}}</ref> As of 2022, it has 24,000 employees worldwide.

It is [[Vertical integration|vertically integrated]] and operates in all areas of the oil and gas industry, including [[Hydrocarbon exploration|exploration]] and [[Extraction of petroleum|production]], [[refining]], [[Midstream|distribution and marketing]], [[petrochemical]]s, [[power generation]] and [[Trade|trading]]. Repsol's business strategy includes hydraulic fracturing ([[fracking]]) operations on the [[Alaska North Slope]], a method used to extract hydrocarbons from shale formations.
 
As of 2021 Repsol had a renewable energy division.<ref name="AR2021">{{cite web |title=Repsol Group. Annual Financial Report 2021 |url=https://www.repsol.com/content/dam/repsol-corporate/en_gb/accionistas-e-inversores/informes-anuales/2021/consolidated-annual-financial-report-2021.pdf |publisher=Repsol|access-date=17 February 2022}}</ref>

==History==
===CAMPSA and REPESA===
In 1927, [[CAMPSA]] (Compañía Arrendataria del Monopolio de Petróleos S.A.), headed by Miguel Primo de Rivera y Orbaneja, was created with the objective of administering concessions in handing over the state monopoly of petroleum companies. Originally the company was arranged so that the state would have a minority stake. The Creation of CAMPSA intensified the progress of the Spanish refinery industry.

In 1941, the Spanish government under [[Francisco Franco]] created the INI (National Industry Institute), in order to finance and promote Spanish industries. The INI supported CAMPSA in its exploration of Tudanca, Cantabria, a monumental moment in Spanish exploration on the Iberian Peninsula.  The year 1947, marked the end of a 20-year contract between the Spanish state and CAMPSA, decentralizing services while at the same time giving specific rights to the state to intervene in the company's affairs, minus distribution and commercialization, which remained exclusive to CAMPSA.<ref name="Repsol Our History Page">{{cite web|title=Repsol.com About us>Our History|url=http://www.repsol.com/es_en/corporacion/conocer-repsol/perspectiva_historica/default.aspx}}</ref>

In 1948, REPESA (Refinería de Petróleos de Escombreras S.A.) was incorporated for the installation of a refinery in the Valley of Escombreras ([[Cartagena, Spain|Cartagena]]).<ref>{{Cite web |title=Discover Repsol's origins: from Campsa to Hispanoil |url=https://www.repsol.com/en/about-us/history/origins/index.cshtml |access-date=2023-01-20 |website=REPSOL |language=en-GB}}</ref>

REPESA symbolized the growing industrial consolidation in the refining sector by producing and marketing petrol, oils, and lubricants under its own brand names. REPSOL was introduced as REPESA's leading petroleum brand from the outset.'<ref name="Repsol Our History Page" />  From the beginning, REPSOL was REPESA's "star brand" of petroleum<ref name="Repsol Our History Page" /> as a REPESA product brand.<ref name="Repsol Our History Page" />

===International expansion===
[[File:Campus Repsol (Madrid) 03.jpg|thumb|right|250px|''[[Repsol Campus]]'' in Madrid, company's headquarters built in 2013.]]
[[File:PuertollanoEmpetrol.jpg|thumb|right|250px|Repsol oil refinery in [[Puertollano]].]]
[[File:Station service Repsol.jpg|thumb|right|250px|A Repsol service station.]]
[[File:Repsol Cubelles.jpg|thumb|right|250px|A Repsol in Cubelles, Barcelona, Spain.]]

In 1999, Repsol bought 97.81% of the Argentine oil and gas company [[YPF|YPF S.A.]], which at the time was the largest oil-and-gas company in Ibero America. The acquisition better positioned Repsol as a multinational company. Repsol's acquisition of YPF also increased its capital to 288 million shares worldwide. Repsol's presence in [[Latin America]] was one of the keys to corporate growth. It was the first full year after the acquisition of YPF and the consolidation of [[Gas Natural|Gas Natural SDG]] by global integration. The company's business structure was more balanced and international. Then in December 2001, Repsol completed an asset exchange agreement with [[Petrobras]], making it the second largest consolidated oil company in [[Brazil]]. The same year Repsol announced new discoveries in [[Libya]], [[Indonesia]], Spain, [[Venezuela]], [[Argentina]], and [[Bolivia]], prompting the development and marketing of its electricity business through Gas Natural SDG.<ref name="Repsol Our History Page" /> In 2003, Repsol tripled its reserves and production of hydrocarbons in [[Trinidad and Tobago]]. [[North America]]n expansion in 2008, saw Repsol open a massive regasification plant on the east coast of [[Canada]] with enough capacity to supply up to 20% of the gas demand for [[New York (state)|New York]] and [[New England]].<ref name="Repsol Our History Page" />
In 2008, Repsol began an intensive exploration campaign and invested in exploring in new areas, with results that enabled the company to change its profile. Using cutting edge technology, the company made over 30 hydrocarbon discoveries, many of which were considered to be among the largest in the world. In 2009, ''Petroleum Economist'' magazine called it the "Best energy company of the year".<ref>{{cite web|title=UPI.com Business News>Energy Resource|url=http://www.upi.com/Business_News/Energy-Resources/2009/09/03/Repsol-named-energy-company-of-the-year/UPI-39661251991740/}}</ref>

====Canary Islands====
Following years of opposition from environmentalist groups, Spain finally gave permission in August 2014, for the company and its partners to explore prospects off the [[Canary Islands]].<ref name="RepsolCanary">{{cite news|title=Spain's Repsol gets long awaited green signal to explore off Canary Islands|url=http://www.spainnews.net/index.php/sid/224721995|date=13 August 2014|access-date=13 August 2014|publisher=Spain News.Net|archive-date=14 August 2014|archive-url=https://web.archive.org/web/20140814083307/http://www.spainnews.net/index.php/sid/224721995|url-status=dead}}</ref> In January 2015, after two months of exploration about 50 kilometers off the coasts of [[Fuerteventura]] and [[Lanzarote]], the company said in a statement it only found small deposits that were not worth drilling thus scrapping the project.<ref>[https://www.theguardian.com/environment/2015/jan/19/repsol-scraps-controversial-oil-exploration-off-canary-islands Repsol scraps controversial oil exploration off Canary Islands], [[The Guardian]] 19 January 2015</ref>

====Alaska====
In 2013, Repsol and Armstrong Energy, a privately held oil and gas exploration and production company in New Mexico, discovered the Pikka field 83km west of [[Deadhorse, Alaska]] and about 10km away from [[Nuiqsut]] on the [[Alaska North Slope]] by drilling a discovery well into the [[Nanushuk Formation]], a well they called Qugruk 3.<ref name="ns">{{Cite web |date=2020 |title=Pikka Unit Nanushuk Development Project, North Slope of Alaska, USA |url=https://www.nsenergybusiness.com/projects/pikka-nanushuk-development-north-slope-alaska/ |access-date=2024-05-16 |website=NS Energy |language=en-US}}</ref>
In May 2024 Repsol and [[Santos Limited]] subsidiary Oil Search were looking to sell 20-25% of their non-operating interest in the Pikka unit, to raise funds,<ref name="pn24">{{Cite news |date=May 12, 2024 |title=Oil patch insider: Santos, Repsol reportedly look to sell 20-25% Pikka; Pokon DEC head -  |url=https://www.petroleumnews.com/pntruncate/814646232.shtml |access-date=2024-05-16 |work=Petroleum News}}</ref> one month after they had asked the [[Alaska Oil and Gas Conservation Commission]] for a permit to [[hydraulic fracking]].<ref name="pnfrack">{{Cite news |date=May 12, 2024 |title=Part 2: Nanushuk Oil Pool AIO for Pikka enhanced oil recovery |url=https://www.petroleumnews.com/pntruncate/604148784.shtml |access-date=2024-05-16 |work=Petroleum News}}</ref>

===Talisman acquisition, 2014===
In December 2014, Repsol announced that it would buy Canadian oil company [[Talisman Energy]] in a transaction worth about $15.1 billion Cdn ($13 billion US).<ref>{{cite web|title=cbc.ca Business News>Talisman agrees to $15.1B Cdn takeover by Spain's Repsol|url=http://www.cbc.ca/news/business/talisman-agrees-to-15-1b-cdn-takeover-by-spain-s-repsol-1.2874486/}}</ref>

==Company name and origins==
[[File:Repsol logo.svg|thumb|200px|Logo of Repsol used from 2012 to 2025.]]
In 1971, the Repsol logo first appeared, as REPESA (Refinería de Petróleos de Escombreras S.A.) brand product, in the [[Grand Prix motorcycle racing|Motorcycling World Championship]] of that year.<ref>{{Cite web |url=https://www.motogp.com/en/news/2011/05/09/repsol-40-years-making-history-in-the-motorcycling-world-championship/155690 |title=Repsol: 40 years making history in the Motorcycling World Championship |date=9 May 2011 |access-date=29 January 2022}}</ref>

Its name derives from the founding company REPESA for its visibility and easy pronunciation in different languages. In 1991, the Instituto Nacional de Hidrocarburos (INH), before the imminent demise of the state oil monopoly, set the goal to create a company of mixed public-private capital, which exploited state oil assets. When looking for a name a survey at street level was performed and the only two words that people recognized and associate with the world of oil were CAMPSA (badge of the former monopoly) and REPSOL; obviously, this last one was chosen to name the new company.<ref>{{Cite journal |last=Montero Curiel |first=Pilar |date=2002-06-30 |title=Confusiones de sibilantes en el manuscrito 20241/13 de la Biblioteca Nacional de Madrid |url=http://dx.doi.org/10.3989/rfe.2002.v82.i1/2.143 |journal=Revista de Filología Española |volume=82 |issue=1/2 |pages=45–61 |doi=10.3989/rfe.2002.v82.i1/2.143 |issn=1988-8538|doi-access=free }}</ref>

"A short, round, sonorous and catchy name was searched. As many terms of the language sink their roots in Latin, here the first letters of a small company of lubricants (Repesa) were used, and the term is completed with the star that identifies Spain in the cultures of the north. Repsol is one of the few names of companies that do not obey an acronym or joins that obsession of putting together letters of horrific names. And that was the first hit".<ref>{{Cite web |url=https://www.elmundo.es/sudinero/noticias/edit-73.html |title=La importancia de llamarse Repsol |date=13 April 1997 |access-date=29 January 2022}}</ref>

==Business areas==

===Upstream===
Exploration and production of oil and natural gas are in charge of Repsol Exploration SA and its many subsidiaries. It is present in several countries, such as Spain, [[United States]], Canada, Brazil, Bolivia, [[Colombia]], [[Peru]], Venezuela, Trinidad and Tobago, [[Norway]], [[United Kingdom]], [[Algeria]], Libya, [[Indonesia]] and others.<ref name="AR2021"/>

The oil and gas exploration and production activity is Repsol's main growth driver. Repsol has become a world leader in exploration, with over 40 finds since 2008. To guarantee this activity in the long term, in 2013, Repsol incorporated 65 exploration blocks, mainly in the United States (44 blocks) and Norway (6 blocks), into its mining holdings.<ref>{{Cite web |url=https://www.repsol.com/content/dam/repsol-corporate/en_gb/accionistas-e-inversores/informes-anuales/2013/Anual_report_Full_tcm14-14857.pdf |title=Full Annual Report 2013 |access-date=29 January 2022}}</ref>

Production was doubled as a result of the acquisition of [[Talisman Energy]] in 2015.<ref>{{Cite news |date=2014-07-23 |title=UPDATE 3-Talisman Energy says approached by Spain's Repsol about deal |language=en |work=Reuters |url=https://www.reuters.com/article/talisman-repsol-idUKL2N0PY1B920140723 |access-date=2023-01-20}}</ref> As of January 2022, Repsol produces an average of 572,000 barrels of oil per day, and it has proven reserves of 1.9 billion barrels.<ref name="AR2021"/>

===Industrial===
====Refining====
[[File:Tarragona Poligon Nord.png|thumb|right|250px|Repsol oil refinery in Tarragona.]]
Industrial activity involves the supply and trading of crude and products, oil refining, petroleum product marketing, distribution and marketing of [[Liquefied Petroleum Gas]] (LPG), production and marketing of chemicals and the development of new energies.

The Repsol Group owns and operates five refineries in Spain ([[Cartagena, Spain|Cartagena]], [[A Coruña]], [[Bilbao]], [[Puertollano]] and [[Tarragona]]), and one in Peru.<ref name="AR2021"/> The combined refining capacity exceeds one million barrels per day.<ref>{{Cite web |url=https://www.repsol.com/en/about-us/what-we-do/refining/index.cshtml |title=Refining. Leaders in efficiency and value creation in Europe. |date=2022 |access-date=29 January 2022}}</ref>

In addition to products derived from oil and gas, Repsol also produces [[aviation biofuel]] from waste and [[biomass]].<ref name="AR2021"/>

The brands Repsol, CAMPSA, and Petronor market their products through an extensive network of over 6,900 outlets, of which over 6,500 are service stations, distributed in Europe and Latin America.
Repsol is one of the leading retail distributions of LPG, bottled and bulk, worldwide and is the first in Spain and Latin America.

====Chemicals====
The Chemicals division produces and markets a wide variety of products in over 90 countries, and it is one of the leaders of the market on the Iberian Peninsula. Its activities range from basic petrochemicals to derivatives.

Production is concentrated at three petrochemical complexes located in Spain ([[Puertollano]] and [[Tarragona]]) and [[Portugal]] ([[Sines]]), where there is a high level of integration between basic and derivatives, as well as with refining activities in the case of the Spanish facilities. Repsol also has a number of subsidiary and affiliate companies through which the company produces [[polyolefin]] compounds, chemical specialties, and [[synthetic rubber]] at special plants.<ref>{{Cite web |url=https://www.repsol.com/en/products-and-services/chemicals/repsols-chemicals-division/index.cshtml |title=Repsol's Chemicals Division |date=2022 |access-date=29 January 2022}}</ref><ref name="AR2021"/>

====Trading====
The main function of Trading is to optimize the supply and deliver to market of the Group’s positions in international markets for crude oil and petroleum products (integrated [[supply chain]]). Its activity consists of:
* the supply of crude oil and products for Refining systems and other Group needs, 
* the delivery to market of crude oil and associated products from its own production, 
* the [[maritime transport]] of crude oil and derivative products associated with these activities, 
* the management of crude oil and product [[hedge (finance)|hedge]]s in the financial derivative markets.<ref name="AR2021"/>

====Wholesale and gas trading====
The Company’s activity in this area focuses on optimizing the margin from the marketing and sale of regasified [[Liquefied natural gas|LNG]] and [[natural gas]]. The optimization of the gas and LNG portfolio has been carried out through [[swap (finance)|swap]] operations with third parties, along with logistic optimizations and trading in the gas system.<ref name="AR2021"/>

===Commercial and renewables===
====Mobility====
[[File:Gasolinera de Repsol en Humanes.jpg|thumb|right|250px|Repsol service station in Spain.]]

The company markets and sells oil and related products both through service stations and via direct sales channels.

On December 31, 2021, Repsol had 4,689 service stations in Spain, Portugal, Mexico, and Peru.<ref name="AR2021"/>

====Lubricants, Aviation, Asphalts and Specialized Products====
Production and sale of [[lubricants]], bases for lubricants, [[bitumen]], [[jet fuel]], [[paraffin wax|extender oil]]s, sulfur, [[alkane|paraffins]], and [[fuel gas|propellant gases]].<ref name="AR2021"/>

====LPG====
[[File:Autogas_repsol.jpg|thumb|right|250px|Logo of Repsol AutoGas.]]

In Spain and Portugal, Repsol distributes bottled [[Liquefied Petroleum Gas]] (LPG), bulk LPG, and AutoGas. In Peru, it supplies AutoGas.<ref name="AR2021"/>

====Retail Electricity and Gas====
Repsol provides electricity and gas in the retail sector (residential and businesses) with a base of more than 1.3 million customers throughout all of Spain.<ref name="AR2021"/>

In 2021, Repsol received the highest assurance rating, the A label, for the second consecutive year, recognizing its environmentally friendly sourcing of electricity, according to the [[Comisión Nacional de los Mercados y la Competencia]]. Repsol is the only major retail marketer in Spain, in terms of customers supplied, that guarantees 100% renewable electricity.<ref name="AR2021"/>

====Renewables and low-carbon generation====
Repsol is a major player in the generation of electricity in Spain. As of 31 December 2021, the total installed capacity in operation of low-carbon and renewables reaches 3,738 MW. This includes 693 MW in hydroelectric and pumping plants, 1,625 MW in [[combined cycle power plant|combined cycle plant]]s, 600 MW in [[cogeneration plant]]s, 430 MW in wind and 390 MW in solar photovoltaic.<ref name="AR2021"/>

==Brief chronology==
* 1948 incorporation REPESA (Refinería de Petróleos de Escombreras S.A.) created for the installation of a refinery in the Valley of Escombreras, Cartagena (Spain).<ref name="origins">{{Cite web |url=https://www.repsol.com/en/about-us/history/origins/index.cshtml |title=Our origins |date=2022 |access-date=29 January 2022}}</ref>
* 1981 Creation of INH: Public organization created to integrate the various companies operating in the oil and gas in which the Spanish state had a controlling interest or was the sole owner.<ref name="origins" />
* 1986 Creation of the Repsol group: Its sole shareholder is the INH. Repsol brings together the companies in which the Spanish state had a controlling interest in the areas of exploration and production (old Hispanoil), refining (formerly ENPETROL), chemical and liquefied natural gas (LNG), Butane (former Butano S.A.), CAMPSA and Petronor. Repsol Chemical (Alcudia), initially a subsidiary of Repsol Petroleum, which will then be a subsidiary.<ref name="birth">{{Cite web |url=https://www.repsol.com/en/about-us/history/the-early-years/index.cshtml |title=Repsol is born in 1986 and takes its first steps |date=2022 |access-date=29 January 2022}}</ref>
* 1989 The State (INH) began the privatization of Repsol. IPO of 26% of Repsol Capital. Repsol shares, S.A. upgraded trading on exchanges in Spain and New York.<ref name="birth" />
* 1991 Natural Gas Company is created.
* 1997 The State completes the privatization of Repsol.<ref name="birth" />
* On April 16, 2012 the President of Argentina, Cristina Fernandez de Kirchner announced the introduction in the Congress of a bill to "safeguard the sovereignty of Argentina hydrocarbons." This project has as main purpose the expropriation of 51% of the shares of YPF.
* On March 28, 2014 Repsol's Annual General Meeting ratified the "Convenio de Solución Amigable y Avenimiento de Expropiación" which recognises the Repsol's right to receive $5 billion as compensation for the expropriation of the 51% shareholding in YPF and YPF GAS, together with payment guarantees.
* On May 15, 2018 Repsol announced it would no longer seek growth for oil and gas.<ref name=Bloomberg>[https://www.bloomberg.com/news/articles/2018-05-15/repsol-said-to-end-pursuit-of-oil-growth-amid-energy-transition "Repsol to End Pursuit of Oil Growth"], Bloomberg, 2018-05-15</ref>
* American energy investment company EIG acquires a 25% stake of Repsol's [[Upstream (petroleum industry)|upstream]] business for US$4.8 billion.

==Expropriation of YPF==
{{main|Renationalization of YPF}}
[[File:Repsol-YPF Tower Skyhigh.jpg|thumb|right|150px|The YPF Tower in [[Buenos Aires]].]]

In May 2012, the Argentine president [[Cristina Fernández de Kirchner]], proposed the expropriation of 51% of Repsol's shares in YPF.  The Republic of Argentina's Yacimientos Petrolíferos Fiscales Act that was passed that summer made officially possible the expropriation of Repsol's shares. Repsol went to various international bodies to pursue legal action directly after losing its shares of YPF.<ref name="Repsol Our History Page" /> The expropriation was an attempt by the Argentine government to nationalize its oil and gas production. Results however show that the move to nationalize actually hurt oil production in Argentina.  Compared to the oil production in 2011, YPF's oil production in 2012 fell by 8%, according to data from Argentina's Department of Energy.<ref>{{cite web|title=Repsol expropriation: So who is eating Argentina's lunch now?|url=http://www.euractiv.com/energy/repsol-expropriation-eating-arge-analysis-519304}}</ref>

Repsol had the backing of the EU and the US, and both powers condemned Argentina's move as expropriation. President Fernández claimed that the state would seize 51% of YPF.<ref>{{cite web|title=US Condemns YPF Expropriation As Spain-Argentina Trade War Nears|website=[[Forbes]] |url=https://www.forbes.com/sites/afontevecchia/2012/04/18/us-condemns-ypf-expropriation-as-spain-argentina-trade-war-nears/}}</ref> In June 2013, Repsol rejected a $5 billion proposal from Argentina to compensate for the 2012 expropriation. The proposal also would have given Repsol drilling rights to 6.4% of the massive Vaca Muerta shale-gas field. The board of Repsol unanimously rejected this offer, as it would have caused them to drop a $10.5 billion lawsuit that was in progress against the Argentine government. Repsol at the time owned 6.4% of YPF.<ref>{{cite web|title=Repsol Rejects Argentina's YPF Compensation Offer|url=https://online.wsj.com/news/articles/SB10001424127887323873904578569900644974598}}</ref> On 25 February 2014, the Repsol board announced it had accepted a settlement offer from the Argentine government of an issue of Argentine bonds valued at $5 billion. The deal concluded after three months of negotiations in [[Buenos Aires]] was subject to shareholder approval. The agreement ended two years of legal wrangling and the potential for a long drawn-out legal battle. Repsol Chairman Antonio Brufau described the "friendly" settlement as "extremely positive."<ref name="ArgentinaRepsolSettlement">{{cite news|title=$5bn compensation by Argentina for YPF assets accepted by Repsol|url=http://www.argentinastar.com/index.php/sid/220229237/scat/d9ed072d737073b4/ht/5bn-compensation-by-Argentina-for-YPF-assets-accepted-by-Repsol|access-date=26 February 2014|publisher=Argentina Star|archive-url=https://web.archive.org/web/20140306201234/http://www.argentinastar.com/index.php/sid/220229237/scat/d9ed072d737073b4/ht/5bn-compensation-by-Argentina-for-YPF-assets-accepted-by-Repsol|archive-date=2014-03-06|url-status=dead}}</ref>

==Environmental record==
In 2011, Repsol built the world's first service station certified by [[BREEAM]], "the leading international method for evaluating and certifying building sustainability". The construction of the station was completed under green architecture parameters, utilizing multiple recycled materials.<ref name="Repsol Our History Page" />  The publication [[Newsweek]] selected Repsol as the most environmentally respectful energy company of 2012.<ref>{{cite web|title=Repsol, elegida la energética más respetuosa con el medio ambiente por Newsweek|url=http://www.abc.es/20121103/economia/abci-repsol-elegida-energetica-respetuosa-201211022137.html}}</ref> However, recent reports of Repsol drilling in the indigenous lands of the Peruvian Amazon display a disregard for the environment. According to an [[Environmental Impact Assessment]], Repsol's exploration of the rainforest will involve drilling at least 21 wells. Although Repsol denies it, 20 of the 21 wells fall within the land of indigenous people, who are very vulnerable to any sort of contact with foreigners.<ref>{{cite news|title=Repsol to drill for oil in Amazon rainforest in Peru|website=[[TheGuardian.com]] |date=July 2013 |url=https://www.theguardian.com/environment/andes-to-the-amazon/2013/jul/01/amazon-rainforest-peru-indigenous-tribes |last1=Hill |first1=David }}</ref>

In 2016, Repsol ranked as being among the 12th best of 92 oil, gas, and mining companies on indigenous rights in the Arctic.<ref>{{Cite web|url=https://www.researchgate.net/publication/313474088|title=Ranking Oil, Gas and Mining Companies on Indigenous Rights in the Arctic|last=Overland|first=Indra|date=2016|website=ResearchGate|publisher=Arran|access-date=2 August 2018}}</ref> In 2021, Repsol was ranked no. 9 in the [[Arctic Environmental Responsibility Index]] (AERI) that covers 120 oil, gas, and mining companies involved in resource extraction north of the Arctic Circle.<ref>Overland, I., Bourmistrov, A., Dale, B., Irlbacher‐Fox, S., Juraev, J., Podgaiskii, E., Stammler, F., Tsani, S., Vakulchuk, R. and Wilson, E.C. 2021. The Arctic Environmental Responsibility Index: A method to rank heterogenous [[extractivism|extractive industry]] companies for governance purposes. ''Business Strategy and the Environment''. 30, 1623–1643. https://onlinelibrary.wiley.com/doi/10.1002/bse.2698</ref>

Repsol's La Pampilla refinery in Peru was involved in an estimated 6,000-barrel spill off the coast of [[Lima]], on 15 January 2022. Over 18,000 square kilometres of coastline have been affected, including the [[Ancón District|Ancón]] Reserved Zone, home to hundreds of endemic marine species. The [[Ministry of Foreign Affairs (Peru)|Peruvian Foreign Ministry]] described the spill as 'the worst ecological disaster to occur in Lima'. The Peruvian [[Ministry of Environment (Peru)|Minister for the Environment]] has estimated that the penalties imposed on Repsol could go as high as USD 33.4 million, aside from the reparations to the local population.<ref>{{Cite web|url=https://gestion.pe/peru/cancilleria-el-derrame-de-petroleo-de-repsol-en-ventanilla-es-el-peor-desastre-ecologico-ocurrido-en-lima-nndc-noticia/|title=Cancillería: "El derrame de petróleo de Repsol en Ventanilla es el peor desastre ecológico ocurrido en Lima"|date=19 January 2022|website=Gestión|access-date=20 January 2022}}</ref> Before the Government inspected the spill, Repsol falsely stated that the spill involved only "seven gallons".<ref>{{Cite web|url=https://www.eldiario.es/internacional/derrame-repsol-peru-causa-peor-desastre-ecologico-ocurrido-lima_1_8671161.html|title=Un derrame de Repsol en Perú causa "el peor desastre ecológico ocurrido en Lima"|date=19 January 2022|website=elDiario.es|access-date=20 January 2022}}</ref> A Repsol spokeswoman stated to the Peruvian press that Repsol wasn't responsible for the spill: "we didn't cause the ecological disaster, we were unloading crude oil since the previous day. We called the Peruvian Navy, we asked them to confirm the alert on the coasts of Peru".<ref>{{Cite web|url=https://elpais.com/internacional/2022-01-20/peru-cuestiona-a-repsol-por-no-contener-el-derrame-de-petroleo-en-el-mar.html|title=Perú cuestiona a Repsol por no contener el derrame de petróleo en el mar|date=19 January 2022|website=El País|access-date=20 January 2022}}</ref> The spokeswoman explained the mistake in informing the Government of the actual amount of spill stating that, since it happened during the night of the 15th, Repsol was unable to correctly estimate how much crude was spilled, and had to wait until the following morning to accurately analyse the situation. She also declined to say who would be responsible for the spill.<ref>{{Cite web|url=https://www.infobae.com/america/peru/2022/01/19/repsol-nosotros-no-ocasionamos-el-desastre-ecologico-y-no-podemos-decir-quien-es-el-responsable/|title=Repsol: "Nosotros no ocasionamos el desastre ecológico y no podemos decir quién es el responsable"|date=19 January 2022|website=Infobae|access-date=20 January 2022}}</ref> The spill comes as the latest development in the botched response to the [[2022 Hunga Tonga–Hunga Ha'apai eruption and tsunami]] in Peru, where, due to the absence of any formal warnings by the [[Peruvian Navy]]'s Hydrography and Navigation Directorate, two people died.<ref>{{Cite web|url=https://elpais.com/internacional/2022-01-16/la-erupcion-del-volcan-submarino-causa-al-menos-2-muertos-en-peru-y-danos-significativos-en-tonga.html|title=La erupción del volcán submarino en Polinesia causa al menos dos muertos en Perú y "daños significativos" en Tonga|date=16 January 2022|website=El País|access-date=20 January 2022}}</ref> Repsol has claimed that the Navy's refusal to inform the public of the incoming waves and tsunami allowed them to continue with the unloading of crude oil, which lead to the spill.

On August 23, 2022, a judge in Peru admitted a lawsuit by Peru's Consumer Protection Agency, [[Indecopi]], against Repsol, i.e. the case will be dealt with in court. The case would consist of a civil lawsuit seeking $3bn for environmental damage and $1.5bn for damages to locals, like fishermen.<ref>{{Cite web|url=https://www.bbc.com/news/business-62659241|title=Peru to sue Repsol for $4.5bn over oil spill|date=24 August 2022|website=BBC News|access-date=25 August 2022}}</ref><ref>{{Cite web|url=https://www.gob.pe/institucion/minam/noticias/637607-diecinueve-playas-afectadas-por-derrame-de-petroleo-de-repsol-aun-siguen-contaminadas-por-hidrocarburos|title=Diecinueve playas afectadas por derrame de petróleo de Repsol aún siguen contaminadas por hidrocarburos|date=4 August 2022|website=Plataforma digital única del Estado Peruano|access-date=25 August 2022}}</ref>

==Sponsorship==
[[File:Marc Márquez and Pol Espargaró 2021 Styria 2.jpg|thumb|right|250px|Repsol Honda team at the 2021 Styrian Grand Prix.]]
Repsol has been a longtime sponsor of motorsport. It has partnered with [[Honda Racing Corporation]] to compete in [[Grand Prix motorcycle racing|MotoGP]] under [[Repsol Honda]] Team since 1995, winning titles with legendary riders such as [[Mick Doohan]], [[Àlex Crivillé]], [[Valentino Rossi]], [[Nicky Hayden]], [[Casey Stoner]], and [[Marc Márquez]]. This sponsorship ended in 2025, after an unfruitful year for [[Repsol Honda]] following [[Marc Márquez]]'s switch to the [[Ducati Corse]] team.<ref>{{Cite web |url=https://www.motorsport.com/motogp/news/honda-repsol-sponsorship-deal-extended/4892005/ |title=Honda set to renew Repsol MotoGP title sponsorship deal |date=15 October 2020 |access-date=29 January 2022}}</ref> Previously, it supported two-time world rally champion [[Carlos Sainz Sr.|Carlos Sainz]] until 1997,<ref>{{Cite web |url=https://www.boxrepsol.com/en/repsol-25-50-anniversary/carlos-sainz/ |title=Carlos Sainz 1989-1997. Best Spanish Rally driver in History |date= 26 February 2021|access-date=29 January 2022}}</ref> [[Formula One]] teams [[Jordan Grand Prix]] in 1998,<ref>{{Cite web |url=https://www.boxrepsol.com/en/repsol-25-50-anniversary/first-time-in-formula-1/ |title=1998 Repsol enters the most challenging automotive competition, the Formula 1, with Jordan |date= |access-date=29 January 2022}}</ref> [[Arrows Grand Prix]] in 1999–2000 and [[Scuderia Toro Rosso]] from 2018, and the [[Mitsubishi Ralliart]] factory program at the [[Dakar Rally]] until 2009.

Repsol is also a main sponsor of local motorcycle racing championships in [[Indonesia]]. Repsol Motoprix is a motorcycle racing championship in Indonesia. The event is part of the broader Repsol Honda Team's presence in Indonesian motorcycle racing, highlighting their involvement in the sport at various levels, from MotoGP to local competitions like Motoprix. The MotoPrix championship has four classes: MP1 (Expert), MP2 (Novice), MP3 (Rookie), and MP4 (Beginner), each with specific engine specifications.<ref>{{Cite web |url=https://balapmotor.net/hasil-race-2-total-poin-final-kejurnas-motoprix-tasikmalaya-2023/ |title=Hasil Race 2 & Total Poin Final Kejurnas MotoPrix Tasikmalaya 2023 |website=balapmotor.net|date= |access-date=19 September 2023}}</ref>

Repsol also has a long history of supporting the Spanish automaker [[SEAT]] in the world rally championship and others, as well as being the main sponsor for the [[SEAT León Supercopa]] racing series.

==See also==
{{Portal|Companies}}
* [[Repsol Honda]]

==Notes==
{{Reflist|group=nb}}

==References==
{{Reflist|30em}}

==External links==
{{Commons category}}
*{{Official website|https://www.repsol.com/en/index.cshtml}}
*{{OpenCorp|Repsol}}

{{IBEX-35 companies}}
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