We can confirm that these objectives are not only being met, but are even being exceeded:
2. CAPEX flexibility: Repsol set the objective of reducing investments by about 40% compared to 2014*, by actively managing the company's portfolio.
By the end of 2016, total investments stood at €3.2 billion, well below the initial objective of €3.9 billion set for 2016.
3. Plan for efficiency and synergies: The Strategic Plan includes an efficiency and synergy program that will provide €2.1 billion per year in sustainable savings in 2018. In 2016, Repsol hit its target for the year by making savings of more than 1.6 billion, exceeding initial forecasts by 150%. During 2017, Repsol will increase these savings to 2.1 billion, exceeding expectations and making progress toward the objective set for 2018.
The successful efforts to achieve the objectives set out in the 2016-2020 Strategic Plan thanks to Repsol's strong integrated business profile have been recognized by the main credit rating agencies, which maintain the company's credit rating.
* The CAPEX figures from 2014 include Repsol and Talisman