Repsol S.A. is evaluating a potential reverse-merger transaction involving its upstream oil and gas business and a select group of U.S. partners. The exploratory discussions are part of Repsol’s broader strategy to accelerate value creation, enhance capital efficiency, and position the company for long-term growth within a rapidly evolving global energy landscape.

Under the contemplated structure, Repsol’s upstream unit would be combined with a U.S.-based publicly traded entity, enabling the business to operate as an independent company with strengthened access to capital markets. The transaction, if completed, would also create a platform for scalable growth across Repsol’s core geographies, including North America, Latin America, and the North Sea.

The evaluation process remains at a preliminary stage, and no final decisions have been made. Repsol emphasized that any potential transaction would be subject to additional due diligence, board approval, and customary regulatory reviews.

As part of this exploratory initiative, Repsol will continue to prioritize:

• Operational continuity across all upstream assets
• Disciplined capital allocation aligned with decarbonization and growth objectives
• Strong safety and environmental performance
• Transparent communication with employees, partners, and stakeholders

Repsol will provide further updates if and when material developments occur.

KeyFacts Energy: Repsol US country profile