Spanish oil giant Repsol said Thursday it will sell just over six billion euros ($6.8 billion) in assets and slash capital spending over the next five years as it tries to protect investors' dividends.
The global firm said its new five year strategic plan "guarantees Repsol's strength and ability to create value even with low oil prices."
"The flexibility, strength, and adaptability of its asset portfolio will allow Repsol to undertake divestments of 6.2 billion in non-strategic assets and cut spending by 38 percent without altering its company profile," the company said in a statement.
Repsol increased its production and oil-refining revenues this year by buying Canadian energy firm Talisman, which it integrated in May.
Crude prices have fallen since last year but Repsol compensated by boosting its refining margin.
Repsol predicted Wednesday that its net profit would slump to between 1.25 billion and 1.5 billion euros, "considering the current climate of low crude oil prices".
That would be as much as 22 percent lower than the profits of 1.61 billion euros it reported for 2014.