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Q4 2010 Earnings Call – Repsol S.A.

Repsol S.A. · Feb 24, 2011 · 40 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q4 2010 Earnings Call – Repsol S.A. – slide 1
    Fourth Quarter & Full Year 2010 Results WEBCAST CONFERENCE CALL February 24th, 2011 Antonio Antonio Brufau Brufau CEO CEO February 24th 2011
  2. Q4 2010 Earnings Call – Repsol S.A. – slide 2
    Agenda Strategy Achievements Main Operational Highlights 4Q 2010 and Annual Results Financial Overview 2011 Outlook and Strategy Update 2
  3. Q4 2010 Earnings Call – Repsol S.A. – slide 3
    Agenda Strategy Achievements Main Operational Highlights 4Q 2010 and Annual Results Financial Overview 2011 Outlook and Strategy Update 3
  4. Q4 2010 Earnings Call – Repsol S.A. – slide 4
    Strategy Achievements in 2010 Upstream Transformation of the Upstream business Organic production growth of 3% Reserve replacement ratio: 131% 925 M Exploration Investments Downstream Best-in-class Assets Progress in…
  5. Q4 2010 Earnings Call – Repsol S.A. – slide 5
    Strategy Achievements in 2010 Capturing the hidden value of YPF Liquids prices moving towards import parity Contention of oil decline Creating a vertically integrated leader in gas and power Working on the objectives set in the…
  6. Q4 2010 Earnings Call – Repsol S.A. – slide 6
    Strategy Achievements in 2010 Financial Position (Net Debt)* Billion 6 4.9 4 -6 5% 2 1.7 0 2009 2010 (*) Ex-Gas Natural Fenosa 6
  7. Q4 2010 Earnings Call – Repsol S.A. – slide 7
    Agenda Strategy Achievements Main Operational Highlights 4Q 2010 and Annual Results Financial Overview 2011 Outlook and Strategy Update 7
  8. Q4 2010 Earnings Call – Repsol S.A. – slide 8
    Main Operational Highlights Upstream: Exploration Upstream Discoveries in 2008 - 2011 Renewing our acreage position Exploration Blocks 30 new exploration blocks Spain US GoM +4% (*) Buckskin Lubina Montanazo Venezuela…
  9. Q4 2010 Earnings Call – Repsol S.A. – slide 9
    Main Operational Highlights Upstream: Developments (I) Brazil Presence of hydrocarbons at Creal B (Albacora Leste block) Guara, Carioca and Piracuca appraisal wells drilled successfully, confirming the great potential of these…
  10. Q4 2010 Earnings Call – Repsol S.A. – slide 10
    Main Operational Highlights Upstream: Developments (II) Venezuela Award of Carabobo provides access to heavy oil reserves for Spanish refining system Cardon IV Appraisal Plan approved Perla 2 and Perla 3 wells drilled in 2010;…
  11. Q4 2010 Earnings Call – Repsol S.A. – slide 11
    Main Operational Highlights LNG: Year of consolidation Peru LNG Canaport Start in June 2010 Construction work on the third storage tank was completed in April, after 2010 ramp up. Volumes and margins boosted In 2010, the terminal…
  12. Q4 2010 Earnings Call – Repsol S.A. – slide 12
    Main Operational Highlights Downstream: One of the highest integrated margins in the sector /bbl 10 5 0 -5 (1) 2005 2006 2007 2008 2009 2010 Note: R&M margin calculated as CCS/LIFO-Adjusted operating profit of the…
  13. Q4 2010 Earnings Call – Repsol S.A. – slide 13
    Main Operational Highlights YPF: Moving Forward. Main Drivers 2010 Minor gap with Import Parity prices at the pump Crude Oil production stabilization Kbbl/d 350 -10% 300 -5% -1,6% 250 200 150 100 50 0 2004 2005…
  14. Q4 2010 Earnings Call – Repsol S.A. – slide 14
    Main Operational Highlights YPF: Moving Forward. Value Creation (I) Oil Million bbls 2009 Detailed definition of portfolio RF 68% (Successful cases, Ej. North Sea Basin) 2008 Updated database of 24.340 resources RF 35.7%…
  15. Q4 2010 Earnings Call – Repsol S.A. – slide 15
    Main Operational Highlights YPF: Moving Forward. Value Creation (II) TIGHT GAS SHALE GAS AND OIL 4 wells were drilled with initial production of 100,000 m3/day Several vertical wells drilled in Vaca Muerta formation of gas per…
  16. Q4 2010 Earnings Call – Repsol S.A. – slide 16
    Agenda Strategy Achievements Main Operational Highlights 4Q 2010 and Annual Results Financial Overview 2011 Outlook and Strategy Update 16
  17. Q4 2010 Earnings Call – Repsol S.A. – slide 17
    Results CCS Adjusted Operating Income Million Million 5000 1500 1% 4000 +7 1% 3000 1000 +4 4715 2000 500 1056 2761 1000 750 0 0 FY 09 FY 10 4Q 09 4Q 10 17
  18. Q4 2010 Earnings Call – Repsol S.A. – slide 18
    Results CCS Adjusted Net Income Million Million 3000 500 400 % 07 2000 +1 7% 300 +5 499 200 1000 2032 1296 241 100 0 0 FY 09 FY 10 4Q 09 4Q 10 18
  19. Q4 2010 Earnings Call – Repsol S.A. – slide 19
    4Q 2010 Upstream Adjusted Operating Income +60% Million 400 20 11 122 35 300 (52) 200 361 225 100 0 4Q09 Price effect net Volume Exploration Exchange rate Depreciation & 4Q10 of taxes Costs Others 19
  20. Q4 2010 Earnings Call – Repsol S.A. – slide 20
    2010 Results Upstream Adjusted Operating Income Million +67% 2000 243 45 606 1500 (137) (168) 1000 1473 500 884 0 2009 Price effect Volume Exploration Exchange Depreciation 2010 net of taxes Costs rate & Others…
  21. Q4 2010 Earnings Call – Repsol S.A. – slide 21
    4Q 2010 Downstream CCS Adjusted Operating Income Million +73% 300 42 7 17 106 200 (103) 100 164 95 0 4Q09 Refining Marketing Chemical Exchange Others 4Q10 Activity rate 21
  22. Q4 2010 Earnings Call – Repsol S.A. – slide 22
    2010 Results Downstream CCS Adjusted Operating Income Million 1500 +51% 277 34 1000 (119) 39 99 977 500 647 0 2009 Refining Marketing Chemical Exchange Others 2010 Activity rate 22
  23. Q4 2010 Earnings Call – Repsol S.A. – slide 23
    4Q 2010 YPF Adjusted Operating Income Million +12% 600 52 500 143 21 (73) 42 400 300 (145) 200 371 331 100 0 4Q09 Price increases Export prices & Volume sales & Gas Costs Others 4Q10 in domestic international…
  24. Q4 2010 Earnings Call – Repsol S.A. – slide 24
    2010 Results YPF Adjusted Operating Income Million 2500 +106% 394 2000 (42) (23) 58 762 40 1500 (353) 1000 1625 500 789 0 2009 Price Export prices Volume sales Gas Costs Exchange Others 2010 increases in & &…
  25. Q4 2010 Earnings Call – Repsol S.A. – slide 25
    Gas Natural Adjusted Operating Income Million Million 250 % +14 +16% 800 200 600 150 400 849 100 214 745 185 50 200 0 0 4Q 09 4Q 10 2009 2010 25
  26. Q4 2010 Earnings Call – Repsol S.A. – slide 26
    Agenda Strategy Achievements Main Operational Highlights 4Q 2010 and Annual Results Financial Overview 2011 Outlook and Strategy Update 26
  27. Q4 2010 Earnings Call – Repsol S.A. – slide 27
    Financial Overview Dividend Evolution /share 1.2 .5% 1.05 1.05 1.0 3 +2 1.0 0.85 0.8 0.72 0.6 0.6 0.4 0.2 (*) 05 06 07 08 09 10 20 20 20 20 20 20 (*)…
  28. Q4 2010 Earnings Call – Repsol S.A. – slide 28
    Agenda Strategy Achievements Main Operational Highlights Macro Situation 4Q 2010 and Annual Results Financial Overview 2011 Outlook and Strategy Update 28
  29. Q4 2010 Earnings Call – Repsol S.A. – slide 29
    2011 Drilling Schedule Upstream Intensive exploratory activity ALASKA Long term position, Maturing plays NORWAY 4 blocks plus 2 via farm in CANADA Norway RUSSIA 5 offshore exploration blocks in 2 new blocks awarded Newfoundland…
  30. Q4 2010 Earnings Call – Repsol S.A. – slide 30
    Strategy Update Updates on Key Projects in Upstream Cardon IV Lubina-Montanazo 750 MUS 90 MUS Shenzi Reganne Perlas offshore gas field under development Development of new oil discoveries adjacent to 800 MUS W.I. Repsol 32.5%…
  31. Q4 2010 Earnings Call – Repsol S.A. – slide 31
    Strategy Update Upstream updated targets Production growth 3-4% p.a. to 2014 Proved reserve replacement ratio and higher to 2019 greater than 110% Net production Total reserves (Mboe) (MBoe) 250 2,000 200 1,500 150 3-4%…
  32. Q4 2010 Earnings Call – Repsol S.A. – slide 32
    Main Operational Highlights Repsol LNG: Optimization & Operational Efficiency Projects Delivery: Canaport & Peru LNG Fulfillment of commitments: projects start-up on time within budget 20 cargoes delivered from Peru LNG and shipped…
  33. Q4 2010 Earnings Call – Repsol S.A. – slide 33
    Strategy Update Downstream delivering projects on time within budget REPSOL BILBAO Conversion project On stream: 4Q 2011 - New coker unit (2 Mtpa) Conversion improvement of +32% FCC eq. to 63% Total investment 800 M (2007-2012)…
  34. Q4 2010 Earnings Call – Repsol S.A. – slide 34
    Strategy Update Downstream: Refining strengths aligning with market drivers Privileged middle-distillates position The conversion projects enhance Repsols position in the European Downstream Middle distillates yields by company %…
  35. Q4 2010 Earnings Call – Repsol S.A. – slide 35
    Strategy Update YPF: Resilience and Financial Discipline within Repsol Portfolio EBITDA and dividends paid by YPF to Repsol US M 5000 4000 3000 2000 1000 0 2003 2004 2005 2006 2007 2008 2009 2010 YPF…
  36. Q4 2010 Earnings Call – Repsol S.A. – slide 36
    2011 Highlights Exploration: Strong activity (Brazil, Guyana, Cuba, Norway, Liberia, Morocco, Libya, Bolivia, Colombia, U.S.A.) Upstream Development: focus on project delivery Growth Projects on time Downstream Expected global…
  37. Q4 2010 Earnings Call – Repsol S.A. – slide 37
    Strategy Update Financial Outlook and guidelines Financial Outlook: Cash movements in 2010-20141 B 40 7.8 30 27.5 20 35.7 4 1.6 10 14.5 5 0 Operating Cash Flow Disvestments Post-tax 3 Investment Plan Cash for…
  38. Q4 2010 Earnings Call – Repsol S.A. – slide 38
    Summary Accomplishing the transformation of Repsol Upstream into the Groups growth engine through key attractive current projects Positioned for growth Leverage on strong recent exploration track record to create value from current…
  39. Q4 2010 Earnings Call – Repsol S.A. – slide 39
    Summary Another year Start up of key Next wave of profitable growth* of value Downstream creation projects US GoM Bilbao / Buckskin Shenzi Cartagena Carabobo Reggane (US GoM) Brasil Capital Refineries Kinteroni (Peru)…
  40. Q4 2010 Earnings Call – Repsol S.A. – slide 40
    Fourth Quarter & Full Year 2010 Results WEBCAST CONFERENCE CALL February 24th, 2011 Antonio Antonio Brufau Brufau CEO CEO February 24th 2011

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