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Investors Ferbuary 2012 Update Presentation – Repsol S.A.

Repsol S.A. · Feb 10, 2012 · 38 slides

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Slides

  1. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 1
    Investors update February 2012
  2. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 2
    Agenda 1. Strategy Execution 2. Operations 3. Financial Performance 4. Corporate Governance and Responsibility 5. Summary February 2012 2
  3. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 3
    Agenda 1. Strategy Execution 2. Operations 3. Financial Performance 4. Corporate Governance and Responsibility 5. Summary February 2012 3
  4. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 4
    Our vision Transformation of the Upstream business Downstream: Best-in-Class Assets Capturing the hidden value of YPF Creating a vertically integrated leader in gas and power Efficient portfolio management February…
  5. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 5
    Transformation of the Upstream business Growth objectives reaffirmed with 2011 as a transition year z Sustainable long-term production growth z 90% of incremental growth target for 2014 based on projects already in development…
  6. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 6
    Transformation of the Upstream business Key projects sustaining targets Cardon IV 750 MUS Carabobo 750 MUS Lubina- Perlas offshore gas field under Montanazo 90 MUS Shenzi 800 MUS development Start-up of extra-heavy crude production…
  7. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 7
    Transformation of the Upstream business On track with 2014 objectives Production growth 3-4% p.a. Proved reserve replacement ratio to 2014 and 5% from 2015 to 2019 greater than 110% Net production (Mboe) 250 200 5% 200 % 110 %…
  8. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 8
    Transformation of the Upstream business What we are working on. ALASKA CUBA & GUYANA ALGERIA NORWAY Begin intense drilling campaign Spud of Jaguar (end 2011) and Initiate drilling in SE Illizi Two wells in Norway in Alaska (winter…
  9. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 9
    Transformation of the Upstream business Developing new growth areas via exploration ALASKA ALASKA CANADA CANADA NORWAY NORWAY Long term position. Three offshore exploration 3 new blocks awarded Maturing plays blocks in…
  10. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 10
    Transformation of the Upstream business LNG on track as well z Peru LNG started in June 2010 z Canaport regasification plant (Canada) also on stream z Increase in LNG adjusted operating income - 2010: 127M (2009: 50M) - 2011E:…
  11. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 11
    Transformation of the Upstream business What we have achieved so far... Exploration Investment (/boe produced) New contingent resources (Mboe)(*) /boe 10 9 8.6 8.2 8 7.5 7 7.0 Contingent Resources 2008 : 765 Mboe 6 5.85.9 5.8…
  12. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 12
    Downstream: Best-in-Class Assets Downstream targets 100% 1Q 2Q 3Q 4Q Cartagena today 80% Bilbao Improved capacity to process lower quality crude today oils and to produce high quality diesel %FCC equivalent 60% Bilbao…
  13. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 13
    Downstream: Best-in-Class Assets Key projects will add a premium on margins Simulating the premium under current conditions 4,0 3,5 3,0 2,5 U/bbl 2,0 1,5 1,0 0,5 0,0 Jan-11 Feb-11 Mar-11 Apr-11 May-11 Jun-11…
  14. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 14
    Downstream: Best-in-Class Assets What we have achieved so far R&M Integrated Margin(1) /bbl 10 5 0 2005 2006 2007 2008 2009 2010 9M 2011 -5 Note: (1) R&M margin calculated as CCS/LIFO-Adjusted operating profit of the…
  15. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 15
    Downstream: Best-in-Class Assets Where we are heading to Spanish market to continue to show deficit Privileged middle-distillates position 7,4 60 % G R +1,0 % Middle distillates CA yields by company 12,0 C AG R + 0,0% 3,7…
  16. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 16
    Capturing the hidden value of YPF Progress on main strategic drivers z Minor gap with Import Parity prices at the pump through a gradual transition US/m3 Oil product prices (1) 1200 1073 963 1000 889 2008 Average 842 z Value…
  17. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 17
    Capturing the hidden value of YPF What we have achieved so far z Liquids prices moving towards import parity z Towards effective crude oil production stabilization Crude oil (MBbls) Oil product prices (1) US/m3 1200 1073 1000…
  18. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 18
    Capturing the hidden value of YPF Value creation in unconventional resources (I) z 428 Km2 area where pilot was performed z 17 positive wells in production z Initial productions: 200 / 600 BPD z 43 Mbbl/km2 of OOIP (estimated) z…
  19. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 19
    Capturing the hidden value of YPF Value creation in unconventional resources (II) z Second area of 502 km2 area (306 km2 net) where additional activity is being conducted z Two discoveries: Bajada de Aelo y La Amarga Chica z…
  20. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 20
    Capturing the hidden value of YPF Value creation in unconventional resources (III) Activity & Results AREA 1 17 wells drilled and producing Further development in 2012 428 Km2 927 Mboe estimated recoverable resources AREA 2 2 wells…
  21. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 21
    Creating a vertically integrated leader in gas and power Gas Natural Fenosa z A liquid asset, with long-term value and strategic benefits Strategically, a good opportunity since Repsols participation in GN is an industrial package…
  22. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 22
    Efficient portfolio management Optimizing our portfolio 1. Repsol Sinopec Brazil 2. YPF 7,111 Petersen 12 Analysts 25.5% Coverage Repsol 10,664 57.4% Free Float Average TP: 17.1% 48.8 US/ADR Value of Repsol's offer Sinopecs…
  23. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 23
    Efficient portfolio management Combining organic growth and external opportunities ALASKA z Agreement with 70 & 148 LLC (affiliate of Armstrong Oil & Gas Inc) and GMT Exploration LLC to jointly carry out exploration activity in the…
  24. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 24
    Agenda 1. Strategy Execution 2. Operations 3. Financial Performance 4. Corporate Governance and Responsibility 5. Summary February 2012 24
  25. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 25
    Operating update Gulf of Mexico (Shenzi) Drilling development activities resumed in 2Q11, after moratorium was lifted Key facts Development wells: B201 and B101 already drilled and producing. First injection well finished (IW 01)…
  26. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 26
    Operating update Libya Before the conflict, Libya accounted for 40 kbpd net to Repsol In 2010, Libyas production accounted for 12% of Key facts Repsol production (ex Argentina) In 2010, EBIT was 860 MUSD and Net Income 114 MUSD…
  27. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 27
    Agenda 1. Strategy Execution 2. Operations 3. Financial Performance 4. Corporate Governance and Responsibility 5. Summary February 2012 27
  28. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 28
    Financial performance update Strong balance sheet supported by strict financial discipline Bn M 12,0 17,4% 18% 16,7% 15,9% 14,9% 15,6% 16% 12,000 10,888 120% 10,0 14% 10,000 9,103 8,0 12% 10,8 8,000 9,9 10% 9,7 6,0 8,4% 8%…
  29. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 29
    Financial performance update On track to meet financial objectives Cash movements in 2010-2014 B 40 7.8 Capex ex GN 2011 = 5.5 Bn Average Capex ex GN 2012 2014 = 5 Bn 30 27.5 20 35.7 So far 6,4 B 4 (82%) 1.6 10 14.5…
  30. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 30
    Financial discipline allowing for steady shareholder returns Dividends (/share) Payout ratio (%) 1.2 100 90 Dividends 1.16 80 1.0 1.05 1.05 Payout ratio 1.00 70 0.85 60 0.8 0.72 +10% 50 0.60 40 0.50 0.40 30 0.4 0.31 20…
  31. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 31
    Agenda 1. Strategy Execution 2. Operations 3. Financial Performance 4. Corporate Governance and Responsibility 5. Summary February 2012 31
  32. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 32
    A new energy vision Towards a less carbon-intensive company Identify opportunities, promote projects, and carry out initiatives that New Energies business generate synergies with other business lines Bioenergy Renewable generation…
  33. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 33
    Recognition and credibility in the industry Best energy Company in the world for 2008 The years best commercial technology: Kaleidoscope Project Rated Gold Class Company by the Sustainability Yearbook 2010 Leader in transparency…
  34. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 34
    Repsols Shareholders Structure Treasury Shares Sacyr 5.0% 10.0% Pemex 9.5% Caixabank 12.8% Institutional Retail 51.9% 10.8% On December 20th, Repsol acquired 10% of its share capital at a price of 21,066 /sh, a 5%…
  35. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 35
    Agenda 1. Strategy Execution 2. Operations 3. Financial Performance 4. Corporate Governance and Responsibility 5. Summary February 2012 35
  36. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 36
    Summary Accomplishing the transformation of Repsol Upstream into the Groups growth engine through key attractive current projects Positioned for Leverage on strong recent exploration track record to create value from current growth…
  37. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 37
    Strategic roadmap Another year Start up of key On going projects * of value Downstream creation projects US GoM Bilbao / Buckskin Shenzi Cartagena Carabobo Reggane (US GoM) Brasil Capital Kinteroni (Peru) (Venezuela) (Algeria)…
  38. Investors Ferbuary 2012 Update Presentation – Repsol S.A. – slide 38
    Investors update February 2012

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