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Q2 2015 Results – Repsol S.A.

Repsol S.A. · Jul 30, 2015 · 33 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. Q2 2015 Results – Repsol S.A. – slide 1
    WEBCAST CONFERENCE CALL Second Quarter 2015 Results July 30th, 2015 Repsol Investor Relations www.repsol.com
  2. Q2 2015 Results – Repsol S.A. – slide 2
    Second Quarter 2015 Results 1. Integration of Talisman 2. Market environment and Operational activity 3. Outlook for 2015 and Efficiency Measures 4. Quarterly results 3
  3. Q2 2015 Results – Repsol S.A. – slide 3
    Integration of Talisman 1 4
  4. Q2 2015 Results – Repsol S.A. – slide 4
    Integration of Talisman New Organizational structure May 8th: Closing of the transaction Europe, Africa and Brazil North America Upstream division (4 regional areas) South America Asia & Russia
  5. Q2 2015 Results – Repsol S.A. – slide 5
    Integration of Talisman The purchase price allocation has been completed Goodwill: 2.6 billion Dollars out of which 2.1 billion Dollars are the Deferred tax liabilities Firmly supported by the synergies identified We have one…
  6. Q2 2015 Results – Repsol S.A. – slide 6
    Market environment and Operational activity 2 7
  7. Q2 2015 Results – Repsol S.A. – slide 7
    Macro environment Brent evolution - /boe 100.00 2Q15 90.00 80.00 70.00 64.30 61.70 59.80 Brent 60.00 61.9 50.00 40.00 apr may jun Exchange Rate - / Henry Hub - /Mbtu 1.00 5.00 1.05 4.00 1.11 1.10 1.08 2.6 3.00…
  8. Q2 2015 Results – Repsol S.A. – slide 8
    Operational activity Exploration Alaska Russia Romania USA Algeria Brazil Bolivia 14 wells have been concluded in 2Q15, 6 of them were positive: 2 exploration wells (Algeria and USA) and 4 appraisal wells (Bolivia,…
  9. Q2 2015 Results – Repsol S.A. – slide 9
    Operational activity Development projects Sapinho Brazil The third well was connected to our 2nd FPSO in place in May 2015. Gas injection commenced in June allowing gross production to increase to 90 kboed. At the end of 2015,…
  10. Q2 2015 Results – Repsol S.A. – slide 10
    Operational activity Development projects Venezuela Cardn IV Repsol started up the first producing well in Perla field (largest offshore gas field in Latin America). First phase of the development will produce gross 150Mscf…
  11. Q2 2015 Results – Repsol S.A. – slide 11
    Operational activity Development projects Colombia Akacias CPO-9 block reached gross production of 10 kboed (Repsol owns a 45% stake) Working on the definition of the Field Development Plan for Akacias project. Expected to go…
  12. Q2 2015 Results – Repsol S.A. – slide 12
    Operational activity Development projects Duvernay Canada Alberta Appraisal drilling of the companys lands in the South Duvernay continued. Drilling operations at a two well pad in Ferrier are now finished. 13
  13. Q2 2015 Results – Repsol S.A. – slide 13
    Operational activity Development projects Red Emperor Vietnam The outline development plan was approved by partners and PetroVietnam in January. Commercial Declaration has been completed in early July. FID is estimated before…
  14. Q2 2015 Results – Repsol S.A. – slide 14
    Operational activity Development projects Malaysia Kinabalu & PM3 The final investment decision has been taken by the end of June In Kinabalu. Negotiations for a ten-year extension of the license of PM3 field are well…
  15. Q2 2015 Results – Repsol S.A. – slide 15
    Operational activity Development projects Algeria Reggane Lapa Brazil Lapa and Reggane progress as planned to deliver production in 4Q16 (Lapa) and 1Q17 (Reggane) In Lapa, development will commence in the North East area…
  16. Q2 2015 Results – Repsol S.A. – slide 16
    Operational activity Production Production from Talisman assets have been +55% included since May 8th 525 For the full year 2015, we expect to be in line 338 kboed with the goal stablished in the Strategic Plan kboed (stripping…
  17. Q2 2015 Results – Repsol S.A. – slide 17
    Operational activity Production Marcellus Acreage held by production. Only one rig is operating now allowing us to maintain a plateau of above 400 mmcf per day net of royalties. Gas price will determine the pace of growth of this…
  18. Q2 2015 Results – Repsol S.A. – slide 18
    Operational activity Production United Kindom Production of field Tartan has been restarted. Monarb and Claymore have performed well. Works on platform Abroath have been finalized Increase in production quarter-on-quarter.…
  19. Q2 2015 Results – Repsol S.A. – slide 19
    Operational activity Downstream Refining Margin Indicator Petrochemicals businesses 2Q 2015 9.1 Higher sales 2Q 2014 3.1 Better margins 0 5 10 /bbl Utilization rates Commercial businesses 2Q 2015 Higher sales in service…
  20. Q2 2015 Results – Repsol S.A. – slide 20
    Outlook for 2015 and Efficiency Measures 3 21
  21. Q2 2015 Results – Repsol S.A. – slide 21
    Outlook for 2015 and Efficiency Measures 2015 FY EBITDA* 5-5.5Bn (*) Assumptions: - Brent Price: 59/bbl - Henry Hub: 3 Excluding the contribution of Talisman assets, the EBITDA will be similar to that of 2014, even in an…
  22. Q2 2015 Results – Repsol S.A. – slide 22
    Outlook for 2015 and Efficiency Measures Downstream Energy efficiency saving programs Refining Margin Optimizing oil purchases increase of 1.2/bbl Maintenance and reliability programs compared with 2011 On going efforts in this…
  23. Q2 2015 Results – Repsol S.A. – slide 23
    Outlook for 2015 and Efficiency Measures Upstream Repsol exTalisman Capex (2015) (*) 2014 2015 2016 In a much larger company Repsol maintains (*) In USD Upstream Capex (**) (**) Includes G&G and G&A 24
  24. Q2 2015 Results – Repsol S.A. – slide 24
    Outlook for 2015 and Efficiency Measures GO Program - Renegotiation of contracts Existing contracts (2015) New contracts (Expected) 25
  25. Q2 2015 Results – Repsol S.A. – slide 25
    Outlook for 2015 and Efficiency Measures Synergies Annual target Increased from 220M to Main initiatives provided by synergies are: Delisting of Talisman Integrate space in Calgary and Houston offices and action plan for smaller…
  26. Q2 2015 Results – Repsol S.A. – slide 26
    Outlook for 2015 and Efficiency Measures GO PROGRAM RECURRENT SYNERGIES IMPROVEMENT OF OPERATING INCOME IN 2016 OF 500M 27
  27. Q2 2015 Results – Repsol S.A. – slide 27
    Quarterly Results 4 28
  28. Q2 2015 Results – Repsol S.A. – slide 28
    Quarterly results 2Q 2015 2Q 2014 2Q 2015 % Variation CCS Adjusted Net Income 390 312 - 20% Million 1H 2015 1H 2014 1H 2015 % Variation CCS Adjusted Net Income 922 1,240 +35% Million 29
  29. Q2 2015 Results – Repsol S.A. – slide 29
    Upstream Results Adjusted Net Income 2Q 2014 2Q 2015 Adjusted Net Income 145 -48 Million 600 500 400 300 200 100 145 89 0 128 [48] [39] [13] -100 (37) 37 -200 (359) -300 2Q14 Net Price Effect Volume Exploration…
  30. Q2 2015 Results – Repsol S.A. – slide 30
    Downstream Results CCS Adjusted Net Income Refining Commercial businesses Higher margins 439M Lower results in the LPG business Higher utilization rate Petrochemicals 162M Gas & Power and Trading Wider margins and Higher…
  31. Q2 2015 Results – Repsol S.A. – slide 31
    Downstream Results Adjusted Net Income Million 650 290 534 600 37 550 24 133 500 450 275 [128] 400 (12) 350 (55) 300 250 439 200 150 100 162 50 0 2Q14 Refining Commercial Petrochemicals Gas&Power Exchange…
  32. Q2 2015 Results – Repsol S.A. – slide 32
    Gas Natural Fenosa Results Adjusted Net Income 159M 105M Capital gain in 2Q14 on the sale of telecommunication business Contribution to results of CGE Chile during 2Q15 2Q14 2Q15 33
  33. Q2 2015 Results – Repsol S.A. – slide 33
    Financial Results 2Q 2014 2Q 2015 Net Financial Result -46 -199 Net Debt to Capital Million Employed Ratio Exchange rate positions Positive 29.8% results in 2Q14 Consolidation of Talismans debt Liquidity Position since May…

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