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December 2015 Investor Presentation – Repsol S.A.

Repsol S.A. · Dec 16, 2015 · 53 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. December 2015 Investor Presentation – Repsol S.A. – slide 1
    2016-2020 VALUE & RESILIENCE November, 2015 1
  2. December 2015 Investor Presentation – Repsol S.A. – slide 2
    Strategic Plan 2016-2020: Agenda 2012-2016 Strategic Plan delivery Key strategic lines 2016-2020: Value & Resilience Financial outlook Summary Repsol 3Q 2015 Results 3
  3. December 2015 Investor Presentation – Repsol S.A. – slide 3
    Strategic Plan 2016-2020: Agenda 2012-2016 Strategic Plan delivery Key strategic lines 2016-2020: Value & Resilience Financial outlook Summary Repsol 3Q 2015 Results 4
  4. December 2015 Investor Presentation – Repsol S.A. – slide 4
    2012-2016 Strategic Plan delivery 2012-2015 Milestones 2012-2016 Strategic Plan: Growth and Delivery 2012 2013 2014 2015 LNG business YPF settlement Talisman YPF expropriation divestment and full monetization Acquisition…
  5. December 2015 Investor Presentation – Repsol S.A. – slide 5
    2012-2016 Strategic Plan delivery 2012-2016 Strategic Plan targets achieved // Targets // // Delivery // CAGR7% Upstream as growth engine 25%/y (1) High growth in Prod 2016 500 kboepd 650 kboepd Upstream Reserves Replacement RRR…
  6. December 2015 Investor Presentation – Repsol S.A. – slide 6
    2012-2016 Strategic Plan delivery Repsol today An integrated company operating across the entire value chain 2.2 billion boe Integrated Delivery on proved reserves business model commitments 650 kboepd // Talisman acquisition //…
  7. December 2015 Investor Presentation – Repsol S.A. – slide 7
    Strategic Plan 2016-2020: Agenda 2012-2016 Strategic Plan delivery Key strategic lines 2016-2020: Value & Resilience Financial outlook Summary Repsol 3Q 2015 Results 8
  8. December 2015 Investor Presentation – Repsol S.A. – slide 8
    Key strategic lines 2016-2020: Value & Resilience Key strategic lines 2016-2020 VALUE RESILIENCE Shift from growth to value Top tier resilience among delivery, prepared integrated companies for the next growth wave Self-financing…
  9. December 2015 Investor Presentation – Repsol S.A. – slide 9
    Key strategic lines 2016-2020: Value & Resilience Scenario assumptions Stress scenario 2016-2020 Repsol refining Brent price Henry Hub price margin indicator 50/bbl flat 3.5/Mbtu flat 6.4/bbl flat Base scenario 2016-2020…
  10. December 2015 Investor Presentation – Repsol S.A. – slide 10
    Key strategic lines 2016-2020: Value & Resilience Shift from growth to value // Upstream production evolution // kboepd 1,000 Achieved critical mass in E&P business 800 x2 Extensive portfolio of assets and 600 development…
  11. December 2015 Investor Presentation – Repsol S.A. – slide 11
    Key strategic lines 2016-2020: Value & Resilience Capex reduction as a key lever // Group annual Capex (1) // B 8 Upstream assets in an advanced stage of investment 35% Limited presence in capital-intensive new developments 6…
  12. December 2015 Investor Presentation – Repsol S.A. – slide 12
    Key strategic lines 2016-2020: Value & Resilience Enlarged portfolio allows divestments // Asset divestment plan of 3.1 B in 2016-2017 1Talisman and 3.1 B in 2018-2020 // B in divestments commitment, after B acquisition, fully…
  13. December 2015 Investor Presentation – Repsol S.A. – slide 13
    Key strategic lines 2016-2020: Value & Resilience Synergies and Efficiency Program to reach 2.1 B/y in 2018 Strict accountability on Efficiency Program delivery for the management team // 2018 Opex impact // // 2018 Capex impact //…
  14. December 2015 Investor Presentation – Repsol S.A. – slide 14
    Key strategic lines 2016-2020: Value & Resilience Synergies from Talisman integration are already being delivered // Integration synergies // // Selected examples // M/y Workforce and contractors reduction from overlaps 400…
  15. December 2015 Investor Presentation – Repsol S.A. – slide 15
    Key strategic lines 2016-2020: Value & Resilience Breakevens // Group FCF breakeven (1) after dividends // // Upstream FCF breakeven (1) // /bbl /bbl 80 60 50(2) 60 45 (av. 2016-2020) 30 40 60 75 15 45 20 60 0 0…
  16. December 2015 Investor Presentation – Repsol S.A. – slide 16
    Key strategic lines 2016-2020: Value & Resilience Repsols FCF breakeven reduction capacity well positioned within industry // Company FCF breakeven in 2016 (after dividends)(1) // /bbl 80 60 40 20 0 Repsol Majors(2)…
  17. December 2015 Investor Presentation – Repsol S.A. – slide 17
    Key strategic lines 2016-2020: Value & Resilience Self-financed Strategic Plan // Cash movements 2016-2020 (accumulated) // B (Stress scenario) (1) 35 Cash for dividend and debt 30 5 6 in base scenario (2) 25 20 B 20 23 32…
  18. December 2015 Investor Presentation – Repsol S.A. – slide 18
    Upstream Downstream Corporation 19
  19. December 2015 Investor Presentation – Repsol S.A. – slide 19
    Key strategic lines 2016-2020: Value & Resilience Upstream strategy 2016-2020 // Starting point // // Strategic positioning // (Repsol + Talisman) Lower Capex intensity and Efficiency improved value Broad geographic footprint…
  20. December 2015 Investor Presentation – Repsol S.A. – slide 20
    Key strategic lines 2016-2020: Value & Resilience 3 core regions in the portfolio North America: Growth Production 2016: 180 kboepd Operatorship: 79% Gas production (2016): 71% Unconventional portfolio Latin America: FCF…
  21. December 2015 Investor Presentation – Repsol S.A. – slide 21
    Key strategic lines 2016-2020: Value & Resilience An extensive pipeline of organic opportunities // Exploration // Contingent resources Brazil: Campos-33, Albacora Leste, Sagitario Russia: Karabashky Russia Colombia: CPO9 &…
  22. December 2015 Investor Presentation – Repsol S.A. – slide 22
    Key strategic lines 2016-2020: Value & Resilience Portfolio management: Production // 2020 Production 700-750 kboepd // // Focus: 3 regions, 3 play types // Production 2016-2020 kboed 1,000 Non-operated Offshore deep Offshore…
  23. December 2015 Investor Presentation – Repsol S.A. – slide 23
    Key strategic lines 2016-2020: Value & Resilience Portfolio management: Capex // Capex reduction 2016-2020 // // Capex prioritization driven (Average annual Capex) (1) by value and strategic fit // B 7 Development Capex reduction…
  24. December 2015 Investor Presentation – Repsol S.A. – slide 24
    Key strategic lines 2016-2020: Value & Resilience Portfolio management: Exploration // Lower exploration intensity, // Unconventionals will complement more focused, lower risk // exploration for reserve replacement // B/year…
  25. December 2015 Investor Presentation – Repsol S.A. – slide 25
    Key strategic lines 2016-2020: Value & Resilience More than 80% of 2020 production coming from todays reserves // Production evolution // kboepd 800 600 400 200 0 2014 2015 2016 2020 From Reserves From…
  26. December 2015 Investor Presentation – Repsol S.A. – slide 26
    Key strategic lines 2016-2020: Value & Resilience E&P Cost Efficiency Program Focused on structural efficiency gains and industry deflation capture // Levers // Technical standardization Business units Operational uptime increase…
  27. December 2015 Investor Presentation – Repsol S.A. – slide 27
    Key strategic lines 2016-2020: Value & Resilience E&P Cost Efficiency Program Selected examples of Upstream saving initiatives // Initiative // // Description // // Status // // Yearly impact // Marcellus (US) well cost optimization…
  28. December 2015 Investor Presentation – Repsol S.A. – slide 28
    Key strategic lines 2016-2020: Value & Resilience E&P Cost Efficiency Program UK transformation plan already delivering results Program implemented from 2014 delivering in 2015: // Complex network of operated production facilities //…
  29. December 2015 Investor Presentation – Repsol S.A. – slide 29
    Key strategic lines 2016-2020: Value & Resilience Upstream metrics improvement in 2016-2020 Commitments // Capex (1) // // Opex & Capex savings // B 40% B 1.2 6.7 0.6 Opex Capex 4.1 Efficiency 0.6 Capex 2014 2016-2020 2018…
  30. December 2015 Investor Presentation – Repsol S.A. – slide 30
    Upstream Downstream Corporation 31
  31. December 2015 Investor Presentation – Repsol S.A. – slide 31
    Key strategic lines 2016-2020: Value & Resilience Downstream to provide sustainable value Maximize Taking advantage of the integration between refining and performance marketing businesses with focus on reliability Discipline in…
  32. December 2015 Investor Presentation – Repsol S.A. – slide 32
    Key strategic lines 2016-2020: Value & Resilience 2016-2020 Downstream strategy: Maximizing value and cash generation leveraged on fully invested assets // Sustainable value from quality assets // // Investment discipline // Repsol…
  33. December 2015 Investor Presentation – Repsol S.A. – slide 33
    Key strategic lines 2016-2020: Value & Resilience Repsols refining margin indicator evolution Margins back to a mid cycle scenario Base Repsol Crack Index1 2005-2020 Repsol Refining margin index evolution (/bbl) (/bbl) 10 -28% 10…
  34. December 2015 Investor Presentation – Repsol S.A. – slide 34
    Key strategic lines 2016-2020: Value & Resilience Fundamentals support sustained Repsol refining margins Lower Opex Lower oil and gas prices Growing refined Average demand growth of 1.2% for 2016-2020 on top of strong 2015…
  35. December 2015 Investor Presentation – Repsol S.A. – slide 35
    Key strategic lines 2016-2020: Value & Resilience Downstream efficiency and margin improvement program // Projects // // Levers // // EBIT increase by 2018 // Energy cost reduction Improved planning to increase crude supply…
  36. December 2015 Investor Presentation – Repsol S.A. – slide 36
    Key strategic lines 2016-2020: Value & Resilience Selected examples: Downstream // Initiative // // Description // // Status // // Impact on EBIT // Under Minimize use of turbines, repair leaks, maximize Petronor steam reduction…
  37. December 2015 Investor Presentation – Repsol S.A. – slide 37
    Key strategic lines 2016-2020: Value & Resilience Downstream metrics improvement in 2016-2020 Commitments // Improvement in EBIT // // D&A // // Capex // B B/y Efficiency 0.5 Run-rate 0.8 0.8 Program Capex 2018+ Avg. 2016-2020…
  38. December 2015 Investor Presentation – Repsol S.A. – slide 38
    Upstream Downstream Corporation 39
  39. December 2015 Investor Presentation – Repsol S.A. – slide 39
    Key strategic lines 2016-2020: Value & Resilience Talisman adding 0.4 B/year corporate cost that will be offset by synergies and efficiency programs // Corporate costs // M/y 1,500 1,305 179 228 Synergies from integration…
  40. December 2015 Investor Presentation – Repsol S.A. – slide 40
    Key strategic lines 2016-2020: Value & Resilience Sustainability, a priority for the company // Carbon strategy Facing the issues // // Safety, a non-negotiable value in Repsol // Lost Time Injuries Frequency 10 Carbon Cost of…
  41. December 2015 Investor Presentation – Repsol S.A. – slide 41
    Key strategic lines 2016-2020: Value & Resilience Gas Natural Fenosa strategic stake Strong profitability with long term strategic vision 30% of valuable stake in a leading gas & power company Stable dividend with growth…
  42. December 2015 Investor Presentation – Repsol S.A. – slide 42
    Strategic Plan 2016-2020: Agenda 2012-2016 Strategic Plan delivery Key strategic lines 2016-2020: Value & Resilience Financial outlook Summary Repsol 3Q 2015 Results 43
  43. December 2015 Investor Presentation – Repsol S.A. – slide 43
    Financial outlook Financial Strategic Plan 2016-2020 Sound track record Resilient Plan with Conservative in managing adverse stronger business profile financial policy conditions Commitment to reduce debt Commitment to…
  44. December 2015 Investor Presentation – Repsol S.A. – slide 44
    Financial outlook Capital structure actions driven by conservative financial policy and investment-grade rating commitment // 2016-2017 // // 2018-2020 // (2 years accumulated) (3 years accumulated) Hybrid issuance (1) 3.0 B…
  45. December 2015 Investor Presentation – Repsol S.A. – slide 45
    Strategic Plan 2016-2020: Agenda 2012-2016 Strategic Plan delivery Key strategic lines 2016-2020: Value & Resilience Financial outlook Summary Repsol 3Q 2015 Results 46
  46. December 2015 Investor Presentation – Repsol S.A. – slide 46
    Summary Strategy 2016-2020: Value and Resilience // EBITDA(1) // Synergies Capex and efficiency flexibility Base scenario Stress scenario B B 2.1 B/y 12 x2 12 Pre-tax cash savings Up to 40% x1.5 by 2018 (Opex & Capex) 9 11.5…
  47. December 2015 Investor Presentation – Repsol S.A. – slide 47
    Summary Repsol 2020 Fully-integrated business model World-class explorer Optimized Upstream portfolio focused on core areas and play types Technical capabilities (unconventionals, operatorship...) Tier 1 Downstream Technology and…
  48. December 2015 Investor Presentation – Repsol S.A. – slide 48
    Strategic Plan 2016-2020: Agenda 2012-2016 Strategic Plan delivery Key strategic lines 2016-2020: Value & Resilience Financial outlook Summary Repsol 3Q 2015 Results 49
  49. December 2015 Investor Presentation – Repsol S.A. – slide 49
    Repsol 3Q 2015 Results 3Q 2015 RESULTS Note: Repsol Group made the decision in 2014, prompted by the business reality and in order to make its disclosures more comparable with those in the sector, to disclose as a measure of the…
  50. December 2015 Investor Presentation – Repsol S.A. – slide 50
    Repsol 3Q 2015 Results 3Q 2015 RESULTS 51
  51. December 2015 Investor Presentation – Repsol S.A. – slide 51
    Repsol 3Q 2015 Results OPERATING RESULT BY BUSINESS SEGMENTS AND GEOGRAPHICAL AREAS 52
  52. December 2015 Investor Presentation – Repsol S.A. – slide 52
    Repsol 3Q 2015 Results ADJUSTED NET INCOME BY BUSINESS SEGMENTS AND GEOGRAPHICAL AREAS 53
  53. December 2015 Investor Presentation – Repsol S.A. – slide 53
    Repsol 3Q 2015 Results EBITDA BY BUSINESS SEGMENTS AND GEOGRAPHICAL AREAS 54

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