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Q1 2016 Investor Relations Presentation – Repsol S.A.

Repsol S.A. · May 23, 2016 · 38 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. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 1
    Investor Update 1Q 2016 Repsol Investor Relations 2016-2020 Value & Resilience
  2. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 2
    Company overview 1Q16 key messages Net Income: Strong in a volatile market Net Debt: Stable post dividends Strategy: On target and making progress Production: Double compared to Q1 15 Cash Flow: Downstream as FCF generator…
  3. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 3
    Company overview Repsol today - An integrated company operating across the entire value chain 2.4 billion boe Integrated Delivery on proved reserves (*) business model commitments 700 kboepd Diversified and global production…
  4. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 4
    Company overview Repsols shareholders 12.37% Caixabank S.A. 8.48% Sacyr Vallehermoso, S.A. 4.95% Temasek Institutional Free Float Retail Free Float Investor 74.20% 14.20% Total number of shares as of April 2016: 1,442…
  5. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 5
    Key strategic lines 2016-2020 2
  6. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 6
    Key strategic lines 2016-2020 Value and resilence VALUE RESILIENCE Shift from growth to value Top tier resilience among integrated delivery, prepared companies for the next growth wave Self-financing strategy even in a Commitment…
  7. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 7
    Key strategic lines 2016-2020 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 projects 400…
  8. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 8
    Key strategic lines 2016-2020 Additional Investment reduction for 2016 and 2017 around 1.8B // Group annual Investment (1) // B 8 46% Capex optimization and implementation 35% of our efficiency measures. 6 Low Downstream…
  9. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 9
    Key strategic lines 2016-2020 Strict accountability on Efficiency Program Pre-tax cash savings // 2016 // // 2018 // Recurrent synergies target increased to Synergies 0.2 B 0.3 B 400M 50% of synergies already implemented Upstream…
  10. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 10
    Key strategic lines 2016-2020 Synergies from Talisman integration are already being delivered // 250M in 2016 of which 200M already captured // M 450 400 M/y 400 350 M/y Finance: repurchase of Talisman bonds and joint 350…
  11. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 11
    Key strategic lines 2016-2020 Breakevens // Group FCF breakeven after dividends and interests (2016-2017)(*) // /bbl 60 45 30 15 0 Strategic Update Plan (*) Scenario used to estimate breakevens (Stress case):…
  12. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 12
    Key strategic lines 2016-2020 Repsol profits from a high Downstream/Upstream leverage // Avg 2010-15 R&M integrated margin (1) x 2015E // Avg 2010-15 R&M integrated margin (1) x 2015E Downstream / Upstream leverage (/bbl) //…
  13. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 13
    Key strategic lines 2016-2020 Self-financed Strategic Plan even under the stress scenario B // Cash movements 2016-2020 // 35 Reduction of our capex budget in 2016 below 4B Investment reduction for 2016 and 2017 around 30 6 1.8B…
  14. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 14
    Progress of Strategic Plan 3
  15. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 15
    Progress of Strategic Plan Strategic Commitments Follow up Exploration Capex in 2016 Deferral of non-critical investments 3.9B Capture of sector wide deflation Re-visit on-going development projects Target represents more than…
  16. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 16
    Progress of Strategic Plan Strategic Commitments Follow up Target 2016 2016 Estimate Efficiency & Synergies 0.2 0.2 Synergies Capex Target 16-17 1Q2016 Efficiencies 0.9 1.0 Flexibility(3) Program Repsol Capex (B) 3.9 0.8…
  17. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 17
    Progress of Strategic Plan Portfolio management Wind Sale of our offshore wind power business in the UK for 238 million euros After tax capital gain of 109M Power Cash from this sale is expected to be received during 2Q 2016 Sale…
  18. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 18
    Upstream 4
  19. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 19
    UPSTREAM 3 core regions in the portfolio North America: Growth Production 2016: 188 kboepd Operatorship: 79% Gas production (2016): 71% Unconventional portfolio Latin America: FCF SouthEast Asia: FCF & Growth…
  20. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 20
    UPSTREAM An extensive pipeline of organic opportunities // Exploration // Contingent resources Unconventional North America Brazil: Campos-33, Sagitario Russia: Karabashky Colombia: CPO9 & Niscota Alaska: Colville High GOM:…
  21. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 21
    UPSTREAM Projects activity in 2016 NORTH AMERICA NORTH SEA ALGERIA Redevelopment Reganne & Mon-Arb and Sud-Est-Illizi Flyndre Cawdor Duvernay/G. Edson Marcellus Eagle Ford VIETNAM Red Emperor Gulf of Mexico COLOMBIA…
  22. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 22
    UPSTREAM Portfolio management: Flexibility to optimize capital allocation // Upstream Investments(1) // (Billion ) 6.7 53% 1.9 44% 3.7 17% 1.0 3.1 (2) + 4.8 0.4 2.8 2.7 2014 2015 2016 Exploration Development (/bbl) //…
  23. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 23
    UPSTREAM Portfolio management: Capex Capex optimization has no impact on production because we are benefiting from the end of the previous investment cycle from Repsol's legacy assets (Average RRR 2011-2013: 214 %) kboepd 800 //…
  24. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 24
    UPSTREAM E&P Cost Efficiency Program // Levers // 1.1 B/y Business units Technical standardization savings Operational uptime increase (Opex & Operational Procurement & logistics optimization by 2018 Capex) Organizational…
  25. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 25
    UPSTREAM Examples of improvements in Talisman legacy assets UK MARCELLUS Improved Recovery Factor: Marcellus Fracking pricing: Develop a prioritized inventory of qualifying Marcellus frac cost per stage capital projects to be used…
  26. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 26
    Downstream 5
  27. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 27
    DOWNSTREAM Downstream to provide sustainable value Maximize Taking advantage of the integration between refining and performance marketing businesses with focus on reliability Discipline in capital allocation Capital discipline…
  28. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 28
    DOWNSTREAM 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 8.8 0.5 8 8 6.4(*) 4.0 6 6.6 6…
  29. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 29
    DOWNSTREAM 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 demand products demand Spain fuels demand…
  30. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 30
    DOWNSTREAM Downstream efficiency and margin improvement program 0.5 B/y from Downstream efficiency improvement in 2018 // Projects // // Levers // // EBIT increase by 2018 // Energy cost reduction Improved planning to increase…
  31. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 31
    DOWNSTREAM 2016-2020 Downstream strategy Maximizing value and cash generation leveraged on fully invested assets // Sustainable value from quality assets // // Investment discipline // Repsol in leading position among european…
  32. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 32
    Gas Natural Fenosa 6
  33. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 33
    Gas Natural Fenosa Strong profitability with long term strategic vision (*) (*) Dividends received in 2012-2015 period 1.1 b 36
  34. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 34
    Financial outlook 7
  35. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 35
    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 The three Rating…
  36. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 36
    Financial outlook 1Q2016 Net Debt evolution (Billion ) // Net Debt Evolution after paying dividends // 0.71 0.27 12 0.03 10 (0.94) 8 11.9 6 11.9 4 2 0 Net Debt 31st Dec Operating Cash Flow Capex & Dividends paid…
  37. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 37
    2016 Outlook 8
  38. Q1 2016 Investor Relations Presentation – Repsol S.A. – slide 38
    2016 Outlook In July Repsol will pay a complementary dividend of 0.30 gross per share. 2016 Downstream business expected free cash flow 3 billion. Keep our production level at around 700,000 barrels per day in 2016. Capex and…

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