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Q2 2016 Investor Update – Repsol S.A.

Repsol S.A. · Aug 11, 2016 · 41 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 2016 Investor Update – Repsol S.A. – slide 1
    Investor Update 2Q 2016 Repsol Investor Relations 2016-2020 Value & Resilience
  2. Q2 2016 Investor Update – Repsol S.A. – slide 2
    2016-2020 Value & Resilience 1. Company Overview 2. Key strategic lines 2016-2020 3. Progress of Strategic Plan 4. Upstream 5. Downstream 6. Gas Natural Fenosa 7. Financial Outlook 8. 2016 Outlook
  3. Q2 2016 Investor Update – Repsol S.A. – slide 3
    Company Overview 1
  4. Q2 2016 Investor Update – Repsol S.A. – slide 4
    Company overview 2Q16 key messages Driving for Cash Flow breakeven neutrality at 40. UPSTREAM Above breakeven at the Adj. Net Income level at current prices Production in line with the Strategic Plan Opex and capex optimization…
  5. Q2 2016 Investor Update – Repsol S.A. – slide 5
    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…
  6. Q2 2016 Investor Update – Repsol S.A. – slide 6
    Company overview Repsols shareholders 10.05% Caixabank S.A. 8.34% Sacyr Vallehermoso, S.A. 4.87% Temasek Institutional Retail Free Float Investor Free Float 76.74% 14.20% Total number of shares as of July 2016: 1,466…
  7. Q2 2016 Investor Update – Repsol S.A. – slide 7
    Key strategic lines 2016-2020 2
  8. Q2 2016 Investor Update – Repsol S.A. – slide 8
    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…
  9. Q2 2016 Investor Update – Repsol S.A. – slide 9
    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…
  10. Q2 2016 Investor Update – Repsol S.A. – slide 10
    Key strategic lines 2016-2020 Additional Investment reduction for 2016 and 2017 around 1.8B // Group annual Investment (1) // B 8 Investment optimization and 46% 35% implementation of our efficiency 6 measures. Low…
  11. Q2 2016 Investor Update – Repsol S.A. – slide 11
    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 90% of the run-rate target for 2016…
  12. Q2 2016 Investor Update – Repsol S.A. – slide 12
    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…
  13. Q2 2016 Investor Update – Repsol S.A. – slide 13
    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):…
  14. Q2 2016 Investor Update – Repsol S.A. – slide 14
    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) //…
  15. Q2 2016 Investor Update – Repsol S.A. – slide 15
    Key strategic lines 2016-2020 Self-financed Strategic Plan even under the stress scenario B // Cash movements 2016-2020 // 35 Reduction of our investment budget in 2016 below 4B 30 4 6 Investment reduction for 2016 and 2017…
  16. Q2 2016 Investor Update – Repsol S.A. – slide 16
    Progress of Strategic Plan 3
  17. Q2 2016 Investor Update – Repsol S.A. – slide 17
    Progress of Strategic Plan Strategic Commitments Follow up Exploration Investment in Deferral of non-critical…
  18. Q2 2016 Investor Update – Repsol S.A. – slide 18
    Progress of Strategic Plan Strategic Commitments Follow up Target 2016 2016 Estimate Efficiency & Synergies 0.2 0.2 Synergies Investment Target 16-17 1H16 Efficiencies 0.9 1.0 Flexibility Program Repsol Investment (B) 3.9 1.6…
  19. Q2 2016 Investor Update – Repsol S.A. – slide 19
    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…
  20. Q2 2016 Investor Update – Repsol S.A. – slide 20
    Upstream 4
  21. Q2 2016 Investor Update – Repsol S.A. – slide 21
    UPSTREAM 3 core regions in the portfolio North America: Growth Production 2016: 187 kboepd Operatorship: 79% Gas production (2016): 71% Unconventional portfolio Latin America: FCF SouthEast Asia: FCF & Growth…
  22. Q2 2016 Investor Update – Repsol S.A. – slide 22
    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:…
  23. Q2 2016 Investor Update – Repsol S.A. – slide 23
    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…
  24. Q2 2016 Investor Update – Repsol S.A. – slide 24
    UPSTREAM Operational activity. Development projects Brazil: Sapinho & Lapa USA: Marcellus Sapinho: Plateau is expected in second half of Higher production YoY. 2016 Lapa: First oil is expected in 3Q16 (ahead of Cash breakeven close…
  25. Q2 2016 Investor Update – Repsol S.A. – slide 25
    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) //…
  26. Q2 2016 Investor Update – Repsol S.A. – slide 26
    UPSTREAM Portfolio management: Capex Capex optimization will have no impact on production because of the previous investment cycle from Repsol's legacy assets (Average RRR 2011-2013: 214 %) kboepd 800 // Production evolution…
  27. Q2 2016 Investor Update – Repsol S.A. – slide 27
    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…
  28. Q2 2016 Investor Update – Repsol S.A. – slide 28
    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…
  29. Q2 2016 Investor Update – Repsol S.A. – slide 29
    Downstream 5
  30. Q2 2016 Investor Update – Repsol S.A. – slide 30
    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…
  31. Q2 2016 Investor Update – Repsol S.A. – slide 31
    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…
  32. Q2 2016 Investor Update – Repsol S.A. – slide 32
    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…
  33. Q2 2016 Investor Update – Repsol S.A. – slide 33
    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…
  34. Q2 2016 Investor Update – Repsol S.A. – slide 34
    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…
  35. Q2 2016 Investor Update – Repsol S.A. – slide 35
    Gas Natural Fenosa 6
  36. Q2 2016 Investor Update – Repsol S.A. – slide 36
    Gas Natural Fenosa Strong profitability with long term strategic vision (*) (*) Dividends received in 2012-2015 period 1.1 b 37
  37. Q2 2016 Investor Update – Repsol S.A. – slide 37
    Financial outlook 7
  38. Q2 2016 Investor Update – Repsol S.A. – slide 38
    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…
  39. Q2 2016 Investor Update – Repsol S.A. – slide 39
    Financial outlook 1H2016 Net Debt evolution // Net Debt Evolution after paying dividends // (Billion ) 12,0 (1) 0.6 1.0 0.3 [ 2.1 ] 10,0 8,0 6,0 11.9 11.7 4,0 2,0 0,0 Net Debt 31st Dec Operating Cash Capex & Dividends…
  40. Q2 2016 Investor Update – Repsol S.A. – slide 40
    2016 Outlook 8
  41. Q2 2016 Investor Update – Repsol S.A. – slide 41
    2016 Outlook Downstream projected to deliver 3 billion free cash flow in 2016. Production volumes in line with Strategic Plan at 700,000 barrels per day. Capex and Opex company wide optimization is helping drive free cash flow…

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