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Q2 2016 Results – Repsol S.A.

Repsol S.A. · Sep 30, 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 Results – Repsol S.A. – slide 1
    Investor Update 2Q 2016 Repsol Investor Relations 2016-2020 Value & Resilience
  2. Q2 2016 Results – 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 Results – Repsol S.A. – slide 3
    Company Overview 1
  4. Q2 2016 Results – 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 Results – 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 Results – 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 Free Float Investor 76.74% 14.20% Total number of shares as of July 2016: 1,466…
  7. Q2 2016 Results – Repsol S.A. – slide 7
    Key strategic lines 2016-2020 2
  8. Q2 2016 Results – Repsol S.A. – slide 8
    Key strategic lines 2016-2020 Value and resilence VALUE RESILIENCE Shift from growth to value Top tier resilience among delivery, prepared integrated companies for the next growth wave Self-financing strategy even in a Commitment…
  9. Q2 2016 Results – Repsol S.A. – slide 9
    Key strategic lines 2016-2020 Shift from growth to value // Upstream production evolution // kboepd Achieved critical mass in E&P 1,000 business 800 x2 600 Extensive portfolio of assets and development projects 400…
  10. Q2 2016 Results – 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 Results – 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 Results – 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 350 joint…
  13. Q2 2016 Results – 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 Results – 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 // Avg 2010-15 R&M integrated margin (1) x 2015E 2015E Downstream / Upstream leverage Downstream /…
  15. Q2 2016 Results – 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 Results – Repsol S.A. – slide 16
    Progress of Strategic Plan 3
  17. Q2 2016 Results – Repsol S.A. – slide 17
    Progress of Strategic Plan Strategic Commitments Follow up Exploration Investment Deferral of non-critical investments in 2016 Capture of sector wide…
  18. Q2 2016 Results – Repsol S.A. – slide 18
    Progress of Strategic Plan Strategic Commitments Follow up Target 2016 2016 Estimat Efficiency & e Synergies Investment Target 16-17 1H16 Synergies 0.2 0.2 Flexibility Program Repsol Investment (B) 3.9 1.6 Efficiencies 0.9…
  19. Q2 2016 Results – Repsol S.A. – slide 19
    Progress of Strategic Plan Portfolio management Sale of a 10% stake in Gas Natural Fenosa to Global Infrastructure Partners (GIP) GNF Around 1.9bn of proceeds. The capital gain that this disposition generates is approximately 246…
  20. Q2 2016 Results – Repsol S.A. – slide 20
    Upstream 4
  21. Q2 2016 Results – 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% Latin America: Unconventional portfolio SouthEast Asia: FCF & Growth FCF…
  22. Q2 2016 Results – 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 Results – 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 Results – Repsol S.A. – slide 24
    UPSTREAM Operational activity. Development projects Brazil: Sapinho & Lapa USA: Marcellus Sapinho: Plateau is expected in second half Higher production YoY. of 2016 Lapa: First oil is expected in 3Q16 (ahead of Cash breakeven close…
  25. Q2 2016 Results – 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% (2) 1.0 3.1 + 0.4 4.8 2.8 2.7 201 201 201 4 5 6 Exploration Development (/bbl)…
  26. Q2 2016 Results – 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 Results – Repsol S.A. – slide 27
    UPSTREAM E&P Cost Efficiency Program // Levers // 1.1 B/y Business units Technical standardization savings Operational uptime increase by 2018 (Opex & Operational Procurement & logistics optimization Capex) Organizational…
  28. Q2 2016 Results – 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 Results – Repsol S.A. – slide 29
    Downstream 5
  30. Q2 2016 Results – 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 Results – 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 Results – 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 Results – 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 Results – 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 Results – Repsol S.A. – slide 35
    Gas Natural Fenosa 6
  36. Q2 2016 Results – Repsol S.A. – slide 36
    Gas Natural Fenosa Strong profitability with long term vision 20% of valuable stake in a leading gas & power company Stable dividend with growth potential (*) Strong profitability performance (well above wacc and not…
  37. Q2 2016 Results – Repsol S.A. – slide 37
    Financial outlook 7
  38. Q2 2016 Results – 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 Results – Repsol S.A. – slide 39
    Financial outlook 1H2016 Net Debt evolution // Net Debt Evolution after paying dividends (Billion ) // 12.0 (*) 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 Flow Capex &…
  40. Q2 2016 Results – Repsol S.A. – slide 40
    2016 Outlook 8
  41. Q2 2016 Results – Repsol S.A. – slide 41
    2016 Outlook Divestment program progressing well with 2017 target already delivered, proceeds over 2.6 B in the 2nd half of 2016. Downstream projected to deliver 3 billion free cash flow in 2016. Production volumes in line with…

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