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Investor Update 2017 – Repsol S.A.

Repsol S.A. · Feb 23, 2017 · 31 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. Investor Update 2017 – Repsol S.A. – slide 1
    Investor Update 2017 2016 2020 Value & Resilience
  2. Investor Update 2017 – Repsol S.A. – slide 2
    2016-2020 Value & Resilience 1. Company overview and strategy 2. Upstream 3. Downstream 4. Gas Natural Fenosa 5. Financing 6. 2017 Outlook 3 3
  3. Investor Update 2017 – Repsol S.A. – slide 3
    Company overview and strategy 1 4 4
  4. Investor Update 2017 – Repsol S.A. – slide 4
    Through the value chain and across the globe Company overview and strategy Upstream main Both projects Our shareholders Core businesses: Upstream and Downstream 700 kboepd 1 Million bpd refining production capacity 2.4…
  5. Investor Update 2017 – Repsol S.A. – slide 5
    2016 - A year of strategic progress Company overview and strategy Group FCF breakeven Divestments /Bbl 50 48 13% 10% stake in GNF 1.9 Bn 42 60 Target: 40 Piped LPG 0.7 Bn 40 43 Tangguh 0.3 Bn 30 TSP 0.1 Bn Others (eg: LPG…
  6. Investor Update 2017 – Repsol S.A. – slide 6
    2016 to 2020: Value and Resilience Company overview and strategy Challenge: a volatile, uncertain and complex environment Strategic Plan 2016-2020 Long term value capture Portfolio Value Keep financial and operating Management…
  7. Investor Update 2017 – Repsol S.A. – slide 7
    Delivery on commitments Company overview and strategy COMMITMENT 2016 DELIVERY 0.3B impact in 2018 In 2016 0.3B already achieved Synergies New target of 0.4B Efficiencies (Opex & Capex) IMPLEMENTATION 0.8B in 2016; 1.8B…
  8. Investor Update 2017 – Repsol S.A. – slide 8
    Efficiencies and Synergies Update Company overview and strategy Pre-tax cash savings COMMITMENT DELIVERY ESTIMATED // 2016 BUDGET // // 2016 // // 2017 // Synergies 0.2 B 0.3 B 0.3 B Upstream Opex & Capex efficiency 0.6 B 0.8 B…
  9. Investor Update 2017 – Repsol S.A. – slide 9
    Resilience in the lower part of the cycle Company overview and strategy 2015 2016 Upstream 2015 2016 2015 2016 Brent price (/Bbl) 52.4 43.7 Refining margin Break (*) Even(/Bbl) 94 61 Indicator (/Bbl) 8.5 6.3 HH (/MBtu) 2.7…
  10. Investor Update 2017 – Repsol S.A. – slide 10
    Portfolio management Company overview and strategy Completed 10 % Stake GNF Piped LPG Alaska dilution Eagle Ford-Gudrun 10 % Stake CLH UK wind power LPG Peru & Ecuador Exploratory licences Canada Brynhild Norway .Latest…
  11. Investor Update 2017 – Repsol S.A. – slide 11
    Self-financed SP 2016-2020 - 40% net cash delivered Company overview and strategy Cash movements 2016-2020 (*) Sensitivities 5 years accumulated 2016 3.8 -0.3 3.6 -3.2 4.0 Adj. Net Contribution Bn FCF Income 1.5 1.3 Bn Brent +/-…
  12. Investor Update 2017 – Repsol S.A. – slide 12
    UPSTREAM 2 13
  13. Investor Update 2017 – Repsol S.A. – slide 13
    3 core regions in the portfolio Upstream North America: Growth Production 2016: 182 kboepd Operatorship: 79% SouthEast Asia: FCF & Growth Gas production (2016): 71% Production 2016: 98 kboepd Unconventional portfolio…
  14. Investor Update 2017 – Repsol S.A. – slide 14
    2016 Upstream Results Upstream RESERVES PRODUCTION (**) kboepd 690 800 +23% 2015 700 2014 2016 600 +57% 559 1P Reserves (Mboe) 1,539 2,373 2,382 500 400 355 300 (*) 200 RRR (%) 118 159 124 100 0 2014 2015 2016 (*)…
  15. Investor Update 2017 – Repsol S.A. – slide 15
    Assets & Projects Upstream // Exploration // AMERICA GoM Contingent resources NORTH Duvernay Marcellus Eagle Ford /Midcontinent (Canada) (USA) (USA) (USA) Unconventional North America WI: 31% in basin WI: 100% WI: 89%…
  16. Investor Update 2017 – Repsol S.A. – slide 16
    Capex optimization Upstream (*) RRR (%) Average 2017-2020 118% 159% 124% 100% Bn 8 7 6 5 4 3 2 1 0 2014 2015 2016 2017 2018-2020 Exploration Capex Development Capex (*) Organic RRR 17
  17. Investor Update 2017 – Repsol S.A. – slide 17
    Efficiency program: delivering our target Upstream 400 M 1,200 2017 Original 350 Target 850 M 2016 50 Original Target (*) 800 550 M 2016 Savings already New Savings 2017 Savings achieved in to be Target 2016…
  18. Investor Update 2017 – Repsol S.A. – slide 18
    3 Downstream 19
  19. Investor Update 2017 – Repsol S.A. – slide 19
    Sustainable cash flow generator DOWNSTREAM Downstream Refining Petrochemicals 1 million barrels of CORUA All three sites are refining capacity per BILBAO managed as a single day. petrochemical hub TARRAGONA Top quartile…
  20. Investor Update 2017 – Repsol S.A. – slide 20
    2016 Downstream Results Downstream European Integrated Margin of R&M EBITDA CCS (*) Industry peer group Source: Company filings. (/Bbl) M 12 10 4.000 3,788 3,173 8 6 3.400 4 2 2.800 0 2.200 -2 -4 1.600 -6 -8 1.000 2014…
  21. Investor Update 2017 – Repsol S.A. – slide 21
    2016-2020 Downstream strategy Downstream Maximizing value and cash generation leveraged on fully invested assets European Integrated Margin of R&M Average investments (*) Industry peer group maximum margin Repsol position…
  22. Investor Update 2017 – Repsol S.A. – slide 22
    Repsols refining margin indicator Downstream /Bbl 8 6.3 6.4 6 0.4 0.7 0.7 3.2 3.0 3.0 4 2.7 2 2.7 2.7 0 2016 Refining Margin Indicator Estimated Refining Margin Indicator 2017-2020 Base Repsol Crack Index…
  23. Investor Update 2017 – Repsol S.A. – slide 23
    Gas Natural 4 Fenosa 24
  24. Investor Update 2017 – Repsol S.A. – slide 24
    Gas Natural Fenosa Rationale 10% stake sold 20% remaining stake Liquid investment provides 1.9Bn proceeds financial optionality Executed with no discount to market price at 19/share 8.6% above GNFs unaffected Strong…
  25. Investor Update 2017 – Repsol S.A. – slide 25
    FINANCING 5
  26. Investor Update 2017 – Repsol S.A. – slide 26
    Financial Strategic Plan 2016-2020 Financing Sound track record Resilient Plan with stronger Conservative in managing adverse business profile financial policy conditions Commitment to reduce debt and maintain investment…
  27. Investor Update 2017 – Repsol S.A. – slide 27
    Net Debt Evolution Financing Bn 12 3.2 0,5 10 8 (3.8) (3.6) 6 11,9 Breakeven at 42 per barrel 4 8,1 2 0 Net Debt 31st Operating Cash Capex Dividends Paid Divestments Net Debt 31st Dec 2015 Flow & Others Dec 2016…
  28. Investor Update 2017 – Repsol S.A. – slide 28
    Strong liquidity position Financing Short Term: Bn 1.5 ECP 1.2 Bonds 10.6 10.7 9.3 0.7 Loans Operating 0.5 Credits 9.2 committed Credit Lines 0.5 7.2 Structural committed 3.9 Credit Lines 5.5 3.9 Cash & 4.9 Equivalents…
  29. Investor Update 2017 – Repsol S.A. – slide 29
    Delivery of Commitments Financing Piped Gas Business, Offshore Wind, TSP, Tangguh Divestments E&P portfolio management: Alaska, Norway GNF monetization Sale of 10% participation in GNF Repsol dividend reduction Dividend…
  30. Investor Update 2017 – Repsol S.A. – slide 30
    Industry Context 2017 OUTLOOK 6 31
  31. Investor Update 2017 – Repsol S.A. – slide 31
    Outlook for 2017 2017 Outlook Our assumptions (*) 2016 2017B 2016 2017B Brent price (/Bbl) 43.7 55.0 Refining Margin (/Bbl) 6.3 6.4 HH (/MBtu) 2.5 3.2 Exchange rate (/) 1.11 1.05 Guidance 2016 2017B 2016 2017B Production…

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