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September 2018 Investor Update – Repsol S.A.

Repsol S.A. · Sep 28, 2018 · 46 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. September 2018 Investor Update – Repsol S.A. – slide 1
    Investors Update Delivering value growth through the cycle September 2018
  2. September 2018 Investor Update – Repsol S.A. – slide 2
    2018-2020 Delivering value growth through the cycle 1. Company overview 2. Upstream update 3. Downstream update 4. Low carbon business 5. Financing 6. Conclusions and key targets 7. Historic data book
  3. September 2018 Investor Update – Repsol S.A. – slide 3
    1 Company overview
  4. September 2018 Investor Update – Repsol S.A. – slide 4
    Repsol: A unique, Integrated Global Position Company overview Core businesses: Upstream and Downstream 700 kboe/d production 2.4 billion boe proved reserves1 1 Million bpd refining capacity 2.6 Million tons of base…
  5. September 2018 Investor Update – Repsol S.A. – slide 5
    A successfully-navigated journey delivering value and resilience Company overview Successful performance in Upstream doubled in size Downstream lower part of the and cash positive as of leads the EU industry commodity cycle…
  6. September 2018 Investor Update – Repsol S.A. – slide 6
    Delivering value growth through the cycle Company overview 1. Increasing shareholder returns 2. Growing our portfolio profitably Dividend per share 8% p.a. growth with full buyback of shares Growth across all value-creation metrics,…
  7. September 2018 Investor Update – Repsol S.A. – slide 7
    Increasing shareholder returns Company overview Dividend per share based on disbursement year /share CAGR +8% 0.80 0.80 0.95 1.00 0.90 Buybacks 0.27 0.19 2016 2017 2018 2019 2020 Historic cash dividend Historic scrip…
  8. September 2018 Investor Update – Repsol S.A. – slide 8
    Growing our portfolio profitability Company overview At 50/bbl flat Brent CFFO at 50/bbl CAGR: +12% 0.3 0.1 6.5 Billion 0.2 0.3 0.6 0.4 4.6 UPSTREAM DOWNSTREAM +1.0B +0.8B Expand & 2017 CFFO1 New fficiency and E…
  9. September 2018 Investor Update – Repsol S.A. – slide 9
    Strategic Plan fully funded at 50/bbl Company overview Sources of cash Uses of cash Net Debt / EBITDA evolution Billion 20.8 20.8 GNF Downstream Expand and Industry Avg. divestment 3.8 4.0 1.1x Low carbon business Capex 0.9x 4.2…
  10. September 2018 Investor Update – Repsol S.A. – slide 10
    Portfolio Capex: Downstream activated as a new growth engine Company overview Core portfolio Capex in line with historical levels Balanced investments across businesses 2018-2020 Capex breakdown 2018-2020 Capex breakdown by…
  11. September 2018 Investor Update – Repsol S.A. – slide 11
    Our cash flow priority Company overview 2018-2020 Priorities for cash At 50/bbl With a more favorable scenario Downstream Core Sustainable Expand Organic Dividends Additional Portfolio dividend and new project & Buybacks Low…
  12. September 2018 Investor Update – Repsol S.A. – slide 12
    Key metrics to 2020 50/Bbl Brent flat Company overview Production CFFO EPS DPS 2.6% CAGR +1.9B growth +0.6/share growth 8% CAGR CAGR DPS paid kboe/d 2.6% Billion EPS on year /share /share CAGR +8% 750 CAGR +12% CAGR +12%…
  13. September 2018 Investor Update – Repsol S.A. – slide 13
    2 Upstream update
  14. September 2018 Investor Update – Repsol S.A. – slide 14
    Core regions in the portfolio Upstream North America Europe, Africa & Brasil Unconventional portfolio, operatorship and High margin barrels, key development valuable midstream positions projects from exploration succes 174 Kboe/d…
  15. September 2018 Investor Update – Repsol S.A. – slide 15
    Strategy summary Upstream 1. Sustainable scale 2. Access-advantaged 750 kboe/d with focused diversification Strong relationships in core positions Strong pipeline of development projects Proven lower cost of supply through…
  16. September 2018 Investor Update – Repsol S.A. – slide 16
    2020 production growth Upstream Pipeline of Repsols short-cycle projects delivering 95 kboe/d new production LIBYA DUVERNAY YME Early Fast track Production ramp-up Production from short-cycle projects production development…
  17. September 2018 Investor Update – Repsol S.A. – slide 17
    2020+ Repsol's projects with competitive returns Upstream Mid and long-term projects with attractive Repsol's new projects have competitive returns and phased developments full-cycle IRR and NPV breakeven Alaska (US) Duvernay…
  18. September 2018 Investor Update – Repsol S.A. – slide 18
    Exploration strategy Upstream Technical Commercial Government related Key Exploration Basin knowledge Preferred JV partner, deal Preferential government advantages G&G Technical Specialties making and operator interaction (imaging,…
  19. September 2018 Investor Update – Repsol S.A. – slide 19
    2018-2020 Capex breakdown: focus on core assets Upstream 60% of Capex allocated to growth Increased development Capex still leaner and focused on core plays than peers and focused exploration intensity 2018-2020 Exploration &…
  20. September 2018 Investor Update – Repsol S.A. – slide 20
    New efficiency and digitalization program Upstream Successful cost efficiency program delivered New efficiency and digitalization program1 to 1.6B, above 1.3B target deliver 1.0B/year in FCF by 2020 Billion Billion/year 1.6…
  21. September 2018 Investor Update – Repsol S.A. – slide 21
    Key target metrics to 2020 Upstream Production growth: 2.6% CAGR by 2020 Cash Flow growth: +50% 2017-2020 Production CFFO kboe/d +8% Billion +1 750 3 695 2 2017 2020 2017 2020 All while keeping FCF breakeven below…
  22. September 2018 Investor Update – Repsol S.A. – slide 22
    3 Downstream update
  23. September 2018 Investor Update – Repsol S.A. – slide 23
    World-class position Downstream Refining Chemicals 1 Mbpd of refining capacity Commercial High performing integrated and regional Highly competitive EU 1Q in Solomon NCM1 More than 4,700 service stations leader benchmark and fully…
  24. September 2018 Investor Update – Repsol S.A. – slide 24
    Strategy summary Downstream Refining Chemicals Marketing LPG Lubricants Trading Sustain Grow Grow Sustain Grow Grow Energy efficiency Energy efficiency TwP1 Customer-centric Maintain leadership Maximize value IMO readiness…
  25. September 2018 Investor Update – Repsol S.A. – slide 25
    Solid historical performance & positive outlook Downstream Leading European R&M integrated profit Repsol's assets are fully invested for IMO Repsol position of the total EU coking /bbl Repsol Leader in EU coking 25% capacity…
  26. September 2018 Investor Update – Repsol S.A. – slide 26
    Refining : top quartile position among European peers Downstream (1) 5 refineries optimized as a single system Top quartile position among European peers CORUA BILBAO Product Yield % FCC Equivalent 100% TARRAGONA Diesel/Gasoil…
  27. September 2018 Investor Update – Repsol S.A. – slide 27
    Chemicals Downstream Iberian Peninsula petrochemical sites Dynasol Joint Venture Panjin, China Santander, Spain Alava, Spain Tarragona Houston, USA Altamira, Production capacity (Thousand tons) Mexico Madrid, Spain Base…
  28. September 2018 Investor Update – Repsol S.A. – slide 28
    Petrochemical growth in value niches Downstream WORLD Chemical Key target products Rationale POSITION strategic goals Strong global demand growth forecast (4-4.5% p.a.) Global scale in 1-3 PO-polyols Established Sales &…
  29. September 2018 Investor Update – Repsol S.A. – slide 29
    Asset-light internationalization focused on two key areas Downstream Commercial Hinterland Commercial LatAm Global Trading Leverage refining logistics and Leverage Trading and Marketing Leverage Repsol Trading capabilities and…
  30. September 2018 Investor Update – Repsol S.A. – slide 30
    Key target metrics to 2020 Downstream Cash Flow growth: +27% by 2020 ROACE: 18% in 2018-2020 CFFO ROACE ROACE 22 18-20 Billion +0.7 % 20 18% 3.2 2.5 2017 2020 2017 2020 Avg. Capital Employed 9.6 11.3 ( Billion)…
  31. September 2018 Investor Update – Repsol S.A. – slide 31
    4 Low carbon business
  32. September 2018 Investor Update – Repsol S.A. – slide 32
    Ambition to develop a new operated business Low carbon business Repsol is swapping a 5-6B exposure to a medium To an operated and synergistic position in low carbon businesses through GNF carbon businesses Gas Non-operated Operated…
  33. September 2018 Investor Update – Repsol S.A. – slide 33
    Roadmap by 2025 Low carbon business Wholesale Gas Retail G&P Low carbon generation Top Leverage our industrial self consumption as the Strong brand and 10M clients base with Technical capabilities and experience in capability…
  34. September 2018 Investor Update – Repsol S.A. – slide 34
    Viesgo: strengthening Repsols position as a multi-energy supplier Low carbon business Transaction data Generation assets acquired Valued at 750 million 699 Hydro 2,350 MW installed capacity MW 750,000 retail customers Combined…
  35. September 2018 Investor Update – Repsol S.A. – slide 35
    Key targets for Energy Transition and New Capabilities Low carbon business 2.5B invested in Emissions reduction Leaner with digital savings of low carbon business -3% Kt/GJ CO2 0.3B/year by 2020 Capital Employed Emissions…
  36. September 2018 Investor Update – Repsol S.A. – slide 36
    5 Financing
  37. September 2018 Investor Update – Repsol S.A. – slide 37
    Strong liquidity position Financing 14 12 10.4 9.8 10 1.5 Term deposits w/ immed.availab. ** 7.9 8.0 8 0.3 Operating committed 7.3 Credit Lines 2.1 6.2 Structural committed Credit Lines 6 4.2 4 2.7 5.9 Cash &…
  38. September 2018 Investor Update – Repsol S.A. – slide 38
    6 Conclusions & Key targets
  39. September 2018 Investor Update – Repsol S.A. – slide 39
    Conclusions Strategy Update 2018-2020 Conclusions & key targets Position of strength: Business momentum and financial robustness Superior shareholder return across the cycle: Dividend growth path and high TSR upside Strong value…
  40. September 2018 Investor Update – Repsol S.A. – slide 40
    1H18 results and 2018 outlook Conclusions & key targets Main variables & company targets 70.0 70.6 3.0 2.9 7.0 6.9 1.2 1.21 2018 Budget 1H 18 2018 Budget 1H 18 2018 Budget 1H 18 2018 Budget 1H 18 Brent (USD/Bbl) Henry Hub…
  41. September 2018 Investor Update – Repsol S.A. – slide 41
    Key metrics to 2020 50/Bbl Brent flat Conclusions & key targets Production CFFO EPS DPS 2.6% CAGR +1.9B growth +0.6/share growth 8% CAGR CAGR DPS paid kboe/d 2.6% Billion EPS on year /share /share CAGR +8% 750 CAGR +12% CAGR…
  42. September 2018 Investor Update – Repsol S.A. – slide 42
    7 Historic data book
  43. September 2018 Investor Update – Repsol S.A. – slide 43
    Environment and Repsol group Historic data book MACRO ENVIRONMENT International References Unit 2015 2016 2017 Spreads vs. Brent (/bbl) 2015 2016 2017 Brent (/Bbl) 52.4 43.7 54.2 Maya - Brent (13.8) (11.6) (9.7) WTI (/Bbl) 48.8 43.5…
  44. September 2018 Investor Update – Repsol S.A. – slide 44
    Upstream Historic data book Production Proven reserves Main figures (M) 2015 2016 2017 Kboe/d Mboe Adjusted Net Income (925) 52 632 2015 2016 2017 2015 2016 2017 EBIT (1,107) (87) 1,009 Europe 29 52 51 51 62 59 Latin America 302…
  45. September 2018 Investor Update – Repsol S.A. – slide 45
    Downstream Historic data book Downstream Assets Refining capacity Refining (kbbl/d) Converson index (%) Businesss Unit 2015 2016 2017 Spain 896 63 Refining Bilbao (Petronor) 220 63 Distillation utilization % 86.7 86.0 93.2…
  46. September 2018 Investor Update – Repsol S.A. – slide 46
    Investors Update Delivering value growth through the cycle September 2018

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