2018-2020 Delivering value growth through the cycle 1. Company overview 2. Strategic progress 3. Upstream update 4. Downstream update 5. Low Carbon update 6. Digitalization & efficiencies 7. Conclusions & key targets 8. Historic data…
1 Company overview
Repsol: A unique, Integrated Global Position Company overview Core businesses: Upstream and Downstream 715 kboe/d production 2.3 billion boe proved 7.87% reserves1 Sacyr 1 Million bbl/d refining Free Float capacity…
Strategy 2018-2020 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, at any oil price…
2 Strategic progress
Strong delivery on 2018 commitments Strategic progress ADJUSTED NET EBITDA CCS CAPEX (*) NET DEBT INCOME (M) (M) +16% 7,619 (M) (M) Guidance 6,580 2018 6,267 -45% 3,874 Guidance +32% Guidance 3,439 2018 2,939 2018 2,131 +10%…
All 2018 targets were achieved Strategic progress COMMITMENT DELIVERY EBITDA at CCS 7.5 Bn 7.6 Bn CAPEX 3.8-4 Bn 3.9 Bn NET DEBT 3.5 Bn 3.4 Bn IMPLEMENTATION Organic FCF Breakeven 50 /bbl (avg. 2018-2020) 54 /Bbl (1)…
Increasing shareholder remuneration and full buyback of scrip Strategic progress Dividend per share based on disbursement year CAGR +8% /share 0.80 (*) 0.95 1.00 0.90 (*) Historic cash dividend Buybacks Historic scrip dividend…
Clear path for cashflow growth to 2020 Strategic progress At 50/bbl flat Brent 1 ROACE 6% +3 % 9% 1. Adjusting values to 50/bbl and excluding Spain extraordinary tax refund effect. CFFO in 2017 was 5.5 Bn. 2. RISE production…
Strategic Plan fully funded at 50/bbl Strategic progress Fully funded at 50/bbl keeping a strong financial position Core portfolio capex in line with historical levels Sources of cash Uses of cash Bn 20.8 20.8 Bn GNF 3.8 4.0…
Capex in core and expand portfolios Strategic progress 2018 ACTUAL CAPEX IN LINE WITH 18-20 GUIDANCE. 2018-20 CAPEX GUIDANCE: 15Bn (11Bn ORGANIC AND 4Bn FLEXIBILITY TO FULFILL THE PERIOD COMMITMENT EXPANSION1) 0.9 Viesgo 4 Bn…
Leaner and more efficient operator through lower breakevens Strategic progress CAPEX & Shareholders retribution financed by organic Total Groups Free Cash Flow breakeven, excluding inorganic capex and CFFO excluding inorganic capex…
3 Upstream update
Core regions in the portfolio Upstream North America Europe, Africa & Brazil Unconventional portfolio, operatorship and High margin barrels, key development valuable midstream positions projects from exploration succes 175 kboe/d…
Improving Upstream returns with profitable growth Upstream AROUND 3 % PRODUCTION GROWTH IN 2018 WITH IMPORTANT CONTRIBUTION FROM PROFITABLE SHORT-CYCLE PROJECTS 3% production growth in 2018 in line with Around 28 kboe/d of new…
Progressing on our short-cycle projects Upstream Pipeline of Repsols short-cycle projects DUVERNAY YME Early production In 2018 the redevelopment MARCELLUS received the approval from Increase to 2 local authorities. LIBYA…
Working on our 2020+ project pipeline 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 (Canada) 2…
Building strong exploration portfolio in core areas Upstream Mexico, Brazil and Alaska Indonesia Alaska Strengthening our exploration Sakakemang discovery, at least 2 appraisal well campaign of the portfolio 2 TCF of recoverable…
4 Downstream update
World-class position Downstream Refining Chemicals CORUA BILBAO 1 million bbl/d of refining capacity High performing integrated and regional leader Highly competitive EU 1Q in Solomon NCM1 TARRAGONA Capability for more than 30%…
Strategy summary Downstream Refining Chemicals Marketing LPG Lubricants Trading Sustain Grow Grow Sustain Grow Grow Energy efficiency Energy efficiency TwP1 Customer-centric Maintain Maximize value IMO readiness Digitalization and…
Refining : top quartile position among European peers Downstream (1) 5 refineries optimized as a single system Top quartile position among European peers CORUA BILBAO % FCC Equivalent 100% TARRAGONA 1Q 2Q 3Q 4Q 80% 60%…
Repsol perfectly positioned to benefit from IMO 2020 Downstream TOP EUROPEAN PLAYER1 IN CONVERSION, STRONGEST COKING CAPACITY AND ONE OF THE LOWEST HSFO YIELD 2018 Peers Conversion-to-crude Capacity Ratio vs 2017 HSFO yield Leader…
Chemicals: competitive positioning Downstream Iberian Peninsula petrochemical sites Dynasol Joint Venture Panjin, China Santander, Spain Alava, Spain Tarragona Houston, USA Altamira, Production capacity (Thousand tons) Mexico…
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 &…
Downstream activated as growth engine Downstream New growth levers Enhancing strengths New international growth opportunities through digitalization and new businesses leveraging our competitive advantages Advanced Movility Mexico…
5 Low Carbon update
Ambition to develop a new operated business Low Carbon 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 business…
Roadmap to 2025 Low Carbon 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 largest gas…
Accelerated delivery of 2025 objectives in Low Carbon Low Carbon Developing a strong position in Spain Viesgo acquisition led the way with 2.9 GW of installed capacity to develop our key capabilities to become the 5th G&P player in…
6 Digitalization & Efficiencies
Digitalization and efficiency as levers for cash flow growth Digitalization & efficiencies CFFO impact (Bn) 0.9 Upstream Downstream (0.25 Bn sustainable CFFO): better maintenance, reduction (0.1 Bn sustainable CFFO): of logistics…
Digitalization and efficiency initiatives Examples Integrated Operations Center (IOC) Integrated real-time control room identifying trends and anomalies over the medium term, improving safety, production and efficiency Upstream in…
On track to deliver 2020 strategic objectives Financing 1 Increasing shareholder returns 3 Developing an operated profitable low carbon business Dividend increase to 0.95 /share in Continue transforming our company and preparing…
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…
2019 Guidance Conclusions & key targets 2019 2018 Budget* Increase of development activity in Marcellus and projects Production (kboe/d) 715 720 comming on stream during the year (T&T, Buckskin and Akacias) Refining Margin…
7 Historic data book
Environment and Repsol group Historic data book M AC R O E NVIR O NM E NT International R eferences Unit 201 6 201 7 201 8 S preads vs. B rent (/bbl) 201 6 201 7 201 8 B rent (/B bl) 43.7 54.2 71 .3 Maya - B rent [1 1 .6] [9.7] [1…
Upstream Historic data book Production Proven reserves Kboe/d Mboe 2016 2017 2018 2016 2017 2018 Europe 52 51 60 62 59 102 M ain figures (M ) 201 6 201 7 201 8 Latin America 342 348 342 1,525 1,490 1,419 Adjusted Net Income 52 632…
Downstream Historic data book Downstream Assets Refining capacity Refining Converson index (%) Businesss Unit 2016 2017 2018 (kbbl/d) Spain 896 63 Refining Bilbao (Petronor) 220 63 Distillation utilization Tarragona 186 44 Spain %…
Investor Update March 2019 Repsol Investor Relations investorsrelationsrepsol.com 45 45
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