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March 2019 Investor Update – Repsol S.A.

Repsol S.A. · Mar 22, 2019 · 45 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. March 2019 Investor Update – Repsol S.A. – slide 1
    Investor Update March 2019
  2. March 2019 Investor Update – Repsol S.A. – slide 2
    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…
  3. March 2019 Investor Update – Repsol S.A. – slide 3
    1 Company overview
  4. March 2019 Investor Update – Repsol S.A. – slide 4
    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…
  5. March 2019 Investor Update – Repsol S.A. – slide 5
    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…
  6. March 2019 Investor Update – Repsol S.A. – slide 6
    2 Strategic progress
  7. March 2019 Investor Update – Repsol S.A. – slide 7
    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%…
  8. March 2019 Investor Update – Repsol S.A. – slide 8
    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)…
  9. March 2019 Investor Update – Repsol S.A. – slide 9
    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…
  10. March 2019 Investor Update – Repsol S.A. – slide 10
    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…
  11. March 2019 Investor Update – Repsol S.A. – slide 11
    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…
  12. March 2019 Investor Update – Repsol S.A. – slide 12
    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…
  13. March 2019 Investor Update – Repsol S.A. – slide 13
    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…
  14. March 2019 Investor Update – Repsol S.A. – slide 14
    3 Upstream update
  15. March 2019 Investor Update – Repsol S.A. – slide 15
    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…
  16. March 2019 Investor Update – Repsol S.A. – slide 16
    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…
  17. March 2019 Investor Update – Repsol S.A. – slide 17
    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…
  18. March 2019 Investor Update – Repsol S.A. – slide 18
    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…
  19. March 2019 Investor Update – Repsol S.A. – slide 19
    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…
  20. March 2019 Investor Update – Repsol S.A. – slide 20
    4 Downstream update
  21. March 2019 Investor Update – Repsol S.A. – slide 21
    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%…
  22. March 2019 Investor Update – Repsol S.A. – slide 22
    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…
  23. March 2019 Investor Update – Repsol S.A. – slide 23
    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%…
  24. March 2019 Investor Update – Repsol S.A. – slide 24
    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…
  25. March 2019 Investor Update – Repsol S.A. – slide 25
    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…
  26. March 2019 Investor Update – Repsol S.A. – slide 26
    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 &…
  27. March 2019 Investor Update – Repsol S.A. – slide 27
    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…
  28. March 2019 Investor Update – Repsol S.A. – slide 28
    5 Low Carbon update
  29. March 2019 Investor Update – Repsol S.A. – slide 29
    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…
  30. March 2019 Investor Update – Repsol S.A. – slide 30
    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…
  31. March 2019 Investor Update – Repsol S.A. – slide 31
    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…
  32. March 2019 Investor Update – Repsol S.A. – slide 32
    6 Digitalization & Efficiencies
  33. March 2019 Investor Update – Repsol S.A. – slide 33
    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…
  34. March 2019 Investor Update – Repsol S.A. – slide 34
    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…
  35. March 2019 Investor Update – Repsol S.A. – slide 35
    6 Financing
  36. March 2019 Investor Update – Repsol S.A. – slide 36
    Strong liquidity position Financing (Billion ) (Billion ) 12 12 10.2 10 8.7 10 2.4 x Term deposits w/ 7.8 7.8 immed.availab. ** 8 1.5 7.7 Operating committed 0.3 6.9 8 1.5 Credit Lines 5.7 6 2.0 Structural committed Credit…
  37. March 2019 Investor Update – Repsol S.A. – slide 37
    7 Conclusions & Key targets
  38. March 2019 Investor Update – Repsol S.A. – slide 38
    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…
  39. March 2019 Investor Update – Repsol S.A. – slide 39
    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…
  40. March 2019 Investor Update – Repsol S.A. – slide 40
    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…
  41. March 2019 Investor Update – Repsol S.A. – slide 41
    7 Historic data book
  42. March 2019 Investor Update – Repsol S.A. – slide 42
    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…
  43. March 2019 Investor Update – Repsol S.A. – slide 43
    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…
  44. March 2019 Investor Update – Repsol S.A. – slide 44
    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 %…
  45. March 2019 Investor Update – Repsol S.A. – slide 45
    Investor Update March 2019 Repsol Investor Relations investorsrelationsrepsol.com 45 45

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