2018-2020 Delivering value growth through the cycle 1. Company overview 2. Strategic progress 3. Upstream update 4. Downstream & Low Carbon update 5. Digitalization & efficiencies 6. Financing 7. Conclusions & key targets 8. Historic…
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)…
Strong delivery in 1Q19 results Strategic progress ADJUSTED NET EBITDA CCS CAPEX (*) NET DEBT INCOME (M) (M) (M) (M) Guidance 2019 6,836 -46% Guidance 3,686 2019 Guidance 1,816 -1% 1,803 2019 583 +6% 618 598 +0% 598 1Q18…
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…
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…
Progressing on our short-cycle projects Upstream Pipeline of Repsols short-cycle projects DUVERNAY MARCELLUS YME Early production Increase to 2 development rigs In 2018 the redevelopment Low breakeven asset received the approval…
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…
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, Alaska Indonesia Norway Gulf of Mexico Alaska Strengthening our exploration Sakakemang discovery, Telesto discovery in the Blacktip discovery in 2 positive…
4 Downstream & Low carbon update
World-class position Downstream & Low Carbon 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…
Solid historical performance and sustainable value growth Downstream & Low Carbon EBITDA 4.4 EBITDA Refining-Trading At 50/bbl flat Brent +1B B IMO 3.4 Chemicals 3.3 Commercial Strategic Update Low Carbon 1.5 2017 2020…
Strategy summary Downstream & Low Carbon CAPEX(2) Refining Trading Chemicals Mobility LPG LAS Low Carbon 2018-2020 SUSTAIN EXPAND EXPAND EXPAND SUSTAIN EXPAND Businesses (B) Energy efficiency Maximize value Energy efficiency…
Top quartile position among European peers Downstream - Refining (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%…
IMO will mean a change in relative prices of crude oil and products Downstream - Refining IMO compliance is guaranteed and brings a structural change 8 Total Bunkering business volumes 7 LNG 85% 6 5 LNG GO LNG GO 4 VLSFO…
Repsol perfectly positioned to benefit from IMO 2020 Downstream - Refining 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…
Competitive positioning Downstream - Chemicals Iberian Peninsula petrochemical sites Dynasol Joint Venture Panjin, China Santander, Spain Alava, Spain Tarragona Houston, USA Altamira, Production capacity (Thousand tons) Mexico…
Transformation to a resilient business and future ambitious targets Downstream - Chemicals ENERGY CONSUMPTION LIGHT FEEDSTOCK TO CRACKERS LPGs (%) Asset restructuring and energy efficiency investments have optimized the business % Light…
More than service stations Downstream- Commercial businesses FUEL MARKET SHARE Transforming and expanding our 4,900 Service Stations 5 SPAIN 37% (1) 2.5 M Countries Clients served daily Mobility business 1,000 PORTUGAL 26% (2)…
Ambitious growth tartgets Downstream- Commercial businesses Mexico: Building a top 5 position in an opening growth market San Luis Potos: 4 LPG Lubricants, Asphalts & Specialities Wholesale Mobility Sonora 3 Guanajuato: 28 1500…
Strengthening Repsols position as a multi-energy supplier Low Carbon Low carbon Integrated generation business Retail gas & Customer power centric Operated New operated Multi-energy business model supplier Focus on…
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…
Renewables business to be developed with an industrial approach, requiring new skills across value chain Low Carbon Repsol will leverage on existing key capabilities and is already developing the necessary new ones DEVELOPMENT…
5 Digitalization & Efficiencies
Digitalization and efficiency as levers for cash flow growth Digitalization & efficiencies CFFO impact (Bn) We expect to 0.9 achieve in 2019 Upstream Downstream more than 50% of 0.25 Bn sustainable CFFO in our target to 2020 2018:…
Digitalization and efficiency initiatives Digitalization & efficiencies: Examples Integrated Operations Center (IOC) Integrated real-time control room identifying trends and anomalies over the medium term, improving safety,…
6 Financing
Strong liquidity position Financing (Billion ) (Billion ) 2.2 x Term deposits w/ immed.availab. ** Operating committed Credit Lines Structural committed Credit Lines Cash & Equivalents Liquidity covers Liquidity…
7 Conclusions & Key targets
On track to deliver 2020 strategic objectives Conclusions & key targets 1. Increasing shareholders returns 2. Growing our portfolio profitability Strong Group CFFO generation: +26% 1Q19 vs 1Q18 Maintaining 2019 targets: EBITDA CCS 8…
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…
8 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 June 2019 Repsol Investor Relations investorsrelationsrepsol.com 48 48
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