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July 2019 Investor Update – Repsol S.A.

Repsol S.A. · Jul 31, 2019 · 51 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. July 2019 Investor Update – Repsol S.A. – slide 1
    Investor Update July 2019
  2. July 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 & Low Carbon update 5. Digitalization & efficiencies 6. Financing 7. Conclusions & key targets 8. Historic…
  3. July 2019 Investor Update – Repsol S.A. – slide 3
    1 Company overview
  4. July 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. July 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. July 2019 Investor Update – Repsol S.A. – slide 6
    2 Strategic progress
  7. July 2019 Investor Update – Repsol S.A. – slide 7
    On track to deliver 2020 targets Strategic progress 2020 2019 objective guidance Upstream 4.9 Bn EBITDA at CCS 8.8 Bn 7.8 Bn Downstream 3.1 Bn CAPEX 3.8-4 Bn per year 3.5 Bn Net production 750 Kboe/d 715 Kboe/d Dividend per…
  8. July 2019 Investor Update – Repsol S.A. – slide 8
    Strong delivery in 2Q19 results Strategic progress ADJUSTED NET EBITDA CCS CAPEX (*) NET DEBT INCOME (M) (M) (M) (M) Guidance 2019 + 35% 3,529 + 3% 3,622 Guidance 3,662 2019 2,706 - 2% + 18% 1,468 1,132 1,115 1,245 1H18…
  9. July 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. July 2019 Investor Update – Repsol S.A. – slide 10
    Additional 5% share capital reduction Strategic progress Self-funded plan at 50 dollars Brent Strategic update for 2018-2020 Increase shareholder remuneration to 1 /share with scrip option and buy-back Increase Total Shareholder…
  11. July 2019 Investor Update – Repsol S.A. – slide 11
    Clear path for cashflow growth to 2020 Strategic progress At 50/bbl flat Brent 2019E (B) +0.3 +0.33 +0.08 +0.133 +0.12 +0.06 +1.0 0.1 6.5 0.2 0.3 0.3 0.6 0.4 4.6 CAGR: + 12% UPSTREAM DOWNSTREAM CORPORATION +1 B + 0.8 B +…
  12. July 2019 Investor Update – Repsol S.A. – slide 12
    Strategic Plan fully funded at 50/bbl Strategic progress Fully funded at 50/bbl keeping a strong financial position Total Groups Free Cash Flow breakeven, excluding inorganic capex and divestments, was 54 /bbl in 2018, in line with our…
  13. July 2019 Investor Update – Repsol S.A. – slide 13
    3 Upstream update
  14. July 2019 Investor Update – Repsol S.A. – slide 14
    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…
  15. July 2019 Investor Update – Repsol S.A. – slide 15
    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…
  16. July 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. July 2019 Investor Update – Repsol S.A. – slide 17
    New opportunities: attractive pipeline in the Gulf of Mexico Upstream Buckskin First Oil (June 14th 2019) Joint development of Leon and Moccasin Last example of Repsol development strategy Growing the future Breakeven Price 79 /bbl…
  18. July 2019 Investor Update – Repsol S.A. – slide 18
    New opportunities: Indonesia a value creation history Upstream Sakakemang: largest discovery in 18 years in Indonesia(1) Indonesia new additional production 800 700 Gross MMscfd (2) Corridor extension 600 Sakakemang fast…
  19. July 2019 Investor Update – Repsol S.A. – slide 19
    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…
  20. July 2019 Investor Update – Repsol S.A. – slide 20
    Working on our 2020+ project pipeline: Accelerating Alaska Upstream Nanushuk path to success Leveraging our capabilities Huge interests in prolific formation to build a new core region Pikka Unit 500 Mboe (2C) Gross Kboe/d FID…
  21. July 2019 Investor Update – Repsol S.A. – slide 21
    Building strong exploration portfolio in core areas Upstream Indonesia Norway Gulf of Mexico Guyana, Brazil Sakakemang discovery, Telesto discovery in the Blacktip discovery in the deep water US GoM 1 exploration well to be at least…
  22. July 2019 Investor Update – Repsol S.A. – slide 22
    4 Downstream & Low carbon update
  23. July 2019 Investor Update – Repsol S.A. – slide 23
    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…
  24. July 2019 Investor Update – Repsol S.A. – slide 24
    Solid historical performance and sustainable value growth Downstream & Low Carbon EBITDA EBITDA Refining-Trading At 50/bbl flat Brent +1B 4.4 B IMO 3.4 Chemicals 3.3 Commercial Strategic Update Low Carbon 1.5 2017 2020…
  25. July 2019 Investor Update – Repsol S.A. – slide 25
    Strategy summary Downstream & Low Carbon CAPEX(2-3) Refining Trading Chemicals Mobility LPG LAS Low Carbon 2018-2020 SUSTAIN EXPAND EXPAND EXPAND SUSTAIN EXPAND Businesses (B) Energy efficiency Maximize value Energy efficiency…
  26. July 2019 Investor Update – Repsol S.A. – slide 26
    Top quartile position among European peers Downstream - Refining (1) 5 refineries optimized as a single system Top quartile position among European peers CORUA % FCC Equivalent BILBAO 100% TARRAGONA 1Q 2Q 3Q 4Q 80% 60%…
  27. July 2019 Investor Update – Repsol S.A. – slide 27
    IMO 2020 will change 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 GO…
  28. July 2019 Investor Update – Repsol S.A. – slide 28
    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…
  29. July 2019 Investor Update – Repsol S.A. – slide 29
    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…
  30. July 2019 Investor Update – Repsol S.A. – slide 30
    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…
  31. July 2019 Investor Update – Repsol S.A. – slide 31
    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 Mobility business Clients served daily 1,000 PORTUGAL 26% (2)…
  32. July 2019 Investor Update – Repsol S.A. – slide 32
    Ambitious growth targets 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…
  33. July 2019 Investor Update – Repsol S.A. – slide 33
    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…
  34. July 2019 Investor Update – Repsol S.A. – slide 34
    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…
  35. July 2019 Investor Update – Repsol S.A. – slide 35
    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…
  36. July 2019 Investor Update – Repsol S.A. – slide 36
    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…
  37. July 2019 Investor Update – Repsol S.A. – slide 37
    Accelerated delivery of 2025 objectives in Low Carbon Low Carbon 37
  38. July 2019 Investor Update – Repsol S.A. – slide 38
    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…
  39. July 2019 Investor Update – Repsol S.A. – slide 39
    5 Digitalization & Efficiencies
  40. July 2019 Investor Update – Repsol S.A. – slide 40
    Digitalization and efficiency as levers for cash flow growth Digitalization & efficiencies CFFO impact (B) at 50/Bbl Upstream Downstream 0.9 Better maintenance, reduction of Improving integrated logistics and decommissioning margin,…
  41. July 2019 Investor Update – Repsol S.A. – slide 41
    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,…
  42. July 2019 Investor Update – Repsol S.A. – slide 42
    6 Financing
  43. July 2019 Investor Update – Repsol S.A. – slide 43
    Strong liquidity position Financing (Billion ) (Billion ) 12 12 10.0 10 10 1.6 x 7.5 7.4 8 8 Term deposits w/ 6.7 immed.availab. * 1.4 1.4 5.6 6 6 1.9 4.8 1.9 Undrawn Credit Lines 4 4 Cash & 4.6 4.8 4.6 4.8 Equivalents 2 2…
  44. July 2019 Investor Update – Repsol S.A. – slide 44
    7 Conclusions & Key targets
  45. July 2019 Investor Update – Repsol S.A. – slide 45
    On track to deliver 2020 strategic objectives Conclusions & key targets 1. Increasing shareholders returns 2. Growing our portfolio profitability Strong CFFO generation : on track to deliver Dividend increase by 6% in 2019 to…
  46. July 2019 Investor Update – Repsol S.A. – slide 46
    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…
  47. July 2019 Investor Update – Repsol S.A. – slide 47
    8 Historic data book
  48. July 2019 Investor Update – Repsol S.A. – slide 48
    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…
  49. July 2019 Investor Update – Repsol S.A. – slide 49
    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…
  50. July 2019 Investor Update – Repsol S.A. – slide 50
    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 %…
  51. July 2019 Investor Update – Repsol S.A. – slide 51
    Investor Update July 2019 Repsol Investor Relations investorsrelationsrepsol.com 51 51

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