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March 2020 Investor Presentation – Repsol S.A.

Repsol S.A. · Mar 1, 2020 · 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 2020 Investor Presentation – Repsol S.A. – slide 1
    Investor Update March 2020
  2. March 2020 Investor Presentation – 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. Guidance 2020 8. Conclusions & key…
  3. March 2020 Investor Presentation – Repsol S.A. – slide 3
    1 Company overview
  4. March 2020 Investor Presentation – Repsol S.A. – slide 4
    Repsol: A unique, Integrated Global Position Company overview Core businesses: Upstream and Downstream 709 kboe/d production 8.2% 2.1 billion boe proved reserves1 1 Million bbl/d refining capacity Sacyr 91.8% Free…
  5. March 2020 Investor Presentation – 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 2020 Investor Presentation – Repsol S.A. – slide 6
    2 Strategic progress
  7. March 2020 Investor Presentation – Repsol S.A. – slide 7
    Strong operating cash flow growth in challenging scenario Strategic progress Brent Price (USD/Bbl) Refining Margin Indicator (USD/Bbl) 71.3 6.7 6.2 68.8 5.5 5.6 63.1 64.2 62.0 5.0 4Q18 3Q19 4Q19 FY18 FY19 4Q18 3Q19 4Q19 FY18…
  8. March 2020 Investor Presentation – Repsol S.A. – slide 8
    Clear path for cashflow growth to 2020 Strategic progress At 50/bbl flat Brent 2019 (B) +0.3 +0.52 - +0.132 +0.1 +0.11 +1.1 0.1 6.5 0.3 0.3 0.2 0.6 0.4 4.6 CAGR: + 12% UPSTREAM DOWNSTREAM CORPORATION +1 B + 0.8 B + 0.1…
  9. March 2020 Investor Presentation – 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…
  10. March 2020 Investor Presentation – 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 buyback Increase Total Shareholder…
  11. March 2020 Investor Presentation – Repsol S.A. – slide 11
    Strategy towards achieving net zero emissions in 2050 Strategic progress 1st oil & gas company: Sustainability embedded in decision making to support the Kyoto Protocol Management and Employees remuneration linked to align with the…
  12. March 2020 Investor Presentation – Repsol S.A. – slide 12
    3 Upstream update
  13. March 2020 Investor Presentation – Repsol S.A. – slide 13
    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 182 kboe/d…
  14. March 2020 Investor Presentation – Repsol S.A. – slide 14
    Progressing on our short-cycle projects Upstream Pipeline of Repsols short-cycle projects DUVERNAY YME Early production of liquid rich sweet spot In 2018 the redevelopment received the approval from local authorities. Fast track…
  15. March 2020 Investor Presentation – Repsol S.A. – slide 15
    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…
  16. March 2020 Investor Presentation – Repsol S.A. – slide 16
    New opportunities: Indonesia a value creation history Upstream Sakakemang: largest discovery in 18 years in Indonesia(1) Indonesia new additional production 800 Gross MMscfd (2) 700 Corridor extension 600 Sakakemang fast…
  17. March 2020 Investor Presentation – Repsol S.A. – slide 17
    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)…
  18. March 2020 Investor Presentation – Repsol S.A. – slide 18
    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…
  19. March 2020 Investor Presentation – Repsol S.A. – slide 19
    Building strong exploration portfolio in core areas Upstream Indonesia Gulf of Mexico Guyana, Brazil Alaska Sakakemang discovery, at least Partnership with LLOG to develop Exploration well in Kanuku block spudded in October. An…
  20. March 2020 Investor Presentation – Repsol S.A. – slide 20
    4 Downstream & Low carbon update
  21. March 2020 Investor Presentation – Repsol S.A. – slide 21
    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…
  22. March 2020 Investor Presentation – Repsol S.A. – slide 22
    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…
  23. March 2020 Investor Presentation – Repsol S.A. – slide 23
    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%…
  24. March 2020 Investor Presentation – Repsol S.A. – slide 24
    IMO: Opportunities to maximize our refining premium Downstream - Refining Repsol: Top European player in conversion IMOs spreads effect Gasoil 0.1%S 0.5%S Bunker fuel Heavy Fuel Oil 1.0%S Heavy Fuel Oil 3.5%S 30 30% VLSFO not 20…
  25. March 2020 Investor Presentation – Repsol S.A. – slide 25
    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…
  26. March 2020 Investor Presentation – Repsol S.A. – slide 26
    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)…
  27. March 2020 Investor Presentation – Repsol S.A. – slide 27
    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…
  28. March 2020 Investor Presentation – Repsol S.A. – slide 28
    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…
  29. March 2020 Investor Presentation – Repsol S.A. – slide 29
    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…
  30. March 2020 Investor Presentation – Repsol S.A. – slide 30
    Accelerated delivery of 2025 objectives in Low Carbon Low Carbon Viesgo: 2,350 MW installed capacity 700 MW Hydro Installed 1.650 MW CCGT capacity 3 GW 600 MW Cogeneration Generation WindFloat Atlantic: 5 MW Delta: 335 MW…
  31. March 2020 Investor Presentation – Repsol S.A. – slide 31
    5 Digitalization & Efficiencies
  32. March 2020 Investor Presentation – Repsol S.A. – slide 32
    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,…
  33. March 2020 Investor Presentation – Repsol S.A. – slide 33
    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,…
  34. March 2020 Investor Presentation – Repsol S.A. – slide 34
    6 Financing
  35. March 2020 Investor Presentation – Repsol S.A. – slide 35
    Strong liquidity position Financing (B ) (B ) 12 12 10.4 10 10 7.2 1.5 x 8 7.1 7.2 8 6.3 Term deposits w/ 6 2.6 2.6 immed.availab. * 5.2 6 Undrawn Credit 4 1.8 4 1.8 Lines 5.2 5.2 2 2 Cash & 3.2 3.2 3.2 Equivalents 1.2…
  36. March 2020 Investor Presentation – Repsol S.A. – slide 36
    7 Guidance 2020
  37. March 2020 Investor Presentation – Repsol S.A. – slide 37
    Focus on operational performance and shareholder remuneration Guidance 2020 FY2020 GUIDANCE Dividend 1 /share 5% dividend increase Shareholder remuneration Scrip buy-back 100 % Full scrip buy-back Capital reduction 5% Subject to…
  38. March 2020 Investor Presentation – Repsol S.A. – slide 38
    8 Conclusions & Key targets
  39. March 2020 Investor Presentation – Repsol S.A. – slide 39
    On track to deliver 2020 strategic objectives Conclusions & key targets 1. Increasing shareholders returns 2. Growing our portfolio profitability Removing dilution associated to the scrip dividend Strong OCF generation: on track to…
  40. March 2020 Investor Presentation – Repsol S.A. – slide 40
    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% B EPS on year /share /share CAGR +8% 750 CAGR +12% CAGR +12%…
  41. March 2020 Investor Presentation – Repsol S.A. – slide 41
    9 Historic data book
  42. March 2020 Investor Presentation – Repsol S.A. – slide 42
    Environment and Repsol group Historic data book MACRO ENVIRONMENT International References Unit 2017 2018 2019 Spreads vs. Brent (/bbl) 2017 2018 2019 Brent (/Bbl) 54.2 71.3 64.2 Maya - Brent [9.7] [10.6] [11.1] WTI (/Bbl) 50.9…
  43. March 2020 Investor Presentation – Repsol S.A. – slide 43
    Upstream Historic data book Production Proven reserves Kboe/d Mboe 2017 2018 2019 2017 2018 2019 Main figures (M) 2017 2018 2019 Europe 51 60 61 59 102 88 Adjusted Net Income 632 1,325 1,050 Latin America 348 342 333 1,490 1,419…
  44. March 2020 Investor Presentation – Repsol S.A. – slide 44
    Downstream Historic data book Downstream Assets Refining capacity Refining Converson index (%) Businesss Unit 2017 2018 2019 (kbbl/d) Spain 896 63 Refining Bilbao (Petronor) 220 63 Distillation utilization Tarragona 186 44 Spain %…
  45. March 2020 Investor Presentation – Repsol S.A. – slide 45
    Investor Update March 2020 Repsol Investor Relations investorsrelationsrepsol.com 45 45

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