Repsol Sa · BME:REP
Repsol Sa — Q1 2023 Earnings Presentation
13 slides from Repsol Sa's earnings presentation, Apr 27, 2023
Slide 1: 1Q23 Results
1Q23 Results 27 April 2023 Josu Jon Imaz CEO
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2023 This document contains information and statements that constitute forward-looking statements about Repsol. Such estimates or projections may include statements about current plans, objectives and expectations, including statements regarding trends
Slide 3: Agenda
Agenda 01. Key messages 02. Divisional performance 03. Financial results 04. Outlook Repsol 1Q23 3
Slide 4: Key messages of 1Q23
Key messages of 1Q23 Solid results leveraged on a strong operational performance in all divisions Strategic progress in complex environment Production growth supported by flexibility in unconventionals Maximizing value in Refining thanks to tier-1 assets €1.9 B €1.8 B Closing of the 25% Upstre
Slide 5: Market Environment
Market Environment Concerns of economic slowdown impact macro scenario Brent Henry Hub ($/bbl) 114 ($/Mbtu) 101 8.2 102 7.2 89 6.3 81 5.0 3.4 1Q22 2Q22 3Q22 4Q22 1Q23 1Q22 2Q22 3Q22 4Q22 1Q23 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl) 23.3 ($/€) 18.9 1.12 1.06 1.02 1.07 15.6 1.01 12.7
Slide 6: Upstream: Production growth and efficient delivery of development projects
Upstream Production growth and efficient delivery of development projects Production 1Q23 vs 4Q22 (Kboe/d) +46 +12 -3 Higher production y-o-y and q-o-q: new wells in unconventionals, acquired assets in Eagle Ford and lower downtimes 608 551 Development activity focused on recently approved projects
Slide 7: Industrial: Maximizing value thanks to flexibility of top quartile Refining assets
Industrial Maximizing value thanks to flexibility of top quartile Refining assets Refining Chemicals Pressure of diesel inventories and Russian European petrochemical sector impacted by imports partially offset by wider naphtha and high energy prices, production adjustments and gasoline spreads weak
Slide 8: Customer: Multi-energy offer and growth of digital client base
Customer Multi-energy offer and growth of digital client base Mobility Retail Electricity and Gas Sales in Service Stations in Spain increased Lower cost of energy sourcing due to +12% vs. 1Q22 decrease of electricity and gas prices in Spain Waylet digital app reaches 6 M clients. Targeting 8 M digi
Slide 9: Low Carbon Generation
Low Carbon Generation On-track to reach 2.7 GW of installed generation capacity by the end of 2023 Repsol’s Electricity Generation* Project development M&A activity (GWh) 1,940 2,034 Spain: Focus on low risk & efficient markets 1,658 Pi: commissioning of first wind turbines Acquisition of Asterion
Slide 10: Financial results 1Q23
Financial results 1Q23 Results Results (€ Million) 1Q 2023 4Q 2022 1Q 2022 Upstream 474 598 731 Industrial 1,279 1,152 235 Customer 174 160 95 Low Carbon Generation 34 7 28 Corporate and Others (70) 122 (29) Adjusted Income 1,891 2,039 1,060 Inventory effect (271) (592) 695 Special items (442) (375)
Slide 11: Outlook
Outlook Shareholder remuneration at the upper end of distribution range Strong financial position to face market volatility Weakening of refining environment in April due to elevated levels of diesel inventories and the return of French refineries. YTD refining margin indicator of ~14 $/bbl Pr
Slide 12: Conclusions
Conclusions Strong start of the year and solid financial position Solid 1Q results leveraged on a strong operational performance in all divisions Leading the Disciplined capital approach with focus on shareholder value journey and aligned with strategic priorities Strengthened financial positi
Slide 13: Repsol Investor Relations
1Q23 Results 27 Abril 2023 Repsol Investor Relations investor.relations@repsol.com www.repsol.com