Repsol Sa · BME:REP
Repsol Sa — Q2 2024 Earnings Presentation
13 slides from Repsol Sa's earnings presentation, Aug 24, 2024
Slide 1: 2Q24 Results
2Q24 Results 24 July 2024 Josu Jon Imaz CEO
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED ©REPSOL,S.A. 2024 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 2Q24 3
Slide 4: Key messages 2Q24
Key messages 2Q24 Moving forward towards strategic objectives supported by solid operational performance Committed with strategy • New business platforms to deliver more value with less emissions • Advancing multi-energy proposition diversifying energy mix €0.9 B €0.9 B • Strong financial position a
Slide 5: Market Environment
Market Environment Stable oil prices. Weaker refining margins and natural gas prices Brent Henry Hub ($/bbl) ($/Mbtu) 87 84 83 85 78 2.9 2.5 2.3 2.1 1.9 2Q23 3Q23 4Q23 1Q24 2Q24 2Q23 3Q23 4Q23 1Q24 2Q24 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl) ($/€) 13.6 1.09 1.09 1.08 1.09 1.08 11.4
Slide 6: Upstream: Progressing on growth projects and portfolio optimization
Upstream Progressing on growth projects and portfolio optimization Production in line €427 M • YoY: higher volumes in Marcellus, UK and Venezuela Adjusted Income Production compensated by new PSC in Indonesia, lower output in Kboed +4% vs 2Q23 Eagle Ford and Norway and sale of Canadian assets 596 59
Slide 7: Industrial: Maximizing value in a demanding environment
Industrial Maximizing value in a demanding environment Refining Chemicals €288 M • More challenging scenario driven by narrower • Improved demand and margins vs 1Q24. Adjusted Income middle-distillate spreads QoQ Positive EBITDA contribution in 1H24 -16% vs 2Q23 • Completed main maintenance activity
Slide 8: Industrial: Building a leading renewable fuels platform in Iberia
Industrial Building a leading renewable fuels platform in Iberia Transformation of legacy industrial sites into highly integrated bio-refineries and circular hubs • Cartagena advanced biofuels plant • Puertollano retrofitting project • Bunge strategic agreement to cover producing at full capacity. D
Slide 9: Customer: Consolidating multi-energy offering and growing in Retail P&G
Customer Consolidating multi-energy offering and growing in Retail P&G Mobility Retail P&G €158 M Adjusted Income • Sales in Service Stations and Wholesales • Improving scale and returns +7% vs 2Q23 in Spain impacted by less favorable market • 2.4 M customers(1) (+8% vs. Dec23) • >600 service statio
Slide 10: Low Carbon Generation: Focus on delivery of project pipeline
Low Carbon Generation Focus on delivery of project pipeline €1 M Quarterly results Pipeline development Adjusted Income • Negative impact of pool prices in Spain • Outpost (US) initial 400 MW COD end-2024. vs €12 M in 2Q23 Additional 229 MW COD 1Q25 • Lower contribution of CCGT’s • 3.1 GW global ins
Slide 11: Financial Results 2Q24
Financial Results 2Q24 Results Results (€ Million) 2Q24 1Q24 2Q23 1H24 1H23 Upstream 427 442 410 869 884 Industrial 288 731 344 1,019 1,623 Customer 158 156 148 314 322 Low Carbon Generation 1 (6) 12 (5) 46 Corporate and Others (15) (56) (87) (71) (157) Adjusted Income 859 1,267 827 2,126 2,718 Inve
Slide 12: Outlook: FY2024 guidance
Outlook FY2024 guidance Upstream production 570 - 600 Kboed Cash Flow from Operations €6.5 – 7 B Lower end, mainly due to gas prices Net Capex ~ €5 B ~ 31% CFFO Shareholder remuneration 40 M shares cancelled YTD Additional 20 M SBB to be executed before end-2024 Dividend 0.9 €/sh 2024 (~+30% vs 2023
Slide 13: 2Q24 Results
2Q24 Results 24 July 2024 Repsol Investor Relations investor.relations@repsol.com www.repsol.com