Slide 1: First Quarter 2017 Results Webcast – Conference Call
WEBCAST – CONFERENCE CALL First Quarter 2017 Results May 4th, 2017 © Repsol Investor Relations www.repsol.com
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2017 Repsol, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored, duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or
Slide 3: First quarter 2017 Results
First quarter 2017 Results 1. Summary of the first quarter of 2017 2. Operational results 3. Financial results 4. Progress of the key strategic objectives 5. Conclusions ©
Slide 4: Market environment
Market environment Brent - $/bbl 60 2017B*: 55 50 45.9 49.3 53.7 40 45.5 30 33.9 20 10 0 1Q16 2Q16 3Q16 4Q16 1Q17 Exchange Rate - $/€ Henry Hub - $/Mbtu 1,15 3,5 1.13 3.3 3.0 1.12 3,0 2.8 2017B*: 3.2 1,10 1.10 1.08 2,5 2.1 2.0 1.06 2,0 1,05 2017B*: 1.05 1,5 1,00 1,0 1Q16 2Q16 3Q16 4Q16 1Q17 1Q16 2Q1
Slide 5: Summary of the first quarter of 2017
Summary of the first quarter of 2017 . Continued delivery on strategic objectives Strong EBITDA CCS generation €1.7Bn Net debt in line with projections €8.3Bn Upstream Production volumes ahead of plan 693 kboe/d Exploration: discovery in Alaska 1.2 Bn barrels recoverable (1) Downstr
Slide 6: Operational Activity: Upstream
Operational Activity Upstream + 2% 679 693 kboe/d kboe/d 4Q 2016 1Q 2017 1Q17 volumes were supported by: Exploration program: Return of Libyan barrels 20 5(1) exploratory wells completed (2 positive) kboe/d in the quarter Exploration program for 2017: 17 wells(2) Normalization of volumes p
Slide 7: Operational activity: Downstream
Operational activity Downstream Refining Margin Indicator Petrochemicals 10 7.2 7.1 • Strong performance: 6.3 6.5 6.4(1) 5.1 5 • EBIT in line with 4Q16 • International prices increase 0 1Q16 2Q16 (1) Budget for 2017 3Q16 4Q16 1Q17 $/bbl • Firm global demand Utilization rates Commercial businesses 1Q
Slide 8: Quarterly Results
Quarterly Results Q1 2016 Q1 2017 % Variation CCS Adjusted Net Income 572 630 + 10% Net Income 434 689 + 59% EBITDA CCS 1,242 1,731 + 39% Million € UPSTREAM Q1 2016 Q1 2017 Variation CCS Adjusted Net Income 17 224 + 207 Million € DOWNSTREAM Q1 2016 Q1 2017 Variation CCS Adjusted Net Income 556 500 -
Slide 9: Progress of the key strategic objectives
Progress of the key strategic objectives 2016 2017(1) Efficiency & Synergies (€Bn) 1.6 2.1 Accelerate our 2018 target to 2017 Production (kboe/d) 690 ~680 Libya ahead of plan in 1Q17 1Q17: €0.5Bn Upstream Capex (€Bn) 2.4 2.7 Increasing capex intensity during next quarters Downstream and Corporate ca
Slide 10: Conclusions
Conclusions Improved macro-economic environment Hard to predict geopolitical background Focus on delivering our strategic plan, built on a foundation of value and resilience UPSTREAM CORPORATION Cost reduction Credit rating: BBB Stable Investment optimization FCF breakeven: $40-42/bbl New projects o
Slide 11: Q&A Session
Q&A Session First Quarter 2017 Results Repsol Investor Relations investorsrelations@repsol.com ©
Slide 12: First Quarter 2017 Results Webcast – Conference Call
WEBCAST – CONFERENCE CALL First Quarter 2017 Results May 4th, 2017 © Repsol Investor Relations www.repsol.com