Slide 1: Webcast – Conference Call: First Quarter 2018 Results
WEBCAST – CONFERENCE CALL First Quarter 2018 Results May 4th 2018 © Repsol Investor Relations www.repsol.com
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2018 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: 1Q 2018 Results
1Q 2018 Results 1. Delivery of strategic objectives 2. Operational activity 3. Financial results 4. Conclusions and outlook for 2018 ©
Slide 4: Market environment
Market environment Brent - $/bbl 70 66.8 60 53.7 61.3 52.1 50 49.6 40 30 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18 Exchange Rate - $/€ Henry Hub - $/Mbtu 1,25 3,5 1,20 1.23 3.3 3.2 1.18 3,0 3.0 1,15 1.17 3.0 2.9 1,10 2,5 1.10 1,05 1.06 1,00 2,0 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18 © 4
Slide 5: Delivery of strategic objectives
Delivery of strategic objectives . Upstream: • Record levels of daily production • Positive FCF Downstream: • Performance in line with previous quarters Corporation: • Proposed dividend increase to ~0.90€/share • Proposed purchase of scrip dividend dilution Net debt €6.8Bn impacted by: • Dividend
Slide 6: Operational Activity: Upstream
Operational Activity Upstream + 2% 727 715 kboe/d kboe/d 4Q 2017 1Q 2018 1Q18 volumes were supported by: Exploration program: • New barrels/ramp up in: 6 exploratory wells completed (1 positive) Algeria New exploration acreage acquired in: Mexico, Trinidad & Tobago Brazil and Norway UK M
Slide 7: Operational activity: Downstream
Operational activity Downstream Refining Margin Indicator Petrochemicals 10 7.1 7.0 6.9 6.2 6.6 • Results in line with 4Q17 despite: 5 • Increase naphta prices • Decrease in volumes 0 1Q17 2Q17 3Q17 4Q17 1Q18 1Q18 $/bbl Utilization rates Commercial businesses 1Q 2018 • Improved LPG results 93% 104%
Slide 8: Financial Results
Financial Results Q1 2018 Q1 2017 Variation % CCS Adjusted Net Income 616 570 + 8% Net Income 610 689 - 11% EBITDA CCS 1,816 1,731 + 5% Million € © 8
Slide 9: Financial Results: Upstream
Financial Results UPSTREAM Q1 2018 Q1 2017 CCS Adjusted Net Income 320 148 224 + 43% Million € © 9
Slide 10: Financial Results: Downstream
Financial Results DOWNSTREAM Q1 2018 Q1 2017 CCS Adjusted Net Income 425 500 - 15% Million € © 10
Slide 11: Conclusions and Outlook for 2018
Conclusions and Outlook for 2018 Investment program: full-year forecast of ~€3.4Bn (€2.4Bn in Upstream) Production: ~700-730 kboe/d subject to fluctuations in Libya Downstream: Planned maintenance in Tarragona refinery commencing in June Share capital reduction: Subject to approval durin
Slide 12: Q&A Session
Q&A Session First Quarter 2018 Results Repsol Investor Relations investorsrelations@repsol.com ©
Slide 13: Webcast – Conference Call: First Quarter 2018 Results
WEBCAST – CONFERENCE CALL First Quarter 2018 Results May 4th 2018 © Repsol Investor Relations www.repsol.com