Slide 1: 2Q22 Results Repsol Conference Call
2Q22 Results REPSOL CONFERENCE 28 July 2022 CALL Josu Jon Imaz CEO 1
Slide 2: Disclaimer
Disclaimer ALL RIGHTS ARE RESERVED © REPSOL, S.A. 2022 This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to tr
Slide 3: Agenda
Agenda 01. Key messages 02. Divisional performance 03. Financial results 04. Outlook Repsol 2Q22 Results 3
Slide 4: Key messages: complex scenario triggered by changes in the geopolitical context
Key messages Complex scenario triggered by changes in the geopolitical context Accelerating progress towards long term targets €2.1 B €1.8 B Cash flow generation Adjusted Net Income CFFO held-back by higher Material Working Capital outflow inventories Disposal of 25% of renewable business values 100
Slide 5: Market environment: supportive scenario of oil & gas prices, refining spreads and exchange rate
Market environment Supportive scenario of oil & gas prices, refining spreads and exchange rate Brent Henry Hub ($/bbl) 114 ($/Mbtu) 7.2 102 5.8 80 5.0 69 74 4.0 2.8 2Q21 3Q21 4Q21 1Q22 2Q22 2Q21 3Q21 4Q21 1Q22 2Q22 Repsol’s Refining Margin Indicator Exchange Rate ($/bbl) ($/€) 23.3 1.21 1.18 1.14 1.
Slide 6: Divisional performance - Upstream: focus on capital efficiency and cash generation
Divisional performance - Upstream Focus on capital efficiency and cash generation Production 2Q22 vs 1Q22 (1) (Kboe/d) +4 -10 -12 558 540 1Q22 North Latin Europe, Africa 2Q22 America America & RoW Production 2Q22 vs 2Q21 Developing activity (Kboe/d) Higher production in unconventionals +4 +12 -37 +1
Slide 7: Divisional performance - Industrial: refining running close to full capacity
Divisional performance – Industrial Refining running close to full capacity Refining Chemicals Margins mostly driven by product spreads International margins improve QoQ Safe and reliable operations maximizing refinery run-rates Output rebalanced towards middle distillates Selling prices in 2Q22 ref
Slide 8: Divisional performance - Industrial: progress in transformation of industrial portfolio
Divisional performance – Industrial Progress in the transformation of our Industrial portfolio Decarbonization hub in ‘Super polymer’ in Long-haul flights with Agreement with Navantia Bilbao Puertollano Repsol’s SAF First company in Spain to Upcoming construction produce Ultra-high In collaboration
Slide 9: Divisional performance - Commercial and Renewables: renewables transaction crystallizes value
Divisional performance – Commercial and Renewables Renewables transaction crystallizes value and validates growth strategy Mobility Retail E&G Renewables Results dragged by discounts Entering electricity and gas market Disposal of minority stake in applied in Spain in Portugal Renewable business Res
Slide 10: Financial results: 2Q22 Results
Financial results 2Q22 Results Results (€ Million) Q2 2022 Q1 2022 Q2 2021 Upstream 947 731 351 Industrial 1,157 236 166 Commercial and Renewables 98 117 127 Corporate and Others (81) (28) (156) Adjusted Net Income 2,121 1,056 488 Inventory effect 532 674 168 Special items (1,506) (338) (69) Net Inc
Slide 11: Outlook 2022: moving towards our long-term targets
Outlook 2022 Moving towards our long-term targets Upstream FY22 production at 570 Kboe/d -5 Kboe/d due to Libya and Norway 2H22 production at 590 Kboe/d New wells in Marcellus and EF, stability in YME and higher volumes in GoM Capex €3.8 - €4 B €1 B higher than in 2021 Shareholder Remuneration Distr
Slide 12: Conclusions: accelerating transformation, improving remuneration and reinforcing balance sheet
Conclusions Accelerating transformation, improving remuneration and reinforcing balance-sheet ▪ Decarbonization and security of supply as critical priorities ▪ Renewables transaction validates growth strategy in low carbon and crystalizes value in complex environment Leading the journey ▪ Increasing
Slide 13: Repsol Conference Call - Investor Relations
2Q22 Results REPSOL CONFERENCE 28 July 2022 CALL Repsol Investor Relations investor.relations@repsol.com Repsol 2Q22 Results 13