Company report
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20 Pages

Repsol corporate report

Repsol corporate report

Report summary

Repsol's acquisition of Talisman Energy in late 2014 will achieve a number of strategic objectives. Production will reach pre-YPF expropriation levels by 2018, rebalance the portfolio more towards OECD opportunities and provide a growth platform in North American. Repsol will now shift to restructuring and high-grading. We outline the options to reposition the Upstream business.

What's included?

This report includes 3 file(s)

  • Repsol corporate report PDF - 972.42 KB 20 Pages, 6 Tables, 25 Figures
  • Repsol Interim Report.xls XLS - 537.50 KB
  • Repsol Corporate Report.xls XLS - 4.23 MB


The upstream oil and gas industry conducts activities against a backdrop of growing energy and environmental challenges. Political instabilities, international conflicts and government and environmental regulation have all impacted the production process.

This has forced companies to re-examine their corporate strategy, moving away from high-risk exploratory drilling to lower-risk exploration in mature basins as they search for increased returns.

This Upstream Oil and Gas Company report offers thought-provoking insight into corporate financial health, investment strategy and operational outlook supported by our proprietary asset data and energy research experts.

Widely used by both the energy and financial sectors, our report gives you a unique perspective on key strategic and financial challenges, as well as opportunities facing this oil and gas company.

Wood Mackenzie provides an independent evaluation and expert opinion on the operational performance, strategy and future of the world's top oil and gas companies. Our unique, objective analysis helps you understand, validate, compare and challenge market and corporate views so you can assess strategic opportunities.

  • Executive summary
  • Strategy
    • Counter-cyclical M&A; first mover to achieve global scale
    • Strategic positioning as oil prices collapsed: M&A on the agenda
    • Bold counter-cyclical response to low oil prices
    • Impact on financial outlook
    • Near-term options to free up additional capital
    • Impact on key performance metrics
    • New strategic review will require some tough decisions and clear vision
      • Global diversity: strong drivers to streamline and refocus the portfolio
      • Disposal option 1: non-core country exits
      • Disposal option 2: tail-end asset rationalisation
      • Disposal option 3: resource theme exits
      • Disposal option 4: midstream and downstream
    • A more streamlined player could emerge
  • Economic assumptions
    • Wood Mackenzie Corporate Service: our response to low oil prices
    • Economic assumptions

In this report there are 31 tables or charts, including:

  • Executive summary
    • SWOT analysis
  • Strategy
    • Repsol share price performance
    • Market premium / discount to WoodMac NPV,10
    • Repsol year-end net debt outlook
    • Repsol projected Upstream cash flow breakeven
    • Repsol total cash flow (Wood Mac estimate)
    • Wood Mac Upstream country cash flow
    • Top pre-FID projects by capex (2015 - 2017)
    • Projected spend on pre-FID projects
    • Repsol total production
    • Upstream development capex profile
    • Portfolio strategic fit
    • Number of provinces vs. production
    • Strategy: Image 13
    • Peripheral countries: cash flow forecast
    • Peripheral countries: production forecast
    • Tail-end assets: NPV,10 by country
    • Tail-end assets: production forecast
    • Benchmark: resource life
    • Benchmark: production CAGR (2020 - 2025)
    • North America production by return
    • Benchmark: North America weighted return
    • Top 10 deepwater acreage holders
    • Cumulative exploration value creation (2004 - 2013)
  • Economic assumptions
    • Base price assumptions (nominal terms)
    • Base price assumptions (nominal terms)
    • Base, high and low Brent (nominal terms)
    • High price assumptions
    • Low price assumptions
    • Valuation assumptions
    • Foreign exchange rate assumptions
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