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Repsol corporate report

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06 June 2019

Repsol corporate report

Report summary

Repsol occupies a niche in our Corporate Service coverage. The "mini-Major" status we've given the company reflects its integrated business model that combines the scale of an Independent in the upstream sector, and a leading European downstream business. The push to become a low-carbon energy provider is a further differentiator. Growth is being targeted across the entire business and shareholders will also be rewarded with improved returns. Yet Repsol has work to do to strengthen in the upstream and will need to avoid value erosion from low carbon investment on a par with the other Euro Majors.

Table of contents

    • Market performance and strategic uncertainties
  • Financial framework
    • 1. Portfolio strategic position
    • 2. Upstream growth plans
    • 2.1 Managing the base business
    • 2.2 Bringing short-cycle developments online by 2020
    • 2.3 Successful execution of longer-dated oil developments
    • 2.4 Upside potential
    • 3. New project returns
    • 4. Portfolio renewal
    • 4.1 Portfolio streamlining and margin enhancement
    • 4.2 M&A
    • 4.3 Maintaining a core exploration focus
    • 1. Growth strategy and investment
    • 2. Refining
    • 2. Petrochemicals
    • 3. Marketing and LPG
    • 4. Lubricants
    • 1. Targets for building a low-carbon business
    • 2. Domestic market benefits and future expansion
    • 3. Reducing portfolio carbon intensity
  • Economic assumptions

Tables and charts

This report includes 47 images and tables including:

  • Repsol: 2018-2020 planned investment (Euros)
  • Benchmark: 2018 dividend yield
  • Repsol: year-end net debt outlook
  • Benchmark: Q1 2019 gearing ratio
  • 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
  • Benchmark: share price performance
  • Benchmark: premium/discount to WM NPV10
  • Strategic fit of upstream countries
  • Benchmark: % NPV10 by Maplecroft country risk
  • Benchmark: % NPV10 by region
  • Benchmark: NPV10 by resource theme
  • Benchmark: indexed production
  • Repsol: production outlook to 2030
  • Production from short-cycle growth projects
  • Post-2020 production growth drivers
  • Repsol new project returns
  • New project returns benchmark
  • Benchmark: post capex upstream cash margins
  • Repsol: pre-capex cash margin (2019-2023)
  • Repsol reported earnings by segment
  • Repsol reported product sales (kt)
  • Benchmark: European refining capacity vs NCM
  • Benchmark: forecast Global NCM 2018 vs 2020
  • Repsol's global refining portfolio
  • Example of solar PV returns by country
  • Upstream EV vs. Upstream NPV,10
  • Upstream portfolio sensitivities vs. NPV,10
  • Current NPV,10 vs. Future NPV,10
  • Base case upstream NPV,10
  • Forecast development expenditure (nominal)
  • Forecast operating expenditure (nominal)
  • New project returns
  • Reported development costs
  • Reported and WM forecast production
  • Oil vs. Gas
  • Liquid production
  • Gas production
  • Total reserves: Wood Mackenzie commercial
  • Total reserves: reported vs. Wood Mackenzie
  • Total reserves: reported vs. Wood Mackenzie
  • Reserve life: reported vs. Wood Mackenzie

What's included

This report contains:

  • Document

    Repsol corporate report.xlsx

    XLSX 1.28 MB

  • Document

    Repsol corporate report

    PDF 1.22 MB

  • Document

    Repsol corporate report

    ZIP 2.00 MB

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