Company report
Repsol corporate report
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Report summary
Repsol has shifted its focus from one of growth to delivering value. Good progress has been made on key priorities and the company is now well placed to operate at low oil prices. A more active high-grading phase could unlock value currently hidden in a portfolio that is much more diverse than peers. Emerging as a more streamlined and flexible operator is a core objective. Yet Repsol still has work to do to strengthen in key areas.
What's included
This report contains
Table of contents
- Other Repsol Research
- Executive summary
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Strategy
- Overview
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Strategic priorities
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1. Upstream focus and portfolio high-grading
- Portfolio strategic fit
- Wood Mackenzie assessment of future disposal candidates
- 2. Sustain the base business and deliver conventional developments
- 3. Strengthen the onshore North American portfolio
- 4. Maintain a core exploration focus
- 5. Downstream
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1. Upstream focus and portfolio high-grading
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Financial health
- Investment
- Cash flow
- Liquidity
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Resources, reserves and production
- Production
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Reserves and resources
- Reserves and resources detail
- Portfolio summary
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Economic assumptions
- Economic assumptions
Tables and charts
This report includes 35 images and tables including:
Images
- Benchmark: premium/discount to WM NPV,10
- Benchmark: share price performance
- Repsol: upstream investment by dev. status
- Benchmark: 2017-2021 capex/boe
- Repsol year-end net debt outlook
- Repsol projected cash flow breakeven
- Repsol bond debt maturity schedule
- Repsol: corporate free cash flow
- Repsol: production outlook by region
- Benchmark: production CAGR
- Base price assumptions (nominal terms)
- Base, high and low Brent (nominal terms)
- Benchmark: 2018-2023 onstream decline rates
- Repsol: pre-FID capex and NPV breakeven
- Repsol: North America YTD* IRR
- Repsol: North America reserves breakeven
- Repsol net acreage summary
- Repsol exploration success rate
- Resources, reserves and production: Image 3
- Benchmark: resources by resource theme
- Benchmark: reserves and resource life
- Strategy: Image 3
- Benchmark: % of NPV,10 by region
- Benchmark: % of NPV,10 by resource theme
- Disposal assessment: production outlook
- Disposal assessment: cash flow outlook
Tables
- SWOT analysis
- Repsol’s top 10 assets by NPV,10
- Base price assumptions (nominal terms)
- Economic assumptions: Table 2
- Low price assumptions
- Valuation assumptions
- Foreign exchange rate assumptions
- Asset sales since Talisman Energy acquisition (January 2015 - March 2017)
- Strategy: Table 2
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