Your SlideShare is downloading. ×
Repsol 2ndQ2011
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Repsol 2ndQ2011

225
views

Published on

Published in: Business, Economy & Finance

0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
225
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
4
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide

Transcript

  • 1. Second Quarter 2011 ResultsWEBCAST – CONFERENCE CALL July 28th, 2011 Mr. Miguel Martínez Mr. Miguel Martínez CFO CFO July 2011 0
  • 2. DisclaimerALL RIGHTS ARE RESERVED© REPSOL YPF, S.A. 2011Repsol YPF, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored, duplicated, copied, distributed or introducedinto a retrieval system of any nature or transmitted in any form or by any means without the prior written permission of Repsol YPF, S.A. This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Law 24/1988, ofJuly 28, as amended and restated) and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, nor a request for an offerof purchase, sale or exchange of securities in any other jurisdiction. In particular, This document does not constitute an offer to purchase, subscribe, sale or exchange of RepsolYPFs or YPF Sociedad Anonimas respective ordinary shares or ADSs in the United States or otherwise. Repsol YPFs and YPF Sociedad Anonimas respective ordinary shares andADSs may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended. This document contains statements that Repsol YPF believes constitute forward-looking statements which may include statements regarding the intent, belief, or currentexpectations of Repsol YPF and its management, including statements with respect to trends affecting Repsol YPF’s financial condition, financial ratios, results of operations,business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward-lookingstatements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchangerates and are generally identified by the words “expects”, “anticipates”, “forecasts”, “believes”, estimates”, “notices” and similar expressions. These statements are not guarantees offuture performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol YPF’scontrol or may be difficult to predict. Within those risks are those factors described in the filings made by Repsol YPF and its affiliates with the Comisión Nacional del Mercado deValores in Spain, the Comisión Nacional de Valores in Argentina, the Securities and Exchange Commission in the United States and with any other supervisory authority of thosemarkets where the securities issued by Repsol YPF and/or its affiliates are listed. Repsol YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance,conditions or events expressed or implied therein will not be realized.The information contained in the document has not been verified or revised by the Auditors of Repsol YPF. 1
  • 3. Agenda Q2 2011 Results Exploratory Program for 2H 2011 Status of key growth projects Portfolio developments in Q2 Financial Overview 2
  • 4. Agenda Q2 2011 Results Exploratory Program for 2H 2011 Status of key growth projects Portfolio developments in Q2 Financial Overview 3
  • 5. Q2 2011 ResultsOverview CCS Adjusted Net Income CCS Adjusted Operating IncomeMillion € Million € 600 1200 400 800 1262 523 485 963 200 400 0 0 2Q10 2Q11 2Q10 2Q11 Lack of production in Libya Strikes in Argentina 4
  • 6. Q2 2011 ResultsProduction Productionkboed300 Main Factors:200 340 Unrest in Libya 296100 Moratorium in GoM 0 2Q10 2Q11 5
  • 7. Q2 2011 ResultsUpstream Adjusted Operating Income Million € 600 172 500 400 (177) 300 (52) (20) 200 370 293 100 0 2Q10 Price effect net of Volume net of Exchange rate Others 2Q11 taxes depreciation 6
  • 8. Q2 2011 ResultsYPF Adjusted Operating Income600 Million € 135500400 129300 (172) 441 (63)200 (214) 256100 0 2Q10 Strike effect Price increases Export prices & Costs Others 2Q11 in domestic international markets price related products net of taxes 7
  • 9. Q2 2011 ResultsLNG Adjusted Operating Income Million € 60 50 40 30 53 20 10 13 0 2Q10 2Q11 8
  • 10. Q2 2011 ResultsDownstream CCS Adjusted Operating Income Million € 400 38 300 (106) (11) 200 (65) 369 224 100 0 2Q10 Refining LPG Chemical Exchange rate 2Q11 Activity & others 9
  • 11. Q2 2011 ResultsGas Natural Fenosa Adjusted Operating Income Million € 200 150 100 181 188 50 0 2Q10 2Q11 10
  • 12. Agenda Q2 2011 Results Exploratory Program for 2H 2011 Status of key growth projects Portfolio developments in Q2 Financial Overview 11
  • 13. Exploratory programUpstream POSITIVE RESULTS CURRENT ACTIVITY • Exploratory wells: • Exploratory wells: Brazil (Gavea) 2 in Brazil (Itaborai and Tingua) • Appraisal wells: 1 in Bolivia (Sararenda) Peru (Kinteroni 3) 2 in Colombia (Chipiron and Jaripeo) Venezuela (Perla 5X) • Appraisal wells: GoM (Buckskin 2) Brazil (Guara Sul, Guara RDA, Piracuca 4) • Extended well test (Guara) 12
  • 14. Exploratory programUpstream – 2H 2011 Activity BRAZIL ALBACORA LESTE PRESALT (ALBACORA LESTE) ABARE (BM-S-9) PAO DE AZUCAR (BM-C-33) CARIOCA SELA (BM-S-9) (*) SAGITARIO (BM-S-50) (*) CUBA JAGÜEY (*) GUYANA JAGUAR (*) LIBERIA MESURADO NORWAY ULVETANNA HEILO WELL PERU SAGARI (*) SIERRA LEONE MERCURY 2 JUPITER (*) not completed until 2012 13
  • 15. YPF Exploratory programProgress on non-conventional resources• Vaca Muerta is a 30,000 km2 formation with rock thickness between 50 to 400 mts• YPF´s net acreage increased to 14,000 km2 from 12,000 km2• During 2010: 330 km2 chosen as initial area to perform pilots 6 vertical wells drilled (initial flow rates between 200 / 560 BPD) Oil recoverable resources of 150 MBOE 14
  • 16. YPF Exploratory program2011 Program • 13 exploratory wells would be drilled in order to asses the potential of Vaca Muerta in other parts of the Neuquina Basin • During Q2 2011 a new shale oil discovery in the Vaca Muerta formation in the Bajada de Añelo Block was announced •3 additional exploratory wells already drilled BAñ.x-2 and preparing for the fracking phase. At least LLL 9 additional exploration wells will be drilled before year end. Dominio Minero YPF Nuevo Dominio Min. Exploración Vaca Muerta 2011 Exploración Vaca Muerta 2012 15
  • 17. Analogy with USA is the strength of the play Vaca Muerta Barnett Haynesville Marcellus Eagle Ford Bakken 3-5 Mstb/km² Eagle Ford Vaca Muerta Bakken200m (Oil Leg) LLL Thickness 30 70 200 m STOOIP 200,000 114,000 18,500 MBbls STOOIP/km2 3 23 43 MBbls/km2 EUR 3,650 5,700 741 MBbls (*) preliminary data 16
  • 18. Agenda Q2 2011 Results Exploratory Program for 2H 2011 Status of key growth projects Portfolio developments in Q2 Financial Overview 17
  • 19. Status of key growth projects (I) CARTAGENA BILBAO • Project completion: 95% • Project completion: 95% • Startup date: August / September • Startup date: October 18
  • 20. Status of key growth projects (II) KINTERONI GUARA • Successful appraisal campaign • Field development progressing well • Construction of production and • First Oil expected in Q1 2013 gas evacuation facilities underway • Construction of FPSO in good progress • First gas production: Q2 2012MARGARITA CARDON IV • First phase (plant expansion + • 5 wells already drilled hook-up of 3 existing wells) at 53% • Supply of early production facilities of project completion concluded • Start of production: Q2 2012 • First gas planned: late 2013 • Launch of second phase (+6 Mm3d) by Q4 2013 CARABOBO • Early production set to 2014 • Contracting the rig and progressing with engineering activities 19
  • 21. Agenda Q2 2011 Results Exploratory Program for 2H 2011 Status of key growth projects Portfolio developments in Q2 Financial Overview 20
  • 22. Portfolio developmentsLast stage of the partial sale of Repsol´s stake in YPF% of YPF shares 3.3 3.8 7.7 10.0 0.8 83 57.4 REPSOL´s stake December sales March sales IPO PETERSEN Call Institutional Current stake as of December (Institutional (Institutional Option investors in 1st investors) investors) Argentinean market & others 21
  • 23. Portfolio developmentsJoint venture with Alliance Oil ALASKA RUSSIA• Agreement with “70 & 148 LLC” (affiliate of • Creation of a Joint Venture in the Russian Armstrong Oil & Gas Inc) and “GMT Federation, the largest gas and oil producer in Exploration LLC” to jointly carry out the world. exploration activity in the blocks in Alaska’s prolific North Slope. • Transaction pending negotiations on final terms, due dilligence, and regulatory and corporate• Repsol will have a 70% working interest in the approvals. blocks. Deals aligned with strategy of searching new platforms for future growth with limited geographical and financial exposure, a local partner, and exploration upside. In both cases we targeted cash flow contribution in the medium term through volume growth but focused on value creation. 22
  • 24. Agenda Q2 2011 Results Exploratory Program for 2H 2011 Status of key growth projects Portfolio developments in Q2 Financial Overview 23
  • 25. Financial OverviewLiquidity Position Billion € 10,0 8,0 6,0 9,7 4,0 7,3 5,0 2,0 2,0 0,0 2Q10 2Q11 Net Debt Liquidity Data Ex Gas Natural Net Debt (ex Preferred shares) = Gross Debt – Financial Investments – Cash & Equivalents 24
  • 26. Conclusions Challenging 2Q11 P&L, affected by Libyan crisis and Argentinean strikes Year 2011: transition to the next stage of growth Comitted in the medium / long term value growth Delivery of production and profit improvement in the next months, based on projects to come on stream shortly. 25
  • 27. Second Quarter 2011 ResultsWEBCAST – CONFERENCE CALL July 28th, 2011 Mr. Miguel Martínez Mr. Miguel Martínez CFO CFO July 2011 26

×