Embed Size (px)
Citation preview
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 1/10
Dear *|FNAME|*,
The upcoming newsletter contains a video of our Managing Director of IndustrialArea and Trading, Lourdes Rodríguez, in which an update of current situation inRefining is offered. We, as well, want to share with you the latest on theSapinhoá project – the connection of the first producing well on the secondFPSO – and give you more colour on our Gulf of Mexico deepwater operateddiscovery Leon.
I encourage you to take a look at it.
Enjoy our newsletter!
[email protected]+34 917 539 454
Interview of the month
An update on the refining business.
Trending topics
León, Repsol´s oil discovery in the United States Gulf of Mexico. Latest on the Sapinhoá project – connection of the first producing well onthe second FPSO.
*|IFNOT:ARCHIVE_PAGE|* *|END:IF|*
¿No puedes leer este email correctamente? Míralo en tu NAVEGADOR
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 2/10
Figures of the period
Consult Repsol’s third quarterly figures for 2014 results.
FAQs
The latest Frequently Asked Questions to our IR team.
On the road
Consult our activities in November and December.
Official Notice
Repsol guarantees that the information contained in this section is exactlythe same as that forwarded to the CNMV, CNV, SEC and OTCQX.
Press Releases
Consult the latest news about the Company.
Lourdes Rodríguez, Managing Director IndustrialArea and Trading
An update on the refining business
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 3/10
An update on the refining businessRefining business in Europe has performed significantly better in the
3rd quarter.
Our investments have led us to outperform the sector in the last
years.
Our main focus in Refining has been to optimize our system and to
improve the efficiency.
October and November margins have performed well.
León, Repsol´s oil discovery in the United States Gulfof Mexico
The find was made 352 kilometres from the Louisiana coast in an ultradeep water well named “León”, located in the Keathley Canyon 642block.
Repsol is the operator of the discovering consortium. The well foundmore than 150 metres of net oil pay within a column of over 400 metres.The well was drilled in water 1,865 metres deep, and reached a totaldepth of 9,684 metres, making it one of the deepest wells operated by
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 4/10
the company. Repsol has a 60% participation in the license, withColombia's Ecopetrol holding the remaining 40%.
Repsol holds 119 blocks in the GoM together with a share in the Shenzifield, which boasts 16 wells in production connected to two platforms.
Latest on the Sapinhoá project – connection of thefirst producing well on the second FPSO
The offshore platform Cidade de Ilhabela started-up production onNovember 20th in the Santos Basin presalt field of Sapinhoá. The firstwell to go into operation, has a production potential of 32 Kboe/d.
The platform will be able to produce up to 150 Kbbl/d, compress up to6 Mm³/d of natural gas and store 1.6 million barrels of oil, through a totalof nine production wells and seven injection ones. Peak of production isexpected to occur in the second half of 2015, as a result, Repsol’s netproduction at full capacity of the two FPSOs will stand at around 45Kboe/d.
Consult Repsol’s third quarterly figures for 2014results.
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 5/10
Repsol’s 3Q14 Adjusted Net Income was 415 M€, increasing 41% yearonyear.
The last Frequently Asked Questions to our IR team
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 6/10
The last Frequently Asked Questions to our IR team
Are Repsol’s projects and capex program resilient atcurrent crude oil price?
Yes, all Repsol actual production is profitable at current prices.
Moreover, the current environment does not affect our strategic
projects neither our development CapEx program. Every strategic
project still to come on stream has a breakeven price below USD 80.
It is also worth mentioning that: 1) around 60% of Repsol’s current
production is gas, 2) the quality and relative size of our Downstream
assets protects us in the short term from the drop in crude oil prices,
3) the negative correlation between oil prices and the dollar/euro
exchange rate also provides a hedge; 4) solid and stable results from
Gas Natural Fenosa are not affected by the Brent price. As a
conclusion Repsol faces the current environment from a very solid
and low geared financial position.
Where are our refining margins currently?
Since the end of 3Q14, spreads between heavy and light crude oil as
well as the spreads of products not indexed to oil price have been
increasing, while the oil price has continued decreasing. Throughout
the last few weeks middle distillates’ and gasoline’s spreads have
also improved significantly. As a consequence, a substantial
improvement in margins took place in October and in November
thanks to our optimized refining system, which is totally
interconnected and among the bests in Europe.
What is the current situation in Libya?
The situation in Libya remains an uncertainty. We have been able to
maintain net production at approximately 30 Kboe/d throughout
October. Since November 5th operations have been halted due to
security reasons.
Update for the Canary Island exploration project. The exploration well Sandia1, situated at 50 and 61 Km from
Fuerteventura and Lanzarote coasts respectively, commenced
operations on November 18th. The Rowan Renaissance rig
contracted by Repsol for this drilling campaign is one of the most
efficient and secure in its class. As of today, the first phase of the
drilling has been concluded reaching a total depth of 110 meters
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 7/10
beneath the seabed. The works on the second phase of the drilling
are ongoing.
Exploration update for the remaining months of 2014
In Brazil the Arapuça well is being drilled, targeting the presalt of the
Albacora Leste producing block and in Campos 33, Pao de Açucar
appraisal is currently ongoing after the Seat2 well has been
concluded with positive results. In Colombia, the offshore well Orca 1,
located in the Tayrona block in the Caribbean Sea, is currently
preparing to run a test in the target formation. In the US two non
operated wells are active; an appraisal well is currently being drilled
north of the Buckskin discovery and the Marathonoperated well in
the Key Largo prospect. Our activities continue in Romania with two
wells ongoing and one more in Norway. Before year end we expect to
spud five additional wells in Norway, Angola, Algeria, Canada and
Peru.
Consult our activities in November and December
The IR team finished the month of November with a Roadshow for investors inChicago and Toronto. Last week of the month will be devoted to ESG activities,a topic more and more relevant in our days. The team will be attending theExane Seminar in Paris.
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 8/10
During the month of December, and because of the increasing importance ofESG investors in our institutional shareholder base, a Roadshow with AntonioBrufau, Chairman of the Board, has been organized to visit these type ofinstitutions in London, Paris and the Netherlands.
The marketing activity of the year will finalize with our traditional lunch withanalysts, both in London and Madrid.
Repsol guarantees that the information contained inthis section is exactly the same as that forwarded tothe CNMV, CNV, SEC and OTCQX.
Repsol reports the expected timetable to implement the secondpaidupcapital increase approved by the Annual Shareholders’Meeting held on 28 March 2014 (“Repsol Flexible Dividend”).
3Q14 results Webcast presentation.
The Company releases a press release on the results for thefirst nine months of 2014.
Exane BNP Paribas SRI InvestorConferenceParis26 November 2014
ESG Investor’s Roadshow with theChairman of the BoardLondon, Paris and The Netherlands10, 11 and 12 December 2014
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 9/10
The Company releases information on the results for the thirdquarter 2014.
Repsol announces a new oil discovery (well named León) in theUnited States’ Gulf of Mexico.
Repsol publishes a trading statement for 3Q2014.
Consult the latest news about the Company
Repsol, best energy company and Antonio Brufau, best CEO ofthe year according to Petroleum Economist.
Repsol presents its innovative products at the 1st Repsol Agroseminar.
RepsolSK start production at the Cartagena base oil plant.
Repsol and IBM launch world’s first cognitive technologycollaboration for oil industry applications.
Repsol launches its new range of lubricants, Repsol Moto',designed with MotoGP technology.
17/1/2017 Investors Repsol
file:///Volumes/WORKING/Repsol_inversores/2014/Investors_newsletter/noviembre/html/index.html 10/10
© Repsol, S.A. 2014. All rights reserved. Legal notice Código de comunicación:
ms78Lo90Ms.
