Repsol S A : Q4 2021 Results webcast presentation slides

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© REPSOL, S.A. 2021

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Key messages

Solid 2020 performance in challenging environment

Resilience Plan performance above targetNet Debt reduction and strong cash flow generationProgress towards long-term strategic objectivesStrong 4Q20 results in line with 2019

• • €2.7 Bn of savings in 2020 (€0.5 Bn over initial objective)

• • Opex and Capex reductions, Working Capital optimizations

• • Net Debt reduced by €0.3 Bn (excluding hybrids) at $42 Brent

• • €2 Bn FCF (€0.8 Bn organic). Positive CFFO in all segments

• • Protected credit rating

• • Delivered shareholder remuneration commitments

• • Strong FCF from legacy business

• • Business transformation and development of low carbon platforms

• • Adjusted Net Income 4Q20 €404 M vs €405 M in 4Q19

  New Strategic Plan 2021-2025

• • Working towards 2025+ targets despite challenging macro in 2020

Strategic Plan 2021-2025

Stepping up the energy transition - Driving growth and value

Maximize FCF of	Low Carbon	Evolution of our
business platforms	operating model
legacy businesses

40 to 50% in 2050

Dividend > €1 /sh in 2025 including conditional share buybacks

A profitable company in the Energy Transition with strong cashflow growth & capital discipline

Market environment

Commodity prices and product demand impacted by COVID-19

Brent

Henry Hub

($/bbl) 63.1

64.2

($/Mbtu)

2.1

4Q19

1Q20

2Q20

3Q20

4Q20

2019

2020

4Q19

1Q20

2Q20

3Q20

4Q20

2019

2020

Refining Margin Indicator

($/bbl)

Exchange Rate

($/€)

4Q20

1.19

4Q19

1Q20

2Q20

3Q20

2019

2020

4Q19

1Q20

2Q20

3Q20

4Q20

2019

2020

Operational highlights - Upstream

Value over volume in resilience scenario. Organic FCF breakeven at ̴ $30/bbl

Upstream production

(kboed)

-34

2019

Europe &

AfricaLatin AmericaNorth AmericaAsia, Russia & Rest of the World

2020

• ‒ Libya stoppage from January to October. Currently producing ~300,000 bpd (gross).

• ‒ Temporary ceases of production in Colombia and Canada

• ‒ Lower gas demand in Indonesia

Opex reduction

(€Bn)

2.1

-10%

1.9

2019

2020

FCF

2019

2020

Operational highlights - Upstream

Exploration success in core areas. Progress in decarbonization of operations.

Successful highly selective drilling program in 2020

270,000 Tons of CO2e reduction in 2020 (2)

Remarkable success rate: 7 discoveries out of 9 wells completed in 2020

Focused exploration : 8 of 9 wells drilled in productive basins. Exploration costs 27% lower than in 2019.

High impact: Polok (Mexico), Stirrup (US Alaska) and Monument (US GoM) included in WoodMackenzie Top 10 discoveries of 2020 (1)

New production 2021-2025 pushes down emissions intensity

Sakakemang:

CCS project in FFD phase with 1.5-2 Mt CO2 per year captured

(1) WoodMackenzie Top 10 commercial & economically viable discoveries.

(2) Through energy efficiency, methane and flaring initiatives

Lower Refining margins and demand. Chemicals resilient through the crisis

Refining

Repsol assets remained among most competitive in

Europe

• • All refineries under operation in 2020

• • Reduced breakeven to minimum levels

• • Positive refining margin indicator in

  4Q20 (2 $/bbl on average in 2020)

Chemicals

Resilient through COVID-19 crisis

• • International margins gradually recovered to 2019 levels

• • Sales in line with 2019

• • 4Q20 better demand and margins

Acceleration of capacity adjustments

Utilization of Repsol's refining capacity

European refinery rationalization announcements (kbbld)

-1.000 -2.000 -3.000 -4.000

0

14% of European capacity 2007-2017 (10 years)

IHS and internal source

(%)

Distillation utilization

88

2020-2021 (>1year)

Conversion utilization

(%)

103

86

2019

2020

2019

2020

Repsol 4Q20 Results

Progress in the transformation of the Industrial business

Sustainable 1.3 Mt by 2025

biofuels

>2 Mt by 2030

Renewable 0.4 GWeq by 2025

Hydrogen 1.2 GWeq by 2030

Advanced decarbonization projects

Cartagena: 1st advanced biofuels plant in Spain

250,000 Tn/y operational in 2023

Reduction of 900,000 Tons/y of CO2 emissions

Capex: €188 M

Puertollano: 1st biojet producer in

Spain

7,000 Tn in 2020

Savings of 440 tons of CO2 emissions

Tarragona: Biojet production

10,000 Tn in January 2021

Savings of 630 tons of CO2 emissions

Leading H24All European

Consortium to produce renewable Hydrogen in Spain

100 MW Alkaline electrolyzer plant

1st operational photoelectrocatalysis pilot plant in 2020

Bilbao: net-zero emissions fuels

plant

Using CO2 and green hydrogen generated with renewable energy

Bilbao: urban waste-to-gas generation plant

Operational highlights - Commercial and Renewables

All businesses generated a higher operating result in 4Q20 than in 4Q19

Mobility• Strong 4Q20 operating result

• • Sales in Service Stations -23% 2020 in

  Spain vs. 2019

• • > 2 Million digital clients

Lubricants, Asphalts and Specialties

• • Lower costs

• • Contribution of International expansion

  (South East Asia, Mexico)

Transportation fuel demand monthly variation in Spain 2020 vs.

2019

MarchAprilMayJuneJulyAugustSept.

Oct.

Nov.

Dec.

-61%

Source: CLH

Electricity and Gas

• • +12% growth of retail client base in 2020

• • +50% growth of client base since 2018

• • Chile JV:

  -14%

  • • Start of commercial operation Cabo Leones III

  • • FID Atacama, 14 years PPA

Operational highlights - Commercial and Renewables

Building balanced renewable portfolio across technologies and geographies

Spain

Aguayo* others

700 MW 2020

Under Operation

PI Castilla y León

175 MW 2021/2022

Windfloat

5 MW 2020

Full operative

SIGMA Andalucía

204 MW 2022

*Aguayo project (Cantabria), pumped storage of 1,000 MW, to start construction in 2022/23

482MW 1

Add. pipeline

DELTA Aragón

335 MW 2020

Under Operation

DELTA II Aragón

860 MW 2021/2023

Kappa Castilla la Mancha

126 MW 2021

Valdesolar Extremadura

264 MW 2021

Operatingcapacity @ End 2020

Underconstruction

• 1. Greenfield projects with interconnection rights, including solar hybridization projects in wind portfolio

• 2. COD: Commercial Operation Date Note: Considering 50% JV stake in Chile

Elena

275 MW 2021 (137.5 MW) 2022 (137.5 MW)

Cabo Leonés

III

Under Operation

Chile

Antofagasta PE

385 MW 2023

39 MW 2020

Cabo Leonés

III

55 MW 2021

Atacama

90 MW 2022

FID January 2021

High visibility pipeline

Capacity COD2

Operational highlights - Emission reductions

Road to Net Zero: surpassed CO2 reduction targets for 2020

Delivered 2020 carbon intensity reduction target

Carbon Intensity Indicator reduction 2019-2020 % CII reduction (baseline 2016)

2019

2020

1 Even without the lower activity due to COVID-19 Repsol reduced its CII over the 2020 3% target

5%

CII: Carbon intensity indicator

Financial results

4Q20 and FY20 Results

Results (€ Million)

Upstream Industrial

Commercial and Renewables Corporate and Others

Adjusted Net Income Inventory effect Special items Net Income

Financial data (€ Million)

EBITDA

EBITDA CCS Operating Cash Flow Net Debt

186

404 70 (1.185)

1.259 1.160 1.075 3.042

882 828 1.258 3.338

51 (67) 169 (146)

7 40 (141)

(94)

242

123

(146)

405 25 (5.712)

(5.282)

1.852 1.815 1.763 4.220

195 1.050

297 913

485 541 (377) (462)

600 2.042 (978) (35)

• (2.911) (5.823)

• (3.289) (3.816)

• 2.730 7.161

• 4.084 7.201

• 3.197 5.837

• 3.042 4.220

Outlook 2021: ongoing transformation in a resilience scenario

Upstream

FCF generation Flexible capex

Competitiveness programs to deliver €400 M of savings in 2021

Production

Refining Margin

IndicatorEBITDA CCS (1)

Net debt (with leases)Dividend

(1) @ $50/bbl Brent, $3/MMBtu HH and $1.18/€.

Industrial

Transformation and operational efficiency

~ 625 kboed

$3.5 /bbl

Capex

~ €5.3 Bn ~ €2.6 Bn ≤ €6.8 Bn €0.6 /share

Customer-centric

Resilient and benefiting from context improvement

• • 30% higher than in 2020

  Low-carbon generation

• • >25% deployed in Low Carbon platforms

  +710 MW

• • In line with 2020 (exc. hybrids transactions of 2021)

• • From July dividend will be only in cash

Conclusions

Resilient performance and delivery on long-term strategic objectives

Finished 2020 in stronger financial positionSolid 4Q20 results close to pre-COVID levels

• • Resilience Plan delivered over initial targets

• • Lower Net Debt and robust balance-sheet

• • Delivered on shareholder commitments and decarbonization targets

• • 4Q20 adjusted net income in line with 4Q19

• • Strong performance of Customer-Centric businesses

• • Positive CFFO in all segments

  Strong FCF and lower breakevens

  New Strategic Plan to 2025

  2021 still in "resilience mode"

• • €2 Bn of FCF in 2020 (€ 0.8 Bn organic)

• • $30 /bbl Upstream breakeven. Exploration success.

• • Sound investment proposition into the Energy Transition

• • Growth platforms to 2025+

• • Legacy businesses as cash generators

• • Progress in 2020 towards SP 2021-2025 targets

• • Uncertainty and volatility despite recent oil price strength