Armed with an experience spanning over 80 years, Repsol has come to demonstrate its strength as an integrated and sustainable company with a strong positioning in the oil and gas sector. We have evolved to a point where we have developed a diversified portfolio boasting assets across more than 40 countries.
Our current 2016-2020 Strategic Plan envisages the creation of a stronger, more flexible and competitive Repsol. This plan is aimed at creating value and building resilience through efficiency and asset portfolio management. Moreover, reduced investment levels along with this active portfolio management are combined with the efficiency and synergies programs implemented in all of the company’s business units and corporate areas.
Through the creation of value set out in this phase, we are able to shift from a growth strategy to one that aims to boost the value of our current assets by optimizing their management and improving their efficiency. Our resilience will enable us to create value even with volatile oil prices, as the break-even for positive cash flow generation for Brent crude will stand at 40 dollars per barrel.
Some of the commitments we undertook as part of our 2016-2020 Strategic Plan include:
The exploration and production of hydrocarbons at Repsol is characterized by a diverse asset portfolio both at the operating and geographical levels, and it is primarily centered on three regions: North America, Latin America, and Southeast Asia, mainly focusing on onshore, shallow water, and unconventional assets.
Our average production stands at 700 kboe/d.
Our net proved reserves at December 31st, 2015 were 2.373 bboe.
Our Downstream area encompasses our Refining business in Spain and Peru which has an estimated one million barrels of refining capacity, our Marketing business which has more than 4,700 service stations throughout Spain, Portugal, Italy, and Peru, and our LPG, Trading, and Chemicals businesses on an international level. Together, these businesses form a fully integrated value chain and affirm that our Downstream business is a sustainable cash flow generator that will help us bring in around 1.7 billion euros a year.
Our stake in Gas Natural Fenosa is one of our most important holdings. With a 20% working interest, we have a liquid asset that provides flexibility and stability to our financial statements.
The information contained in this section does not constitute an offer or invitation to purchase or subscribe shares, pursuant to the provisions of the Royal Legislative Decree 4/2015 of the 23rd of October approving the recast text of the law on the securities market and its implementing regulations. In addition, the information contained in this section does not constitute an offer to purchase, sell, or exchange, neither a request for an offer of purchase, sale, or exchange of securities in any other jurisdiction.
This section contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol’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-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates and are generally identified by the words “expects”, “anticipates”, “forecasts”, “believes”, estimates”, “notices”, and similar expressions. These statements are not guarantees of future performance, prices, margins, exchange rates, or other events and are subject to material risks, uncertainties, changes, and other factors which may be beyond Repsol’s control or may be difficult to predict. Within those risks are those factors described in the filings made by Repsol and its affiliates with the Comisión Nacional del Mercado de Valores in Spain and with any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed.
Repsol 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 this section has not been verified or revised by the External Auditors of Repsol.