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Q2 2014 RESULTS – Galp Energia

Galp Energia · Jul 28, 2014 · 27 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q2 2014 RESULTS – Galp Energia – slide 1
    28 July 2014 Results SECOND QUARTER 2014 An integrated energy player focused on exploration and production
  2. Q2 2014 RESULTS – Galp Energia – slide 2
    Key highlights Execution update Financial overview Concluding remarks Appendix 3 Second quarter 2014 results
  3. Q2 2014 RESULTS – Galp Energia – slide 3
    Key highlights 2Q14 Ebitda of 271 m, down 11% YoY due to weak international refining environment and Sines refinery maintenance Focus on Lula/Iracema project execution, with FPSO 2 ramping up to full capacity and FPSO 3 on track to…
  4. Q2 2014 RESULTS – Galp Energia – slide 4
    Key highlights Execution update Financial overview Concluding remarks Appendix 5 Second quarter 2014 results
  5. Q2 2014 RESULTS – Galp Energia – slide 5
    FPSO Cid. Paraty (2) to reach full capacity in 4Q14 as planned Lula NE milestones Guidance Status Two wells producing c.30 kbopd Delivery of FPSO Cidade Paraty May-13 each Start of production Jun-13 Connection of injector well…
  6. Q2 2014 RESULTS – Galp Energia – slide 6
    FPSO Cid. Mangaratiba (3) on track to start production in 4Q14 FPSO Cidade de Mangaratiba Iracema South wells () Drilled Planned 8 8 6 6 Producers Injectors FPSO execution rate 95% Development wells being drilled and…
  7. Q2 2014 RESULTS – Galp Energia – slide 7
    Ongoing appraisal further de-risks Iara ahead of DoC by YE Iara, Block BM-S-11 EWT in Iara West-2 with high initial flow rate (29 kbopd) First RDA proved excellent reservoir characteristics and productivity Drilling second…
  8. Q2 2014 RESULTS – Galp Energia – slide 8
    Appraisal activities underway in block BM-S-24 Block BM-S-24 Apollonia well spudded on June 9, and rig secured to drill Bracuhy NE appraisal well in 4Q14 First two DST expected to be performed in 2H14 First oil expected in…
  9. Q2 2014 RESULTS – Galp Energia – slide 9
    Ongoing developments for both offshore and onshore solutions in Area 4 Rovuma basin in Mozambique Tender for Coral FLNG solution (FEED and EPC) already launched LNG onshore EPC invitation to tender in 3Q14 Process for approval…
  10. Q2 2014 RESULTS – Galp Energia – slide 10
    2014 drilling campaign focused on appraisal activities Galp Energia 2014 drilling schedule 1 Spud Duration Well Area Target Interest E/A date ( days) status 2 Brazil BM-S-8 Ca rca r (extens i on) 14% A 4Q14 120 - 3 BM-S-24 Apol…
  11. Q2 2014 RESULTS – Galp Energia – slide 11
    First offshore well operated by Galp Energia, TAO-1, spudded on June 26 Tarfaya Offshore Area in Morocco TAO-1 well targeting primarily Trident, with 450 mbbl unrisked potential and PoS of 21% Well progressing according to plan…
  12. Q2 2014 RESULTS – Galp Energia – slide 12
    Continuing difficult refining environment Benchmark refining margin evolution (/bbl) Refining performance impacted by European unbalanced market 12.0 10.0 Recent refining performance 8.0 worsened by planned 6.0 maintenance at…
  13. Q2 2014 RESULTS – Galp Energia – slide 13
    Sustained contribution from G&P businesses Supply & Trading volumes sold (Mm3) Supply & Trading contribution suported by ML/T contracts in 1,971 1,941 2,078 place since 2013 1,826 1,721 1,457 Exploring LNG trading…
  14. Q2 2014 RESULTS – Galp Energia – slide 14
    Key highlights Execution update Financial overview Concluding remarks Appendix 15 Second quarter 2014 results
  15. Q2 2014 RESULTS – Galp Energia – slide 15
    2Q14 Ebitda down 11% YoY on weak refining performance Profit & Loss ( m) Performance from E&P and G&P businesses offset by refining 2Q14 2Q13 YoY 1H14 YoY environment and Sines refinery Turnover 4,615 4,624 (0%) 8,740 (4%) planned…
  16. Q2 2014 RESULTS – Galp Energia – slide 16
    Maintaining a robust balance sheet Balance sheet ( m)1 Working capital impacted by stocks following refinery outage, Jun.2014 Mar.2014 Jun-Mar Dec.2013 Jun - Dec and by cargoes sold at the end of Fixed and LT assets 7,219 7,014…
  17. Q2 2014 RESULTS – Galp Energia – slide 17
    Capex mainly allocated to development of Lula/Iracema project Capital expenditure ( m) Activities in BM-S-11 accounted G&P R&M for c.85% of E&P capex E&P D&P E&P E&A Exploration and appraisal capex 474 463 mainly allocated to…
  18. Q2 2014 RESULTS – Galp Energia – slide 18
    Average debt maturities further extended Debt reimbursement profile1 ( m) 1000 Gross debt of 3.4 bn with 800 average maturity of 3.7y and average interest rate of 4.5%1 600 30 June 2014 400 31 March 2014 Liquidity of 2.91 bn:…
  19. Q2 2014 RESULTS – Galp Energia – slide 19
    Short term outlook 3Q14 WI production expected at c.30 kboepd, supported by Lula NE production ramp-up and Iara EWT Volumes of crude processed are expected to increase QoQ, following the end of planned maintenance at Sines…
  20. Q2 2014 RESULTS – Galp Energia – slide 20
    Sale of underground NG storage facilities NG storage facilities in Portugal Transfer of the regulated NG underground storage concession to REN Value for the transaction: c.72 m, in line with RAB Ebitda of c. 5.5 m 21…
  21. Q2 2014 RESULTS – Galp Energia – slide 21
    Key highlights Execution update Strategy overview Concluding remarks Appendix 22 Second quarter 2014 results
  22. Q2 2014 RESULTS – Galp Energia – slide 22
    Concluding remarks Lula/Iracema project on track, with FPSO 2 ramping up to full capacity and FPSO 3 with first oil in 4Q14 Intensive appraisal to optimise Iara development plan and improve reservoir knowledge of Jpiter Ongoing…
  23. Q2 2014 RESULTS – Galp Energia – slide 23
    Key highlights Execution update Financial overview Concluding remarks Appendix 24 Second quarter 2014 results
  24. Q2 2014 RESULTS – Galp Energia – slide 24
    E&P: Production increased 10% YoY driven by Lula NE and EWT in Lula Main E&P data Higher Brazil production YoY, due to FPSO 2 ramp-up and to EWT 2Q14 2Q13 YoY 1H14 YoY in Lula Central and Iara areas Working interest production…
  25. Q2 2014 RESULTS – Galp Energia – slide 25
    R&M: Ebitda impacted by refinery maintenance and international margins Main R&M data Sines refinery general outage impacted both crude processed 2Q14 2Q13 YoY 1H14 YoY and cash costs Galp Energia refining margin USD/bbl (0.3) 3.4…
  26. Q2 2014 RESULTS – Galp Energia – slide 26
    G&P: Higher traded LNG volumes leading Ebitda increase Main G&P data Sustaining LNG supply & trading activity, with 12 cargoes traded in 2Q14 2Q13 YoY 1H14 YoY the international markets, vs 6 in NG supply total sales volumes mm3…
  27. Q2 2014 RESULTS – Galp Energia – slide 27
    Investor Relations team Pedro Dias, Head Otelo Ruivo, IRO Catarina Aguiar Branco Ctia Lopes Maria Borrega Pedro Pinto +351 21 724 08 66 Investor.relationsgalpenergia.com For further information on Galp Energia, please go to:…

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