Results FIRST QUARTER 2011 April 29 2011 Extending success into new challenges
Key highlights Business overview Strategy execution update Final remarks Appendix 2 First Quarter 2011 results
Key highlights Sines refinery planned outage and depressed economic environment in Iberia drove EBITDA decrease Net profit in 1Q11 reached 41 Mln, down 36% YoY FPSO Cidade de So Vicente already on stream in Lula NE performing…
Key highlights Business overview Strategy execution update Final remarks Appendix 4 First Quarter 2011 results
Operational activity impacted by Sines refinery planned outage Key operating data Net entitlement production 1Q11 1Q10 YoY 4Q10 QoQ impacted by PSA effects Average realized sale price /bbl 93.3 70.9 +31% 80.0 +17% Net entitlement…
1Q11 net profit RCA of 41 Mln, down 36% YoY Profit & Loss (Mln) EBITDA decrease 1Q11 1Q10 YoY 4Q10 QoQ driven by lower R&M Turnover 3,796 3,290 +15% 3,538 +7% contribution EBITDA 135 177 (24%) 177 (24%) E&P 48 48 (2%) 56…
Transformational capex execution according to plan Capital expenditure1 (Mln) G&P Lula development R&M responsible for most of E&P E&P capex 302 Upgrade refining project 192 accounting for c.70% of 1Q11 capex G&P capex…
Net debt increase driven by transformational capex execution Balance sheet (Mln) Mar. 2011 Dec. 2010 Change Increase in strategic stock as prices of crude and oil Fixed assets 5,621 5,426 +195 products rose Work in progress 2,115…
Short term outlook 2Q11 working interest production targeted at c.21 kbopd Still cautious refining outlook Depressed economic environment in Iberia shall continue impacting marketing volumes 2Q11 natural gas volumes down QoQ…
Key highlights Business overview Strategy execution update Final remarks Appendix 10 First Quarter 2011 results
Intensive exploration and appraisal activity Country Area 2011 Formation tests ongoing 1Q 2Q 3Q 4Q on Iara Horst, drilled in Brazil Lula 1A Cernambi 1A 1Q11 Iara 1A 1A BM-S-8 1E 1E BM-S-24 1A BM-ES-31 1E Block 32 appraisal…
Lula/ Cernambi development on track FPSO Cidade de Angra dos Reis First gas injection well already connected to FPSO Cidade de Angra dos Reis FPSO Cidade de So Vicente already on stream in Lula NE performing the EWT Gas…
Upgrade works will be finished during 2011 Matosinhos refinery Upgrade project at Matosinhos refinery almost concluded with the installation of the vacuum visbreaker Planned c.350 interconnections of new units at Sines…
Continuing working to a solid capital structure NG infrastructure E&P Brazil Transaction Sale of up to 49% of a holding Capital increase at subsidiary level of company with a RAB1 of c. 900Mln c.2 Bln Status Non binding…
Key highlights Business overview Strategy execution update Final remarks Appendix 15 First Quarter 2011 results
Final remarks Funding solutions being executed to reach a sustainable and solid capital structure Upgrade project to be concluded before YE2011, shifting capex profile from downstream to upstream activities Continuous focus on…
Key highlights Business overview Strategy execution update Final remarks Appendix 17 First Quarter 2011 results
EBITDA stable YoY, benefiting from higher realized sale price Main E&P data 1Q11 1Q10 YoY 4Q10 QoQ Working interest production increased YoY driven by Working interest production kbbl/d 19.0 18.5 +3% 20.1 (6%) Tmbua-Lndana field…
EBITDA impacted by Sines outage and lower volumes sold Main R&M data 1Q11 1Q10 YoY 4Q10 QoQ Premium over benchmark increased in Galp Energia refining margin /bbl 1.3 2.7 (51%) 2.3 (43%) 1Q11 due to heavy/light Spread over…
EBITDA stable YoY, supported by higher natural gas supply volumes Main G&P data 1Q11 1Q10 YoY 4Q10 QoQ Recovery of NG volumes, NG supply total sales volumes M m3 1,605 1,178 +36% 1,340 +20% driven by higher electrical Electrical M…
Additional facilities of 1.01 Bln M/L-term debt reimbursement profile (Mln) 1.000 No major reimbursement 800 in 2011 600 400 Total net debt of 3.1 Bln, 200 with an average life of 2.6 0 2011 2012 2013 2014 +2015 years…
Results FIRST QUARTER 2011 April 29 2011 Extending success into new challenges TIAGO VILLAS-BOAS tiagovbgalpenergia.com www.galpenergia.com INVESTOR RELATIONS OFFICER T: +351 21 724 08 66 F: +351 21 724 29 65
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