Results FOURTH QUARTER AND FULL YEAR 2010 RESULTS February 11 2011 Extending success into new challenges
Key highlights Business overview Financial overview Short-term outlook Strategy execution update 2 Fourth Quarter and Full Year 2010 results
Key highlights EBITDA growth driven by improved overall operational performance 4Q10 net profit RCA growth of 16% to 40 Mln First commercial production from Lula field in Santos basin Significant reserves addition de-risking…
Key highlights Business overview Financial overview Short-term outlook Strategy execution update 4 Fourth Quarter and Full Year 2010 results
EBITDA growth driven by production from new projects Main E&P data Tupi and CPT Tmbua- 4Q10 4Q09 YoY QoQ 12M10 12M09 YoY -Lndana projects drove Working interest production kbbl/d 20.1 17.7 +14% +2% 19.5 14.7 +33% working…
Refining margin of 2.3/bbl in 4Q10, though impacted by Matosinhos outage Main R&M data Premium over 4Q10 4Q09 YoY QoQ 12M10 12M09 YoY benchmark decreased in Galp Energia refining margin /bbl 2.3 0.9 +145% +8% 2.6 1.5 +81% 4Q10…
Supply margins decrease driven by higher NG cost Main G&P data Natural gas supply 4Q10 4Q09 YoY QoQ 12M10 12M09 YoY volumes up 5% YoY NG supply total sales volumes M m3 1,340 1,198 +12% +3% 4,926 4,680 +5% Electrical M m3 465…
Key highlights Business overview Financial overview Short-term outlook Strategy execution update 8 Fourth Quarter and Full Year 2010 results
4Q10 net profit RCA of 40 Mln, up 16% YoY Profit & Loss (Mln) EBIT increase driven by improved 4Q10 4Q09 YoY QoQ 12M10 12M09 YoY performance at R&M and G&P segments Turnover 3,538 2,911 +22% (1%) 13,998 11,960 +17% EBITDA 177…
Transformational capex execution according to plan Capital expenditure1 (Mln) Santos basin driving E&P G&P R&M E&P capex growth 1,233 Upgrade refining project accounting for 50% of 730 2010 capex 369 295 Cogeneration…
Key transformational projects capex execution driving net debt higher Balance sheet (Mln) Dec. 2010 Set. 2010 Dec - Set Dec. 2009 Dec - Dec Transformational projects leading to Fixed assets 5,426 5,122 +304 4,379 +1,047 increased…
Additional facilities of 1.21 Bln M/L-term debt reimbursement profile (Mln) Reimbursement profile 1.000 aligned with cash flow 800 generation 600 400 200 Total net debt of 2.8 bln, with an average life of 3.1 0 2011…
Key highlights Business overview Financial overview Short-term outlook Strategy execution update 13 Fourth Quarter and Full Year 2010 results
Short-term Outlook Exploration & 1Q11 crude production targeted at 20.0 kbopd Production Refining Depressed economic environment in Iberia and Sines refinery outage in & 1Q11 will impact operating performance Marketing Gas…
Key highlights Business overview Financial overview Short-term outlook Strategy execution update 15 Fourth Quarter and Full Year 2010 results
Expected lower contribution from CPT Tmbua-Lndana CPT Tmbua-Lndana 3rd producing field in block 14, where Galp Energia holds a 9% stake Technical revision and production in 2010 driving working interest reserves down Gross…
Lula/Cernambi declaration of commerciality already submitted FPSO Cidade de Angra dos Reis Total recoverable volume of 8.3 billion boe 9 FPSOs sanctioned for the Lula and Cernambi development FLNG FEEDs already concluded…
Total gross capacity of 1,270 kbbl/d in 2017 Gross FPSO production capacity (kbbl/d) 1500 1000 More 4 FPSOs for Lula and Cernambi Lula 3rd and 4th FPSOs 500 Cernambi 1st FPSO Lula 2nd FPSO Lula 1st FPSO 0 2010 2012…
Portfolio evolution allowing outstanding reserves addition Reserves1 (Mln Boe) 574 397 Strong reserves addition in 2010 with BM-S-11 Development Plan 35 35 submission 2P 3P 2P 3P Gas 2009 2010 Lula and Cernambi fields Oil…
Strong exploration resources addition in 2010 Prospective resources Prospective Resources1 (Mln Boe) increase driven by exhaustive exploratory Gas work 2,550 Oil Potential of Galp Energia 1,640 portfolio not only in Santos…
Stringent upgrade project execution Upgrade project works Project execution on cost, with 970 mln invested until FY2010 Works at Matosinhos refinery ahead of original planned, with full production coming on stream in 2Q11…
Marketing contribution supported by Spanish acquisitions Galp Energia service stations in Iberia More than 1,400 service stations and over 500 convenience stores in Iberia ensure high market coverage Market share of 50% in…
Spanish NG acquisition to support further Iberian growth Galp Energia supply coverage in Madrid region Acquisition of Madrilea Gas, both regulated and liberalized activities, allows for further Iberian cash generation Sales of…
Matosinhos refinery cogeneration to support NG volumes growth Works at Matosinhos refinery cogeneration New 82 MW cogeneration at Matosinhos refinery to start operations by 4Q2011 All main lead items have been procured, with…
Galp Energia Capital Markets Day 2011 Rio de Janeiro, Brazil March 14, 2011 25 Fourth Quarter and Full Year 2010 results
Results FOURTH QUARTER AND FULL YEAR 2010 February 11 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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