27 July 2012 Results & strategy execution update FIRST HALF AND SECOND QUARTER 2012 Solid foundations to deliver sustainable value
Key highlights Business overview Strategy execution update Final remarks Appendix 2 First half and second quarter 2012 results
Key highlights Net profit in 2Q12 reached 129 Mln, up 81% YoY Several high impact wells to be drilled before year end Sines hydrocracker commissioning to start early August Sound financial position despite sovereign credit…
Key highlights Business overview Strategy execution update Final remarks Appendix 4 First half and second quarter 2012 results
Net profit in 2Q12 reached 129 Mln, up 81% YoY Profit & Loss (Mln) 2Q12 2Q11 YoY QoQ 1H12 YoY EBITDA increase driven by Turnover 4,556 4,356 +5% (5%) 9,351 +15% higher Brazilian oil EBITDA 281 232 +21% +40% 481 +31% production and…
Sound financial structure enabling flexibility Balance sheet (Mln) Jun.2012 Mar.2012 Jun - Mar Dec.2011 Jun - Dec Net debt increase followed capex, working Fixed assets 6,154 6,120 +34 6,002 +152 capital needs and the Work in…
Short term outlook 3Q12 working interest production targeted at c.26 kboepd Cautious outlook on refining, despite the robust benchmark margin QTD Marketing volumes increasing QoQ due to seasonality despite harsh Iberian…
Key highlights Business overview Strategy execution update Final remarks Appendix 8 First half and second quarter 2012 results
Lula development project execution on the right path FPSO Cidade de Paraty (120 kbopd) FPSO Cidade de Paraty to be allocated to Lula NE area is on schedule to start operations by 2Q13 Topside modules contracts for the first…
Preparing world class province development Mozambique Area 4 Mamba complex estimated natural gas in place of at least 47 Tcf to 52 Tcf Unitisation discussions ongoing with Area 1 and Coral-1 appraisal activities underway to…
Several high impact wells to be drilled before year end BM-S-8 BM-S-24 Potiguar Carcar well reached Rig secured to start key 1st exploration well scheduled already c.6,200 metres, with drilling phase in September for September…
Exploration acreage addition materializing strategy outlined Aljubarrota-3 concession Entering in early exploration phase with a material stake, with an option to become operator Aljubarrota-3 concession is more gas prone with…
Sines hydrocracker commissioning to start early August Sines refinery 571 of the 585 new systems already handed-over to the refinery Hydrocracker commissioning expected to take 60 days to reach full capacity Additional…
Sound financial position despite sovereign credit risk Cost of debt Debt average life Available credit lines (%) (years) ( Bln) 4.45 1.50 14.1% 11.5% 0.90 2.13 4.3% 4.4% YE2011 1H12 YE2011 1H12 YE2011 1H12 Galp Energia…
Key highlights Business overview Strategy execution update Final remarks Appendix 15 First half and second quarter 2012 results
Final remarks Lula world class development project being successfully executed and with increased operational flexibility 2H12 exploration campaign focusing on high impact exploration wells Exploration acreage addition…
Key highlights Business overview Strategy execution update Final remarks Appendix 17 First half and second quarter 2012 results
Lula-1 project produced close to full capacity during June Main E&P data 2Q12 2Q11 YoY QoQ 1H12 YoY Lula-1 project drove production growth with an Working interest production kboepd 25.8 21.8 +18% +14% 24.2 +19% average…
EBIT 13% higher YoY following refining margin improvement Main R&M data 2Q12 2Q11 YoY QoQ 1H12 YoY Positive refining margin evolution, despite the Galp Energia refining margin /bbl 2.5 0.6 n.m. n.m. 1.7 n.m. decrease in premium…
G&P positively impacted by the trading activity Main G&P data 2Q12 2Q11 YoY QoQ 1H12 YoY Trading activity with a 42% weight on total natural gas NG supply total sales volumes M m3 1,500 1,187 +26% (13%) 3,225 +16% supply…
Capex shift to world class upstream projects materialized Capital expenditure (Mln) Lula project responsible G&P for the majority of E&P R&M E&P - Production development capex E&P - Exploration 590 Exploration activities…
Major debt reimbursement scheduled for the 2013-14 period M/L-term debt reimbursement profile (Mln) 1,000 Total net debt of 1.2 Bln, 800 with an average life of 4.4 600 years 400 200 Average interest rate of 0 4.4%, up 34…
Investor Relations team Tiago Villas-Boas, Head of IR Ctia Lopes Ins Santos Maria Borrega Pedro Pinto Samuel Dias +351 21 724 08 66 investor.relationsgalpenergia.com www.galpenergia.com Results & presentation weblink…
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