Results FIRST QUARTER 2010 May 6 2010 Extending success into new challenges
First quarter results highlights Business overview Financial overview Shortterm outlook Strategy execution update 2 First Quarter 2010 Results
First Quarter Results Highlights Exploration & Production increased driven by TmbuaLndana and Tupi Production Refining & Economic environment in Iberia hurt Marketing results Marketing Gas & Recovery of supply margins in…
First quarter results highlights Business overview Financial overview Shortterm outlook Strategy execution update 4 First Quarter 2010 Results
Production increased driven by TmbuaLndana and Tupi Main E&P data 1Q10 1Q09 YoY 4Q09 QoQ Continued ramp up of Working interest production kbbl/d 18.5 13.3 +39% 17.7 +5% TmbuaLndana Net entitlement production kbbl/d 12.7 8.4 +51%…
Economic environment in Iberia hurt Marketing results Main R&M data 1Q10 1Q09 YoY 4Q09 QoQ Recovery of refining Galp Energia refining margin /bbl 2.7 2.8 (3%) 0.9 +186% margins QoQ, but still Spread over benchmark /bbl 1.2 (0.2)…
Recovery of supply margins in liberalized market Main G&P data Recovery of NG volumes 1Q10 1Q09 YoY 4Q09 QoQ and supply margins NG supply total sales volumes M m3 1,179 1,075 +10% 1,198 (2%) Liberalized markets sales volumes M…
First quarter results highlights Business overview Financial overview Shortterm outlook Strategy execution update 8 First Quarter 2010 Results
1Q10 net profit RCA of 65 mln (+32% YoY) Profit & Loss (Mln) 1Q10 1Q09 YoY 4Q09 QoQ Financial expenses Turnover 3,290 2,927 +12% 2,911 +13% impacted by higher EBITDA 177 154 +15% 150 +18% debt, partially offset E&P 48 15…
Capex mainly channeled to upgrade project Capital expenditure (Mln) G&P R&M E&P capex focused in E&P Tupis development works 192 Upgrade project 96 responsible for around 80% of the R&M capex 1Q09 1Q10 New 82 MW…
Net Debt increased due to capex and net working capital Consolidated balance sheet (Mln) Mar. 2010 Dec. 2009 Change 1.1 Bln allocated to fixed assets not yet Fixed assets 4,562 4,379 +183 generating return Work in progress…
Major debt reimbursement starting in 2011 Debt structure as of March 2010 57% 83% Net debt totalled 2.2 Bln 43% 17% Fixed Floating Average M/Lterm debt Shortterm M/Lterm M/Lterm M/Lterm maturity of 4.1 years M/Lterm…
First quarter results highlights Business overview Financial overview Shortterm outlook Strategy execution update 13 First Quarter 2010 Results
Shortterm Outlook Exploration & TmbuaLndanas 2Q10 production will continue to ramp up Production Refining & Still cautious refining margin environment Marketing Gas & Recent Spanish NG acquisition to contribute from 2Q10…
First quarter results highlights Business overview Financial overview Shortterm outlook Strategy execution update 15 First Quarter 2010 Results
Development of Tupi ongoing FPSO Cidade de Angra dos Reis Recent wells, Tupi NE and OW confirm high reservoir quality Intensive drilling program during 2010 Construction of 216 km NG pipeline already started and to…
Upgrade project in line with schedule Works at Sines refinery Equipment with longest delivery items (Hydrocracker reactors) already on site and installed Works progress according to plan All critical equipment &…
Acquisition in Madrid recently completed Natural gas supply customers in Madrid Increase leverage in natural gas supply in a market 8x bigger than Portugal Provides a base for further growth in the Spanish market…
Results FIRST QUARTER 2010 May 6 2010 Extending success into new challenges TIAGO VILLASBOAS tiagovbgalpenergia.com www.galpenergia.com INVESTOR RELATIONS OFFICER T: +351 21 724 08 66 F: +351 21 724 29 65
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