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Q3 2014 RESULTS – Galp Energia

Galp Energia · Oct 27, 2014 · 26 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. Q3 2014 RESULTS – Galp Energia – slide 1
    27 October 2014 Results THIRD QUARTER 2014 An integrated energy player focused on exploration and production
  2. Q3 2014 RESULTS – Galp Energia – slide 2
    Key highlights Execution update Financial overview Concluding remarks Appendix 3 Third quarter 2014 results
  3. Q3 2014 RESULTS – Galp Energia – slide 3
    Key highlights 3Q14 Ebitda of 379 m, up 21% YoY due to higher production in Brazil and to improved refining margins Production up QoQ, reaching 31.8 kboepd supported by high well productivity in Brazil Lula/Iracema FPSO 1 and 2…
  4. Q3 2014 RESULTS – Galp Energia – slide 4
    Key highlights Execution update Financial overview Concluding remarks Appendix 5 Third quarter 2014 results
  5. Q3 2014 RESULTS – Galp Energia – slide 5
    FPSO 2 (Paraty) reached full capacity ahead of plan Lula NE milestones Guidance Status Full ramp-up achieved in 15 Delivery of FPSO Cidade Paraty May-13 months vs. initial plan of 18 Start of production Jun-13 months Connection…
  6. Q3 2014 RESULTS – Galp Energia – slide 6
    FPSO 3 (Mangaratiba) started operations in mid October at Iracema 1st producer well with a potential of 30 kbopd, although restricted until injector well is connected in December Plateau production expected by 1H2016 Technical…
  7. Q3 2014 RESULTS – Galp Energia – slide 7
    Performing appraisal activities in Iara, ahead of DoC by YE Iara, Block BM-S-11 EWT in Iara West 2 with an average flow rate of c.29 kbopd and to last until year end Iara RDA 2 well (close to Iara Entorno) to be concluded…
  8. Q3 2014 RESULTS – Galp Energia – slide 8
    Appraisal campaign in BM-S-24 Block BM-S-24 Apollonia well confirmed the extension of Jpiter discovery and the same hydrocarbons mix DST being performed in Bracuhy Elida appraisal well to be spud in 4Q14 9 Third quarter…
  9. Q3 2014 RESULTS – Galp Energia – slide 9
    Carcar Extension appraisal well spudded in September Block BM-S-8 Carcar Extension well being drilled in two phases Second phase to be drilled by a rig with MPD equipment in 2H15 DST expected to be performed in 2015 10…
  10. Q3 2014 RESULTS – Galp Energia – slide 10
    Mozambique: Progressing with Area 4 project development Rovuma basin Appraisal campaign concluded in 3Q14 with Coral-4 well, which confirmed reservoir quality Enabling Law approved and Decree Law expected to be approved by…
  11. Q3 2014 RESULTS – Galp Energia – slide 11
    Downstream and gas performance leveraging market dynamics Galp Energia benchmark margin evolution LNG trading volumes (mm3) /bbl 5.0 1Q14 2Q14 3Q14 3,034 4.0 Average Average Average 716 (0.6)/bbl (0.2)/bbl 2.3/bbl 3.0 2,080…
  12. Q3 2014 RESULTS – Galp Energia – slide 12
    Key highlights Execution update Financial overview Concluding remarks Appendix 13 Third quarter 2014 results
  13. Q3 2014 RESULTS – Galp Energia – slide 13
    3Q14 Ebitda up 21% YoY Profit & Loss ( m) Ebitda benefited from higher 3Q14 3Q13 YoY 9M14 YoY production in Brazil and Turnover 4,693 5,808 (19%) 13,434 (10%) improved European refining Ebitda 379 312 +21% 915 +5% margins E&P 131…
  14. Q3 2014 RESULTS – Galp Energia – slide 14
    Maintaining a robust balance sheet Balance sheet ( m)1 Working capital normalised post increase in June Sep.2014 Jun.2014 Sep-Jun Dec.2013 Sep - Dec Fixed and LT assets 7,413 7,219 +194 6,883 +530 Net debt stable at 2.4 bn, Work…
  15. Q3 2014 RESULTS – Galp Energia – slide 15
    Capex mainly allocated to development of Lula/Iracema Capital expenditure ( m) 9M14 capex of 776 m, mainly allocated to development activities in Lula/Iracema 776 G&P 728 R&M Activities in BM-S-11 accounted for c.70% of E&P…
  16. Q3 2014 RESULTS – Galp Energia – slide 16
    Robust cash flow from operations in 3Q14 Cash Flow ( m)1 3Q14 3Q13 9M14 9M13 Ebit IFRS 115 166 346 285 Dividends from associates 27 9 55 44 DD&A 189 164 451 448 Change in working capital 175 64 10 (79) Cash flow from operations…
  17. Q3 2014 RESULTS – Galp Energia – slide 17
    Average debt maturity further extended Debt reimbursement profile1 ( m) 1,000 Gross debt of 3.9 bn with 30 Sept 2014 30 June 2014 average maturity of 3.8 yr and 800 average interest rate of 4.3%1 600 400 500 m bond issued in…
  18. Q3 2014 RESULTS – Galp Energia – slide 18
    4Q14 outlook 4Q14 WI production expected at c.35 kboepd, mainly supported by FPSO 2 at full capacity in Lula NE and contribution from FPSO 3 Iberian oil products volume sales expected to remain stable YoY NG volumes in line QoQ,…
  19. Q3 2014 RESULTS – Galp Energia – slide 19
    Key highlights Execution update Strategy overview Concluding remarks Appendix 20 Third quarter 2014 results
  20. Q3 2014 RESULTS – Galp Energia – slide 20
    Concluding remarks Lula/Iracema project delivering according to plan, with FPSO 1 and 2 at full capacity and FPSO 3 ramping-up Ongoing appraisal and pre-development activities to support the definition of Iara development plan…
  21. Q3 2014 RESULTS – Galp Energia – slide 21
    SAVE THE DATE Capital Markets Day 2015 London, 10 March 2015
  22. Q3 2014 RESULTS – Galp Energia – slide 22
    Key highlights Execution update Financial overview Concluding remarks Appendix 23 Third quarter 2014 results
  23. Q3 2014 RESULTS – Galp Energia – slide 23
    E&P: Production increased 23% YoY driven by Lula NE and Iara EWT Main E&P data Higher production in Brazil, due to ramp-up of FPSO 2 to full 3Q14 3Q13 YoY 9M14 YoY capacity and to EWT in Iara area Working interest production…
  24. Q3 2014 RESULTS – Galp Energia – slide 24
    R&M: Refining margins driving Ebitda increase Main R&M data Premium to benchmark positively impacted by sourcing 3Q14 3Q13 YoY 9M14 YoY optimisation Galp Energia refining margin USD/bbl 5.6 1.7 n.m. 2.4 +4% Refining cash cost…
  25. Q3 2014 RESULTS – Galp Energia – slide 25
    G&P: Fewer trading opportunities driving Ebitda decrease Main G&P data LNG supply & trading activity impacted by less favourable 3Q14 3Q13 YoY 9M14 YoY market dynamics NG supply total sales volumes mm3 1,682 1,971 (15%) 5,586…
  26. Q3 2014 RESULTS – Galp Energia – slide 26
    Investor Relations team Pedro Dias, Head Otelo Ruivo, IRO Ctia Lopes Joana Pereira Marta Silva Pedro Pinto +351 21 724 08 66 Investor.relationsgalpenergia.com For further information on Galp Energia, please go to:…

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