29 July 2013 Results SECOND QUARTER AND FIRST HALF 2013 An integrated energy player focused on exploration and production
Key highlights Strategy execution update Business overview Final remarks Appendix 3 Second quarter and first half 2013 results
Key highlights E&P drilling campaign ongoing, with Iara West revealing excellent results FPSO Cidade de Paraty production started in early June with full ramp-up expected in 18 months Hydrocracker running at full capacity and…
Key highlights Strategy execution update Business overview Final remarks Appendix 5 Second quarter and first half 2013 results
Drilling Tango after a working hydrocarbon system was proved in the basin Potiguar basin 10 prospects identified in a predominantly stratigraphic setting (Cretaceous clastics) 1st exploration well, Ararana, proved the presence…
Drilling campaign in Walvis basin revealed non commercial volumes Galp Energia acreage in Namibia Wingat proved the presence of two source rocks in Walvis basin, both within the oil window Murombe target revealed non-reservoir…
Mozambique: testing oil potential in Area 4 with ongoing Agulha-1 well Area 4 Agulha-1 (former K Bulge) prospect testing Paleocene and Cretaceous age targets Appraisal campaign to be resumed in Mamba complex with the drilling of…
Assessing Bracuhy potential in BM-S-24 Geological cross-section at BM-S-24 Bracuhy well already being drilled since July Bracuhy is an already well defined structure that could be an important satellite to Jpiter development…
Iara: Intensive appraisal campaign being conducted to de-risk development Iara: Structural map Iara West-2 found good quality oil carbonate reservoirs in regard to the porosity and permeability levels DST in Iara West-2 already…
Intensive exploration and appraisal drilling campaign underway Galp Energia 2013 drilling schedule Spud Duration Well Area Target Interest E/ A date ( days) status Brazil Lula Lula West-2 10% A 4Q12 - Concluded Iara Iara West-2…
Lula NE: Ramp-up period of 18 months, with full capacity during 2H14 FPSO Cidade de Paraty Committed to production ramp-up plan with mitigation measures taken by using flexible risers Production currently limited by gas flaring…
Timely delivery of FPSOs is on track Installed capacity in Lula/Iracema (kbopd) Two FPSO contracted Four FPSO contracted, two of which chartered Itagua progressing in line with plan Mangaratiba 65% completed Paraty…
WAG mechanism being tested in FPSO Cidade de Angra dos Reis WAG mechanism Recovery factor in Lula/Iracema fields recently revised upwards from 23% to 28% Maximise oil recoverability through appraisal campaign and WAG test in…
Unlocking development of the new world-class natural province in Mozambique Mozambique: LNG possible routes HoA between Eni and Anadarko, mainly regarding joint development of LNG liquefaction facilities, supports fast…
Upgrade project fully operational and generating return New units at Sines refinery Average utilisation rate of the hydrocracker of c.96% in 2Q13 Utilisation rate of refining system expected at mid-80%, with hydrocracker…
Oil marketing business: squeezing the orange Service station in Lisbon Optimising our network to better align it with current market dynamics Intensifying focus on cost optimisation across the business Regaining market share…
Leveraging LNG momentum in high value markets Price evolution of NBP vs LNG in Japan (USD/mmbtu) Robust trading activity with 14 cargoes sold in 2013 despite force majeure in Nigeria 20 18 3.4 bcm of LNG contracted with 16 14 12…
Key highlights Strategy execution update Business overview Final remarks Appendix 19 Second quarter and first half 2013 results
Q2 Ebitda of 304 m, up 7% YoY Profit & Loss ( m) Ebitda increase driven mainly by 2Q13 2Q12 YoY QoQ 1H13 YoY the positive contribution of the hydrocracker and LNG trading Turnover 4,624 4,556 +2% +3% 9,095 (3%) activities Ebitda…
Maintaining a robust financial position Balance sheet ( m) DD&A, impairments and currency exchange impacts led Jun.2013 Mar.2013 Jun - Mar Dec.2012 Jun - Dec to a decrease of fixed assets in Fixed assets 6,843 6,862 (19) 6,599 +244…
Short term outlook 3Q13 working interest production targeted at c.27 kboepd, as FPSO Cidade Angra dos Reis resumes normal operations and FPSO Cidade Paraty ramps up Refining margin continuing to be positively impacted by the…
Key highlights Strategy execution update Business overview Final remarks Appendix 23 Second quarter and first half 2013 results
Final remarks Exploration campaign being conducted with expected newsflow during 2H13 Lula development project successfully executed with two FPSO already producing and mitigation risk measures being taken Testing upside…
Key highlights Strategy execution update Business overview Final remarks Appendix 25 Second quarter and first half 2013 results
Production increased 3% YoY in 2Q13 despite maintenance activities in Lula Main E&P data Lula field with an average production of 10.4 kboepd, 2Q13 2Q12 YoY QoQ 1H13 YoY despite maintenance activities in the FPSO Working interest…
Refining activity was the driver of the Ebitda increase Main R&M data The R&M business benefited from the hydrocracker stable operations and refinery related 2Q13 2Q12 YoY QoQ 1H13 YoY supply activites Galp Energia refining…
Ebitda up 24% YoY on the back of continued strong LNG trading performance Main G&P data Robust LNG trading activity, despite force majeure in Nigeria 2Q13 2Q12 YoY QoQ 1H13 YoY during the second quarter NG supply total sales…
Around 70% of total capex allocated to E&P activities in 2Q13 Capital expenditure ( m) Exploration activities responsible for c.40% of E&P G&P capex in 2Q13, namely in Brazil R&M and Namibia E&P - Production E&P - Exploration…
Puting in place the financing strategy by extending debt maturities M/L-term debt reimbursement profile ( m) 800 c.1.5 bn in long term facilities already signed in 2013 600 400 Net debt to Ebitda of 1.1x, 200 considering loan to…
Investor Relations team Tiago Villas-Boas, Head Ctia Lopes Ins Santos Maria Borrega Pedro Pinto +351 21 724 08 66 Investor.relationsgalpenergia.com For further information on Galp Energia, please go to: www.galpenergia.com Results…
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