29 April 2014 Results FIRST QUARTER 2014 An integrated energy player focused on exploration and production
Key highlights Strategy execution update Business overview Final remarks Appendix 3 First quarter 2014 results
Key highlights Lula/Iracema project being executed according to plan, with FPSO 2 on track to reach full capacity during 4Q14 Appraisal activities underway to optimise Iara development plan First oil accumulation tested in…
Key highlights Strategy execution update Business overview Final remarks Appendix 5 First quarter 2014 results
E&P: FPSO Cidade Paraty (2) expected to reach full capacity during 4Q14 Lula NE milestones Schedule Status Delivery of FPSO Cidade Paraty May-13 Start of production Jun-13 Connection of injector well Aug-13 Connection of producer…
E&P: FPSO Cidade Mangaratiba (3) on track to first oil by 4Q14 FPSO Cidade Mangaratiba (3) Iracema South project development wells 8 8 5 5 Drilled Planned Drilled Planned Producers Injectors Topsides integration works…
E&P: Iara appraisal campaign underway to de-risk development Total infrastructure net installed Iara: structural map capacity (kboepd) 375 Pre-sanctioned Sanctioned 300 Operating 225 Iara 150 75 0 2012 2013 2014E…
E&P: FID made on Block 32 Kaombo in Angola Total infrastructure net installed Kaombo development plan capacity (kboepd) 375 Pre-sanctioned Sanctioned 300 Operating 225 Block 32 150 75 0 2012 2013 2014E 2015E 2016E…
E&P: Seven to nine E&A wells expected to be drilled in 2014 Galp Energia 2014 drilling schedule Spud Duration Well Area Target Interest E/A1 date ( days) status 2 Brazil BM-S-8 Carcar (extension) 14% A 4Q14 120 - BM-S-24…
E&P: Progress on 2014 exploration programme Potiguar basin in Brazil Tarfaya Offshore Area in Morocco Trident prospect porosity DST revealed good reservoir quality in terms Jack-up rig Ralph Coffman already contracted of…
G&P: Sustaining LNG supply and trading activity Iberian NG sales LNG trading sales (bcm) (bcm) 4.6 4.4 4.0 4.1 3.0 2.2 1.0 1.1 0.7 0.5 2010 2011 2012 2013 1Q14 2010 2011 2012 2013 1Q14 Material demand in Iberia,…
Key highlights Strategy execution update Business overview Final remarks Appendix 14 First quarter 2014 results
1Q14 Ebitda up 5% YoY driven by higher E&P production and LNG activity Profit & Loss ( m) Ebitda benefited from higher 1Q14 1Q13 YoY production in Brazil and strong Turnover 4,125 4,471 (8%) LNG supply and trading activity, Ebitda…
Maintaining a robust balance sheet Balance sheet ( m)1 Sines outage negatively impacted working capital Mar.2014 Dec.2013 Mar - Dec Fixed and LT assets 7,014 6,883 +131 Net debt stable at 2.3 bn despite working capital and fixed…
Capex mainly allocated to development of Lula/Iracema project Capital expenditure ( m) Development activities in BM-S-11 accounted for c.65% of E&P capex, including FPSO and 197 189 development wells G&P Exploration capex in…
Sucessfully aligning debt maturities with cash flow profile Debt reimbursement profile1 ( m) Gross debt1 of 3.5 bn with an 800 average maturity of 3.4 years 600 400 50% of total gross debt expected to be reimbursed from 2018…
Short term outlook 2Q14 WI production expected at c.26 kboepd, impacted by the end of two EWT in Lula field in April Volumes of crude processed in 2Q14 to be impacted by the ongoing Sines refinery turnaround Iberian oil products…
Key highlights Strategy execution update Business overview Final remarks Appendix 20 First quarter 2014 results
Final remarks Lula/Iracema project on time and on budget with production ramp-up expected in 2014 Appraisal activities underway to de-risk development of pre-sanctioned projects, namely Iara First operated offshore well in…
Key highlights Strategy execution update Business overview Final remarks Appendix 22 First quarter 2014 results
Production increased 19% YoY driven by Lula NE and EWT in Lula Main E&P data Brazil production increased 5.4 1Q14 1Q13 YoY kboepd YoY, following start-up of FPSO 2 and two EWT in Lula Working interest production kboepd 28.1 23.5…
R&M earnings impacted by continued negative refining environment Main R&M data Sines refinery general outage, 1Q14 1Q13 YoY started in March and impacted crude processed and cash cost Galp Energia refining margin USD/bbl 1.1 1.8…
LNG trading volumes reached over 1 bcm driving Ebitda increase Main G&P data LNG trading volumes supported 1Q14 1Q13 YoY by flexible sourcing mix, including new supply contracts and spot NG supply total sales volumes mm3 2,078…
Investor Relations team Tiago Villas-Boas, Head Catarina Aguiar Branco Ctia Lopes Maria Borrega Pedro Pinto +351 21 724 08 66 Investor.relationsgalpenergia.com For further information on Galp Energia, please go to:…
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