29 July 2011 Results SECOND QUARTER AND FIRST HALF 2011 Delivering growth through exploration and production
Key highlights Business overview Strategy execution update Final remarks Appendix 2 Second Quarter and First Half 2011 results
Key highlights EBIT growth QoQ driven by higher contribution from oil marketing Net profit in 2Q11 reached 70 Mln, up 68% QoQ Upgrade project at Matosinhos refinery onstream since the end of June Brazilian production…
Key highlights Business overview Strategy execution update Final remarks Appendix 4 Second Quarter and First Half 2011 results
Operational activity showing signs of recovery QoQ Key operating data Net entitlement production increasing with higher contribution from Brazil 2Q11 2Q10 YoY QoQ 1H11 YoY Average realized sale price /bbl 106.7 81.6 +31% +14%…
Net profit RCA in 2Q11 of 70 Mln, up 68% QoQ Profit & Loss (Mln) EBITDA increase QoQ 2Q11 2Q10 YoY QoQ 1H11 YoY driven by higher E&P Turnover 4,356 3,580 +22% +15% 8,151 +19% and R&M contribution EBITDA 230 277 (17%) +71% 365…
Capex mainly channeled to the conclusion of the upgrade project Capital expenditure (Mln) G&P Development activities R&M in Brazil responsible for E&P 590 most of E&P capex 479 Upgrade refining project 313 accounting for…
Net debt increase driven by transformational capex execution Balance sheet (Mln) Working capital impacted Jun.2011 Mar.2011 Jun - Mar Dec.2010 Jun - Dec by decrease in payables Fixed assets 5,782 5,621 +161 5,426 +356 Work in…
Short term outlook 3Q11 working interest production targeted at c.19 kbopd Benchmark refining margins to remain under pressure in 3Q11 Marketing volumes recovery QoQ, but still affected by current macro environment in Iberia…
Key highlights Business overview Strategy execution update Final remarks Appendix 10 Second Quarter and First Half 2011 results
Continuing working to a solid capital structure NG infrastructure E&P Brazil Transaction Sale of up to 49% of a holding Capital increase at subsidiary level of company with a RAB1 of c. 900Mln a minimum of 2Bln Status Process…
Upgrade project at Matosinhos refinery running since June Matosinhos refinery New Matosinhos crude distillation capacity of 110 kbbl/d Project execution on cost with Matosinhos refinery upgrade already completed Upgrade…
Intensive drilling activity expected for 2H11 Formation tests concluded on Iara Horst, 2011 Country Area with positive results 1Q 2Q 3Q 4Q Brazil Lula 1A 1A Bigu well in BM-S-8 Cernambi 1A Iara 1A already being drilled…
Lula production gaining relevance in Galp Energia production FPSO Cidade de Angra dos Reis 2nd and 3rd production wells to be connected by August and October respectively Expected production from FPSO Cidade de Angra dos Reis…
Exceptional progress in Brazil drives new production targets Production target 1 (kboepd) 2015 2020 +40% +50% 70 300 50 200 March 2011 July 2011 March 2011 July 2011 Better reservoir characteristics reduces time to…
Key highlights Business overview Strategy execution update Final remarks Appendix 16 Second Quarter and First Half 2011 results
Final remarks Focus on optimitization activities to support resilience of Galp Energia downstream business in Iberia Funding solutions being executed to reach a sustainable and solid capital structure Upgrade project to be…
Key highlights Business overview Strategy execution update Final remarks Appendix 18 Second Quarter and First Half 2011 results
EBITDA increase YoY, benefiting from higher contribution of Brazil Main E&P data 2Q11 2Q10 YoY QoQ 1H11 YoY Lula and CPT Tmbua- Lndana projects drove Working interest production kbbl/d 21.8 19.8 +10% +15% 20.4 +7% working…
EBITDA improved QoQ supported by recovery in oil marketing Main R&M data 2Q11 2Q10 YoY QoQ 1H11 YoY Premium over benchmark of 1.9/bbl, Galp Energia refining margin /bbl 0.6 3.4 (82%) (52%) 0.8 (74%) in line with 1Q11 Spread…
EBITDA stable YoY, excluding one-off events in 2Q10 Main G&P data Recovery of NG volumes, 2Q11 2Q10 YoY QoQ 1H11 YoY driven by higher industrial NG supply total sales volumes M m3 1,187 1,105 +7% (26%) 2,792 +22% and residential…
Additional facilities of 11 Bln M/L-term debt reimbursement profile (Mln) 1.000 No major debt 800 reimbursement scheduled 600 for 2011 400 200 Total net debt of 3.2 Bln, 0 with an average life of 2.6 2011 2012 2013 2014…
Investor Relations team Tiago Villas-Boas, Head of IR 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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