Results SECOND QUARTER AND FIRST HALF 2010 July 30 2010 Extending success into new challenges
Second quarter and first half results highlights Business overview Financial overview Shortterm outlook Strategy execution update 2 Second Quarter and First Half 2010 results
Second Quarter and First Half Results Highlights Exploration & Increase in crude price drove results upwards YoY Production Refining & Galp Energias refining margin increased by 1.8/bbl YoY in 2Q10 Marketing Gas & Natural gas…
Second quarter and first half results highlights Business overview Financial overview Shortterm outlook Strategy execution update 4 Second Quarter and First Half 2010 results
Increase in crude price drove results upwards YoY Main E&P data Tupi and CPT Tmbua 2Q10 2Q09 YoY QoQ 1H10 1H09 YoY Lndana projects drove Working interest production kbbl/d 19.8 13.4 +48% +7% 19.1 13.3 +43% working interest…
Galp Energias refining margin increased by 1.8/bbl YoY in 2Q10 Main R&M data Premium over 2Q10 2Q09 YoY QoQ 1H10 1H09 YoY benchmark benefited by Galp Energia refining margin /bbl 3.4 1.6 +118% +27% 3.0 2.0 +50% increase in…
Natural gas supply margins recovered YoY Main G&P data Significant growth in 2Q10 2Q09 YoY QoQ 1H10 1H09 YoY liberalized industrial NG supply total sales volumes M m3 1,105 1,115 (1%) (6%) 2,284 2,189 +4% market YoY Liberalized…
Second quarter and first half results highlights Business overview Financial overview Shortterm outlook Strategy execution update 8 Second Quarter and First Half 2010 results
2Q10 net profit RCA of 109 Mln, up 110% YoY Profit & Loss (Mln) Positive contribution 2Q10 2Q09 YoY QoQ 1H10 1H09 YoY from all segments Turnover 3,588 2,866 +25% +9% 6,877 5,793 +19% EBITDA 277 133 +109% +56% 454 286 +59% E&P…
Transformational capex execution according to plan Capital expenditure 1 (Mln) Tupi continued to be the G&P R&M E&P main driver of E&Ps capex 479 Upgrade refining project 264 288 capex accelerated in 168 2Q10…
Net debt increase driven by transformational capex Consolidated balance sheet (Mln) Increase in work in Jun. 2010 Mar. 2010 Jun Mar Dec. 2009 Jun Dec progress, which reached Fixed assets 4,835 4,562 +273 4,379 +456 1.4 Bln, not…
Current liquidity of 1.31 Bln M/Lterm debt reimbursement profile (Mln) Change in reimbursement 600 400 profile to reduce debt 200 repayments in 2011 0 2010 2011 2012 2013 +2014 Net debt totalled 2.5 Bln Debt…
Second quarter and first half results highlights Business overview Financial overview Shortterm outlook Strategy execution update 13 Second Quarter and First Half 2010 results
Shortterm Outlook Exploration & 3Q10 working interest production expected to be in line with 2Q10 Production Refining & Economic recovery uncertainty with potential impact in division drivers Marketing Gas & 3Q10 NG volumes…
Second quarter and first half results highlights Business overview Financial overview Shortterm outlook Strategy execution update 15 Second Quarter and First Half 2010 results
Development of Tupi ongoing FPSO Cidade de Angra dos Reis Installation of 216 km NG pipeline already concluded Recent wells, Tupi NE, Tupi OW and Tupi Alto confirm high reservoir quality Pilot on time to start…
2H10 drilling program focused on BMS11 Brazil 2010 Santos Basin Drilling program focused on Angola 2010 BMS11 5A high potential Tupi and Block 14 2A BMS24 1E Iracema areas Block 32 1A Shallow Blocks 1E Angola LNG II 1E…
Upgrade project moving ahead according to plan Works at Sines refinery Project on cost, 1.4 Bln, of which 600 Mln already invested Equipment with longest delivery items (hydrocracker reactors) already on site and…
New 82 MW cogeneration at Matosinhos in line with schedule Works at Matosinhos cogeneration Electric interconnection with the power grid already concluded and all main lead items have been already procured Matosinhos…
Results SECOND QUARTER AND FIRST HALF 2010 July 30 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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