ADJUSTED EBITDA INCREASED BY 9% ON A PRO FORMA BASIS Growth in E&P activity driven by higher production more than compensated lower EBITDA generation in R&M and G&P businesses due to less favorable market conditions Pro forma…
BUSINESS OVERVIEW
SUSTAINED GROWTH PRODUCTION DRIVEN BY BBLT FIELD Premium to Brent increased from -4.9 Usd/bbl to -0.3 Usd/bbl driven by BBLT lighter crudes Still a reduced contribution from TL lighter oil Total Equity Production by Field (million…
9M GALP ENERGIA REFINING MARGIN DOWN 3% IN EURO TERMS Usd depreciation, from 1.24 to 1.34, impacted refining margins in euro terms, from 4.4 to 4.3 Eur/bbl Q3 07 refining margins down by 32% YoY in Usd and 37% in Euro terms Galp…
STRONGER CONTRIBUTION FROM MARKETING ACTIVITIES Higher volumes sold in the Portuguese market despite market decrease (-3%) Sales to direct clients up by 3.2%, increasing the cover ratio of refining throughput to 71% Million tons 9M…
NATURAL GAS VOLUMES UP BY 4.6% Trading volumes more than compensated lower sales to power companies driven by better hydro conditions in 2007 Volumes sold to distribution and industrial segments confirming growth potential of…
ADJUSTED EBIT INCREASED BY 15% ON A PRO FORMA BASIS Higher production and crude prices boosted E&P EBIT Lower R&M results due to depreciation of refining margins in euro terms Less favorable conditions for trading margins penalized…
E&P ACTIVITY RESPONSIBLE FOR 48% OF TOTAL CAPEX Higher E&P capex reflecting increase in exploration and development projects R&M capex already include part of Porto turnaround and beginning of conversion project Additional 556 kms of…
STRONG CAPITAL STRUCTURE Balance Sheet Items (M) Change vs Change vs Dec. 2006 Jun. 2007 Sept. 2007 Dec. Jun. Fixed Assets 2,413 2,459 2,514 100 55 Strategic Stock 453 477 505 52 28 Other assets (liabilities) (156) (184) (138) 18…
FINAL REMARKS
RECENT ACHIEVEMENTS 2 new oil discoveries, in Block 14 and 32 in Angola E&P Conclusion of Tupi Sul appraisal well Signing of an MoU with PDVSA for development of future projects Contracts signing for the conversion project with…
MAJOR OIL DISCOVERY IN SANTOS BASIN BM-S-11 Reserves Mkt Cap Bn BM-S-11 FY06 (Mboe)1 Usd2 Petrobras 65% 15,023 191.8 BG Group 25% 3,532 63.8 Galp Energia 10% 50.4 13.2 Estimated volumes of recoverable light oil and…
GALP ENERGIA - 3rd OIL COMPANY IN THE SANTOS BASIN Galp Energia Stake BM-S-8 BM-S-21/24 14% 20% 86% 80% Galp Energia Others Petrobras is the operator More than 10 prospects identified 2 explorations wells being…
NINE MONTHS 2007 RESULTS PRESENTATION APPENDIX IRP REALLOCATION
BASIS OF PRESENTATION RECENT CHANGES In the third quarter of 2007 the method of accounting for IRP, tax on oil revenues payable in Angola, was changed. In order to better specify the nature of costs, this tax formerly accounted…
CHANGES IN 2006 PROFIT AND LOSS 9M2006 9M 2006 Q3 2006 Q3 2006 M Change Change Former Actual Former Actual IRP (13) +13 0 (10) +10 0 Adjusted EBIT 515 +13 528 251 +10 261 Taxes (179) (13) (192) (58) (10) (68) Adjusted Net…
CHANGES IN 1H 2007 PROFIT AND LOSS 1H2007 1H 2007 Q3 2007 M Change Former Actual Actual IRP (19) +19 0 0 Adjusted EBIT 360 +19 379 147 Includes 20 M of IRP Taxes (107) (19) (126) (53) Adjusted Net 285 0 285 91…
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