OUTLOOK 2012 Lisbon, 6 March 2008 Manuel Ferreira De Oliveira, CEO
A TOTAL RETURN OF 171% SINCE THE IPO 8.2 bn -0.4 bn 12.7 bn 4.8 bn 1 IPO Value Value Dividend Current 23.10.2006 Growth Paid Value 1 Price as of 5 March 2008 Source: Bloomberg 3 Outlook 2012
GALP IS BUILDING AN EXPLORATION & PRODUCTION PORTFOLIO Portugal 7 Venezuela Brazil Angola number of projects East Timor 20 4 Mozambique 5 Core areas 1 Potential areas Areas to be developed 4 Outlook 2012
STRONG EXPLORATION SUCCESS, MORE THAN 2 BLN BBL RESOURCES Resource base (Mbbl)1 P2 reserves impacted by higher year end price, from 65.0 Usd/bbl to 72.3 Usd/bbl, due to PSA x6.5 773 effect Strong incremental contribution from Tupi…
EXTENSIVE PROGRAM IN 2008 Drilling Campaign Exploratory Block / Basin Operator % Galp Seismic 2008 Drilling 2007 Block 14 Chevron 9% - 5 A + 20 D 2/2 Angola Block 32 Total 5% - 3A 5/7 BM-S-11 Petrobras 10% - 2E 1/1 BM-S-8…
DELIVERING GROWTH Capex (08-12) - 1.5 Bn EBITDA CAGR (07-12) 15% Others Develop. Angola 8% Exploration Brazil Type Country 56 Usd/bbl 80 Usd/bbl Development of Block 14, 14K and 32 Average discount to brent below 2…
A MORE COMPETITIVE AND INTEGRATED R&M BUSINESS Crude processed (kbbl/d) Increase refining throughput Improve refining competitiveness 263 300 Higher conversion yield Refining coverage (%) Distributing Hedging refining…
OPTIMIZING REFINING & MARKETING SYSTEM Product yield Conversion project increases utilization rate 11% 11% Energy efficiency project to reduce crude own consumption 44% 57% Higher exposure to heavier crudes Refining 26% 19%…
DELIVERING GROWTH Capex (08-12) 2.8 Bn EBITDA CAGR (07-12) 20% 15% Refining Growth Marketing Maintenance Area Type RM Benchmark RM Benchmark 2.8 Usd/bbl 4.0 Usd/bbl Execution of conversion project in Porto and…
TOWARDS A MORE INTEGRATED GAS & POWER PORTFOLIO Source Base x2 New natural gas sourcing is critical Midstream + New Various Midstream options sourcing being study (Ex. DCLNG - Venezuela, Angola LNG II) Nigeria Nigeria…
DIFFERENT DYNAMICS IN THE NATURAL GAS BUSINESS Volumes sold (Bcm) Volumes sold (Bcm) 6.2 5.4 Managing transition 5.2 5.5 process NG Supply New environment, with higher level of 2007 2012E 2012E 2012E Regulated Portugal…
DEVELOPING A POWER PORTFOLIO 1,200 MW Concentrating on execution of projects pipeline, from 80 to Hydro 1,200MW 800 New power projects responsible for 1.2 bcm of natural gas consumption CCGT CCGT Wind and cogens under…
SUSTAINED GROWTH WITH A REGULATED BUSINESS MIX Capex (08-12) 1 Bn EBITDA CAGR (07-12) 10% Non Power regulated 4% Natural Regulated Gas Area Business NG supply margin NG supply margin Construction of additional…
CAPEX PLAN TO SUPPORT DOUBLE DIGIT GROWTH Capex 2008-2012 5.3bn EBITDA CAGR: 2007-2012 12% 1,7x R&M 56% 1x G&P 18% E&P 26% 2007 2008 2009 2010 2011 2012 D/E: < 1 Payout: 50% Strong and trustable capital Stable…
CHALLENGING PLAN TO BE DELIVERED Large resource still to be certified +1,3 Bn bbl EBITDA growth above top of the sector 12%/year and higher portfolio integration reduces systematic risk 17 Outlook 2012
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