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Q1 2008 RESULTS – Galp Energia

Galp Energia · May 20, 2008 · 23 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Q1 2008 RESULTS – Galp Energia – slide 1
    FIRST QUARTER 2008 RESULTS Lisbon, 20 May 2008
  2. Q1 2008 RESULTS – Galp Energia – slide 2
    MARKET OVERVIEW
  3. Q1 2008 RESULTS – Galp Energia – slide 3
    STEEPER CURVE OF BRENT AND EURO, WIDENING GAP TO 2007 Brent dated Rotterdam Cracking 10 140 Avg. 1Q08 120 96.9 Usd/bbl 8 100 6 Avg. 1Q07 80 3.5 Usd/bbl 60 4 Avg. 1Q07 40 57.8 Usd/bbl 2 Avg. 1Q08 20 2.8 Usd/bbl 0 0 J F M A M…
  4. Q1 2008 RESULTS – Galp Energia – slide 4
    HIGHLIGHTS
  5. Q1 2008 RESULTS – Galp Energia – slide 5
    REPLACEMENT COST ADJUSTED EBITDA OF 234 MILLION, UP 3.3% Replacement Cost IFRS Adjusted 1 1Q07 1Q08 % Ch. Million 1Q07 1Q08 % Ch. 2,750 3,493 27.0% Turnover 2,746 3,493 27.2% 242 316 30.7% EBITDA 226 234 3.3% 179 247 37.8% EBIT…
  6. Q1 2008 RESULTS – Galp Energia – slide 6
    REPLACEMENT COST ADJUSTED EBITDA UP 3% YoY AND 30% QoQ G&P and E&P strongly contributing to growth in replacement cost adjusted EBITDA Replacement cost adjusted EBITDA posted double digit increase QoQ in each segment Replacement cost…
  7. Q1 2008 RESULTS – Galp Energia – slide 7
    BUSINESS OVERVIEW
  8. Q1 2008 RESULTS – Galp Energia – slide 8
    INCREASE IN UNIT MARGIN COMPENSATES LOWER PRODUCTION Expected delays in BBLT drilling activities to be solved before the end of 2Q08 Reduction in net entitlement production due to lower working production and to higher crude oil…
  9. Q1 2008 RESULTS – Galp Energia – slide 9
    EXTERNAL DRIVERS CONTINUED TO PUSH REFINING MARGINS DOWN Margins impacted by Eur/Usd appreciation, +14% YoY Decreasing fuel oil and gasoline cracks, -34% YoY and -6% YoY, respectively Increase of crude processed to 24 Million bbl, up…
  10. Q1 2008 RESULTS – Galp Energia – slide 10
    DIRECT CUSTOMERS CONTINUED SUPPORTING VOLUMES Positive contribution from wholesale segment, up 7% YoY Exports up 2% YoY fuelled by gasoline growth of 29%, mainly to USA Million tons 1Q08 % YoY % QoQ Refining throughput 3.1…
  11. Q1 2008 RESULTS – Galp Energia – slide 11
    NATURAL GAS VOLUMES REACHED 1,471 Mm3, UP 32% YoY Electrical and trading segments responsible for 55% of total volumes sold, posting an increase of 71% YoY, due to low hydro levels Volumes in Spain, in industrial sector, reached 16 Mm3…
  12. Q1 2008 RESULTS – Galp Energia – slide 12
    FINANCIAL OVERVIEW
  13. Q1 2008 RESULTS – Galp Energia – slide 13
    REPLACEMENT COST ADJUSTED EBITDA REACHED 234 MILLION E&P benefited from increase in realized sale price, 92% YoY R&M performance hampered by Usd devaluation and decreasing fuel oil and gasoline cracks G&P growth supported by…
  14. Q1 2008 RESULTS – Galp Energia – slide 14
    REPLACEMENT COST ADJUSTED EPS OF 0.13, UP 4.6% ON USD BASIS Replacement Cost IFRS Adjusted 1 1Q07 1Q08 % Ch. Million 1Q07 1Q08 % Ch. 2,750 3,493 27.0% Turnover 2,746 3,493 27.2% 242 316 30.7% EBITDA 226 234 3.3% 179 247 37.8%…
  15. Q1 2008 RESULTS – Galp Energia – slide 15
    CASH FLOW GENERATED LED TO NET DEBT REDUCTION 1Q07 1Q08 Million 178 136 258 229 Operations Operations 93 80 Operations Investment Capex Capex SOURCES USES SOURCES USES 16 First Quarter 2008 Results Net debt…
  16. Q1 2008 RESULTS – Galp Energia – slide 16
    STRONGER CAPITAL STRUCTURE Balance Sheet Items ( Million) Dec. 2007 Mar. 2008 Ch. Fixed Assets 2,584 2,629 45 Strategic Stock 566 679 113 Other assets (liabilities) (170) (235) (65) Working Capital 180 121 (60) Net Debt 734 598…
  17. Q1 2008 RESULTS – Galp Energia – slide 17
    FIRST QUARTER HIGHLIGHTS EXPLORATION Contributed to 23% of replacement cost adjusted EBITDA & PRODUCTION Realization price up 92% YoY REFINING Usd devaluation hurt margins in 1Q08 & MARKETING Direct customers continued…
  18. Q1 2008 RESULTS – Galp Energia – slide 18
    AGREEMENTS WITH PDVSA
  19. Q1 2008 RESULTS – Galp Energia – slide 19
    VENEZUELA, A NEW PLATFORM FOR GROWTH DELTA CARIBE 2 projects, each to include the development of a natural gas pipeline AND MARISCAL and a liquefaction facility SUCRE Total processing capacity of 13 bcm of LNG per year LNG PROJECTS…
  20. Q1 2008 RESULTS – Galp Energia – slide 20
    DELTA CARIBE AND MARISCAL SUCRE LNG PROJECTS Project highlights Next steps Establishment of a coordination committee to develop: Basic engineering and determine final investment amounts Stake of 15% on both projects (1 train…
  21. Q1 2008 RESULTS – Galp Energia – slide 21
    ORINOCO BELT RESERVES CERTIFICATION Project highlights Next steps N Phase I (Ongoing) B lo c k s 1 t o 6 A r e a : 5 ,0 9 7 K m 21 B O YA C N O R TE 3 1 w e lls d r ille d O il in p la c e : 2 7 1 B n b b l 2960 K m 1 1…
  22. Q1 2008 RESULTS – Galp Energia – slide 22
    CRUDE OIL ACQUISITION AND WIND FARMS AGREEMENTS Crude oil Wind farms Annual acquisition of crude oil Study, project and installation of 4 between 2 and 4 million barrels wind farms at Guajira, Chacopata and Nueva Esparta…
  23. Q1 2008 RESULTS – Galp Energia – slide 23
    Investor Relations Tiago Villas-Boas Tel.: +351 21 724 08 66 Fax: +351 21 724 29 65 E-mail: tiagovbgalpenergia.com Website: www.galpenergia.com

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