0 July 27, 2015 RESULTS SECOND QUARTER 2015 An integrated energy player focused on exploration and production SECOND QUARTER 2015 RESULTS
KEY HIGHLIGHTS 2 Ebitda reached 446 m, benefitting from Galp Energias integrated business profile with strong results in Downstream & Gas Q2 production increased to 43.8 kboepd with ramp-up of FPSO Cidade de Mangaratiba in…
2Q15: OIL AND GASOLINE SUPPORT REFINING MARGINS 4 Refining margins vs Brent price Iberian Market Growth (/bbl) (kton, mmcm) Oil price in the 55-65/bbl range Iberian oil market growing YoY for seven consecutive quarters Strong US…
LULA/IRACEMA: FPSO 4 PRODUCTION TO START ONE QUARTER AHEAD OF SCHEDULE 5 FPSO CIDADE DE ITAGUA (4) (150 kbopd) Production to start soon at Iracema North, with one 12 wells already drilled producer well already connected…
LULA/IRACEMA: PERFORMANCE ABOVE EXPECTATIONS 6 FPSO CID. ANGRA DOS REIS (1) FPSO CID. PARATY (2) FPSO CID. MANGARATIBA (3) (100 kbopd) (120 kbopd) (150 kbopd) Plateau since June 2012 Plateau since September 2014 Producing c.130…
LULA/IRACEMA: FPSO 5 AND 6 ON TRACK TO START OPERATIONS DURING 1H16 7 FPSO CIDADE DE MARIC (5) FPSO CIDADE DE SAQUAREMA (6) (150 kbopd) (150 kbopd) FPSO at Mau shipyard, in Brazil, for topsides integration Sail away from China…
LULA/IRACEMA: EXECUTING MITIGATION MEASURES 8 Gas/CO2 injection and compression modules awarded in May New contracts with lower execution risk and neutral impact on cost and on Galps expected delivery timing REPLICANTS…
BERBIGO/SURURU/ATAPU: DEVELOPMENT ACTIVITIES UNDERWAY 9 Development plans of Atapu, Berbigo and Sururu fields submitted to ANP in June Three FPSO replicant units: Atapu South and Atapu North in 2018 and Berbigo/Sururu in…
ACTIVITIES IN REMAINING SANTOS BASIN PROJECTS 10 CARCAR BM-S-8 JPITER BM-S-24 Carcar North appraisal well concluded in July, confirming Reviewing current appraisal program, with Elida and the extension of the discovery Citera…
DEVELOPING MOZAMBIQUE LNG PROJECT 11 CORAL PROJECT MAMBA PROJECT (2.5 mtpa 3 mtpa) (2x5 mtpa LNG trains 1st phase) FEED and EPCIC proposals received for FLNG project Onshore development project progressing LNG long term offtake…
DOWNSTREAM & GAS: STRONG PERFORMANCE 12 Refining margins NG volumes (/boe and /bbl) (bcm) Benchmark refining margin (/bbl) Galp Energia refining margin (/boe) Sales to direct clients Trading 8.0 7.3 1.2 5.9 1.0 1.0 0.9 1.0 6.0…
EBITDA OF 446 M SUPPORTED BY HIGHER PRODUCTION AND REFINING MARGINS 14 Profit & Loss RCA ( m) 2Q14 1Q15 2Q15 QoQ YoY 1H15 YoY Operating results benefited from improved Turnover 4,615 3,923 4,253 8% (8%) 8,176 (6%) European refining…
CAPEX OF 313 M IN 2Q15 15 Capital Expenditure ( m) E&P accounted for 91% of Group capex, of 313 which development activities accounted for 283 266 89% G&P R&M E&P Downstream and gas capex mainly to (D&P) maintenance and…
SOUND CAPITAL STRUCTURE 16 Balance Sheet ( m)1 Jun.2015 Mar.2015 Dec.2014 Jun-Mar Jun-Dec Working capital positively impacted by lower inventories Fixed and LT assets 7,778 7,830 7,599 (52) 180 Work in progress 2,093 1,924 1,768…
CONCLUDING REMARKS 18 Focus on Lula/Iracema project execution with production ramping-up faster than expected Monitor closely the execution of next FPSOs with some critical contracts being replaced Improved R&M performance,…
E&P: NET ENTITLEMENT PRODUCTION UP 87% YOY 20 Main E&P data 2Q14 1Q15 2Q15 QoQ YoY 1H15 YoY Higher production in Brazil due to FPSO 3 start- up and FPSO 1 and 2 at plateau Working interest production kboepd 25.7 41.5 43.8 6% 71%…
R&M SUPPORTED BY REFINERIES AVAILABILITY AND HIGHER REFINING MARGINS 21 Main R&M data 2Q14 1Q15 2Q15 QoQ YoY 1H15 YoY Refining margin benefited from recovery of European margins and sourcing optimisation Galp Energia refining margin…
G&P IMPACTED BY LOWER LNG TRADING VOLUMES 22 Main G&P data 2Q14 1Q15 2Q15 QoQ YoY 1H15 YoY Sales to direct clients up YoY, mainly on increased volumes sold to the electrical NG supply total sales volumes mm3 1,826 2,195 1,869 (15%)…
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