0 October 26, 2015 RESULTS THIRD QUARTER 2015 An integrated energy player focused on exploration and production THIRD QUARTER 2015 RESULTS
KEY HIGHLIGHTS 2 Ebitda reached 411 m in Q3, benefitting from Galp Energias integrated model Q3 working interest production increased to 45.7 kboepd with start-up of FPSO Cidade de Itagua and high productivity of Lula/Iracema…
3Q15: GASOLINE SUPPORTING REFINING MARGINS 4 Refining margins vs Brent price Iberian Market Growth (/bbl) (kton, mmcm) Crude oversupply pushed oil price down during Q3 Iberian oil market growing for 2 years in a row Refining…
HISTORICAL MILESTONE ACHIEVED: PRODUCTION OF 50 KBOEPD 5 Working Interest Production (kboepd) 4Q15 production drivers Start of Lianzi production through a tie-back to the BBLT CPT Additional producer wells in FPSO 3 and 4 FPSO 4…
LULA/IRACEMA - FPSO3: PRODUCTIVITY ABOVE EXPECTATIONS 6 FPSO CIDADE DE MANGARATIBA (3) (150 kbopd) Producing c.130 kbopd with four producer wells FPSO started operations in October 2014 and should reach plateau during 4Q15, ahead…
LULA/IRACEMA: FPSO 4 WITH TWO PRODUCER WELLS CONNECTED 7 FPSO CIDADE DE ITAGUA (4) (150 kbopd) Production started in July 2015, one quarter ahead of Second producer well connected in October, with unit schedule through one…
LULA/IRACEMA: FPSO 5 AND 6 ON TRACK 8 FPSO CIDADE DE MARIC (5) FPSO CIDADE DE SAQUAREMA (6) (150 kbopd) (150 kbopd) Topsides integration performed by BRASA/SBM at Mau Construction and integration works completed in Chengxi…
EXECUTING APPRAISAL ACTIVITIES IN BRAZIL 9 CARCAR BM-S-8 POTIGUAR BASIN Carcar NW results confirmed the discovery of light oil Pit North appraisal well results to confirm extension of and the extension of the Carcar discovery…
DEVELOPING UPSTREAM PORTFOLIO IN AFRICA 10 BBLT CPT ROVUMA PROJECT Platform turnaround and tie-back of Lianzi field to BBLT Focus on the EPCIC proposals and LNG long term offtake CPT agreements negotiations for Coral FLNG…
IMPROVED DOWNSTREAM & GAS PERFORMANCE 11 R&M G&P Availability and reliability of refining system allowed Trading activity supported by structured contracts and capture of strong refining margins environment network operations…
EBITDA OF 411 M 13 Profit & Loss RCA ( m) 3Q14 2Q15 3Q15 QoQ YoY 9M15 YoY Operating results benefited from improved Turnover 4,693 4,253 3,906 (8%) (17%) 12,082 (10%) European refining margins and marketing Ebitda 379 446 411 (8%)…
CAPEX OF 256 M IN 3Q15 14 Capital Expenditure ( m) 314 E&P accounted for 87% of Group capex, of 313 G&P which development activities accounted for R&M 88% 256 E&P (D&P) Downstream and gas capex mainly to maintenance,…
SOUND CAPITAL STRUCTURE 15 Balance Sheet ( m)1 Sep.2015 Jun.2015 Dec.2014 Sep-Jun Sep-Dec Working capital positively impacted by lower inventories Fixed and LT assets 7,638 7,778 7,599 (140) 39 Work in progress 2,016 2,093 1,768…
CONCLUDING REMARKS 17 Focus on Lula/Iracema project execution: FPSO 1 and 2 at plateau FPSO 3 and 4 in production ramp-up FPSO 5 and 6 to be deployed in 1H16 Production of Lula/Iracema above expectations led to surpass the 50…
E&P: NET ENTITLEMENT PRODUCTION UP 56% YOY 19 Main E&P data 3Q14 2Q15 3Q15 QoQ YoY 9M15 YoY Higher production in Brazil due to FPSO 4 earlier start-up and ramp-up of FPSO 3 Working interest production kboepd 31.8 43.8 45.7 4% 44%…
R&M: DRIVEN BY HIGHER REFINING MARGINS IN INTERNATIONAL MARKET 20 Main R&M data 3Q14 2Q15 3Q15 QoQ YoY 9M15 YoY Premium to benchmark of 0.6/boe impacted by lower arbitrage opportunities between the Galp Energia refining margin…
G&P: IMPACTED BY WEAKER LNG INTERNATIONAL MARKET 21 Main G&P data 3Q14 2Q15 3Q15 QoQ YoY 9M15 YoY Volumes sold increased YoY due to higher trading and electrical volumes NG supply total sales volumes mm3 1,682 1,869 1,909 2% 14%…
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