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Second Quarter 2017 Results – Galp Energia

Galp Energia · Jul 29, 2016 · 18 slides

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Slides

  1. Second Quarter 2017 Results – Galp Energia – slide 1
    July 29, 2016 Results Second quarter 2016
  2. Second Quarter 2017 Results – Galp Energia – slide 2
    2Q16 highlights 3 2Q16 Ebitda of 337 m, down 25% YoY, given lower oil prices and refining margins Strong execution of key upstream assets, with six units already producing in Brazil WI production of 54.7 kboepd, down 3% QoQ,…
  3. Second Quarter 2017 Results – Galp Energia – slide 3
    Agenda 4 Execution Update Financial Overview Appendix Second quarter 2016 results
  4. Second Quarter 2017 Results – Galp Energia – slide 4
    2Q16: High inventories cap crude price increase 5 Brent price vs. Refining margin (/bbl) Iberian market evolution (kton, mm3) 100 8.0 600 80 6.0 300 60 4.0 0 40 2.0 -300 20 0.0 -600 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 1Q15 2Q15 3Q15…
  5. Second Quarter 2017 Results – Galp Energia – slide 5
    Brazil: Strong execution in Lula/Iracema 6 FPSO 1 Angra dos Reis Lula Pilot FPSO 4 Itagua Iracema North 150 kbopd 100 kbopd Turnaround maintenance in April Five producers connected Steady production at plateau Production still…
  6. Second Quarter 2017 Results – Galp Energia – slide 6
    Africa: Development activities under progress 7 Mozambique: area 4 Angola: blocks 14/14k and block 32 Focus on improving FLNG solution in Coral Block 14/14k: 2Q16 production slightly impacted by shutdown of TL platform for rig…
  7. Second Quarter 2017 Results – Galp Energia – slide 7
    Downstream and gas: Consistent delivery 8 Refining & Marketing Gas & Power Planned maintenance in some units during Q2 Natural gas activity positively impacted by sourcing optimisation Realised margin continuing to benefit from…
  8. Second Quarter 2017 Results – Galp Energia – slide 8
    Ring fencing regulated gas infrastructure business 9 Transaction structure Highlights Values June 30, 2016 Marubeni led consortium with Toho Gas to acquire a Galp Energia, SGPS, SA stake of 22.5% in GGND Total Assets: 11.7 bn Shared…
  9. Second Quarter 2017 Results – Galp Energia – slide 9
    Agenda 10 Execution Update Financial Overview Appendix Second quarter 2016 results
  10. Second Quarter 2017 Results – Galp Energia – slide 10
    Q2 Ebitda of 337 m, down 25% YoY 11 Profit & Loss RCA (m) 1Q16 2Q15 2Q16 QoQ YoY 1H16 YoY E&P results impacted by oil price decline Turnover 2,829 4,247 3,267 +15% (23%) 6,095 (25%) despite production growth YoY Ebitda 293 447 337 +15%…
  11. Second Quarter 2017 Results – Galp Energia – slide 11
    Group capex of 287 m in 2Q16 12 Capital Expenditure (m) 85% of overall investment allocated to E&P, of 630 which 95% to development activities Downstream and gas capex of c.42 m, up 15 m, impacted by planned refining maintenance…
  12. Second Quarter 2017 Results – Galp Energia – slide 12
    Pre-expansion FCF of 215 m during 1H16 13 (m) 700 500 300 215 100 -100 -300 Ebitda + Net interest Working Maintenance Dividends Pre-expansion Expansion Associates (IFRS) expenses + Taxes capital capex paid FCF…
  13. Second Quarter 2017 Results – Galp Energia – slide 13
    Maintaining a robust financial position 14 Balance Sheet (m)1 Dec.2015 Mar.2016 Jun.2016 (prior to GGND Jun.2016 Jun-Dec Jun-Mar Net fixed assets of 8.4 bn, or 7.3 bn reclassification) 2 considering infrastructure assets…
  14. Second Quarter 2017 Results – Galp Energia – slide 14
    Agenda 15 Execution Update Financial Overview Appendix Second quarter 2016 results
  15. Second Quarter 2017 Results – Galp Energia – slide 15
    E&P: Net entitlement production up 28% YoY 16 Main E&P data 1Q16 2Q15 2Q16 QoQ YoY 1H16 YoY Brazilian production increased YoY, impacted Working interest production 1 kboepd 56.3 43.8 54.7 (3%) +25% 55.5 +30% by the start-up of FPSO 4…
  16. Second Quarter 2017 Results – Galp Energia – slide 16
    R&M: Ebitda down YoY driven by lower refining contribution 17 Main R&M data 1Q16 2Q15 2Q16 QoQ YoY 1H16 YoY Refining margin of 4.6/boe given lower Galp refining m argin USD/boe 4.1 7.3 4.6 +12% (37%) 4.3 (35%) margins on the…
  17. Second Quarter 2017 Results – Galp Energia – slide 17
    G&P: Ebitda up YoY driven by positive sourcing optimisation 18 Main G&P data 1Q16 2Q15 2Q16 QoQ YoY 1H16 YoY NG volumes down YoY, reflecting decrease in NG supply total sales volum es mm3 1,860 1,869 1,593 (14%) (15%) 3,454 (15%)…
  18. Second Quarter 2017 Results – Galp Energia – slide 18
    Investor Relations team 19 Pedro Dias, Head Otelo Ruivo, IRO Ctia Lopes Joo G. Pereira Results & presentation weblink : Joo P. Pereira www.galpenergia.com/en/investidor/Relatorios-e- Teresa Rodrigues…

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