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June 2019 Corporate Presentation – Galp Energia

Galp Energia · Jun 3, 2019 · 42 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. June 2019 Corporate Presentation – Galp Energia – slide 1
    Presentation An integrated energy player developing profitable and sustainable businesses June 2019
  2. June 2019 Corporate Presentation – Galp Energia – slide 2
    Galp key takeaways
  3. June 2019 Corporate Presentation – Galp Energia – slide 3
    Galp A fast growing integrated energy player 2.4 bn boe 2P + 2C resources 107.3 kboepd (+15% YoY) WI production c.6,400 Employees 1,440 m Ebitda Exploration & 11.1 bn Market Cap. 330 kbpd Production Refining capacity…
  4. June 2019 Corporate Presentation – Galp Energia – slide 4
    Galp Positioned to deliver unique growth and value 2019-2020 2020+ Value Group milestones goals Proposition cash breakeven c.25 /bbl by 2020 Execute/Extract Deliver Selective From current Next growth Capex Organic FCF 1…
  5. June 2019 Corporate Presentation – Galp Energia – slide 5
    A clear strategy Promote transition to lower carbon businesses Optimise and expand Offer innovative presence in the and differentiating downstream market solutions Develop a profitable Technology and resilient E&P Innovation…
  6. June 2019 Corporate Presentation – Galp Energia – slide 6
    Upstream
  7. June 2019 Corporate Presentation – Galp Energia – slide 7
    Developing three core areas in our upstream portfolio World class deep water portfolio Unique exposure to the Brazilian pre-salt Congo Basin (Angola) Santos Basin (Brazil) Area 4 (Mozambique) 8 Investor Presentation June…
  8. June 2019 Corporate Presentation – Galp Energia – slide 8
    Top quartile upstream portfolio Upstream portfolio breakeven (/bbl) 1ST QUARTILE 2ND QUARTILE 3RD QUARTILE 4TH QUARTILE Lowest upstream portfolio breakeven amongst integrated peers, from a unique world class asset base…
  9. June 2019 Corporate Presentation – Galp Energia – slide 9
    Increasing potential of long-term production growth WI production from existing portfolio (kboepd) 2019/20 2020+ Adjusting Lula Increasing and Iara timeline, contribution from reflecting P67 and existing portfolio P68 units later…
  10. June 2019 Corporate Presentation – Galp Energia – slide 10
    Lula & Iracema Delivering and improving large scale projects BM-S-11 Lula & Iracema Lula & Iracema Completing initial development 2018 production +15% YoY phase: 9 FPSOs deployed with Lula: 67.4 kboepd c.1.3 mmbpd total…
  11. June 2019 Corporate Presentation – Galp Energia – slide 11
    Iara The next high-quality pre-salt growth project BM-S-11A Greater Iara Supportive results from appraisal campaign in Sururu Berbigo/Sururu Further appraisal activities First oil by 2H19 expected during 2019/20 Ongoing…
  12. June 2019 Corporate Presentation – Galp Energia – slide 12
    Greater Carcar High potential to drive 2020+ growth BM-S-8 and North of Carcar Carcar reservoir quality to exceed Santos basin average performance with breakeven Phase…
  13. June 2019 Corporate Presentation – Galp Energia – slide 13
    Spia and Jpiter Additional 2020+ pre-salt contribution BM-S-24 Spia East and Jpiter Spia East to be unitised with Spia Spia First oil expected in 2021 180 kbpd FPSO already awarded for the Spia project Jpiter R&D initiatives…
  14. June 2019 Corporate Presentation – Galp Energia – slide 14
    Mozambique Area 4 Fast tracking phased LNG developments Mozambique to become a major LNG supplier, leveraging quality and scalability of gas discoveries Favorable time to market to meet LNG demand Coral South: 3.4 mtpa FLNG…
  15. June 2019 Corporate Presentation – Galp Energia – slide 15
    Angola Contribution to increase with Kaombo ramp-up Block 14/14k and Block 32 Block 14/14k Kaombo North FPSO in final Optimising mature stage of ramp-up development Kaombo South FPSO started production in April 2019 Kaombo…
  16. June 2019 Corporate Presentation – Galp Energia – slide 16
    Selectively accessing new opportunities Accessing high potential assets Regional focused exploration strategy in 2018 Brazil bid rounds: Uirapuru in Santos Basin and C-M-791 in Campos Basin Developing competitive advantages and…
  17. June 2019 Corporate Presentation – Galp Energia – slide 17
    Planned exploration activities Uirapuru Guanxuma PEL 82 & PEL 83 Blocks 5, 6, 11 & 12 (Brazil) (Brazil) (Namibia) (So Tom and Principe) Targeting first Preparing appraisal of Processing 3D seismic in Analysing results of…
  18. June 2019 Corporate Presentation – Galp Energia – slide 18
    Downstream
  19. June 2019 Corporate Presentation – Galp Energia – slide 19
    Downstream activities focused on selected clusters Iberian oil products and NG demand 1.3% 3.0% 2.8% 3.0% 2.7% GDP Growth 59 60 62 63 64 c.2% Oil CAGR 2014-18 36 35 30 31 32 c.3% NG CAGR 2014-18 2014 2015 2016 2017…
  20. June 2019 Corporate Presentation – Galp Energia – slide 20
    R&M: Refining Competitive and flexible refining system Leveraging refineries location (SW Europe), namely competitiveness in the North American East Coast Oil product sales of 17.1 mton in 2018 (c.70% placed in Iberia)…
  21. June 2019 Corporate Presentation – Galp Energia – slide 21
    IMO 2020 Integrated profile providing hedge to demand specs changes Upstream (m)1 Downstream (m)1 Production sales margin Galp crudes appreciation 2 Production sales margin Realised margin pre-IMO Products price Raw materials…
  22. June 2019 Corporate Presentation – Galp Energia – slide 22
    R&M: Marketing Leading player in core regions High quality retail network located in Iberia and selected African clusters Enhancing efficiency of operations and strengthening regional presence Launching new services while…
  23. June 2019 Corporate Presentation – Galp Energia – slide 23
    G&P Building a sustainable integrated business Strengthening gas and electricity commercial position in Portugal and Spain Leveraging integration with remaining downstream businesses Building new NG/LNG sourcing basket…
  24. June 2019 Corporate Presentation – Galp Energia – slide 24
    Building portfolio optionality Low carbon solutions Preparing integration with current electrical commercial offer Developing a sustainable portfolio of renewable power generation, through solar PV projects in Portugal and Spain…
  25. June 2019 Corporate Presentation – Galp Energia – slide 25
    Financials
  26. June 2019 Corporate Presentation – Galp Energia – slide 26
    Solid financial track record CFFO (m) Capex (m) 2,000 1,594 2,000 899 1,000 1,000 0 0 2012 2013 2014 2015 2016 2017 2018 2012 2013 2014 2015 2016 2017 2018 Dividends (/sh) Net debt to Ebitda RCA 0.75 0.63 2.0x 0.50…
  27. June 2019 Corporate Presentation – Galp Energia – slide 27
    Organic CFFO 2018-20 CAGR of 10-15% CFFO (m) 10% 0.8-0.9bn Upstream Downstream CFFO CFFO 2,000 2018-20 CAGR 2019-20 1,000 Upstream to benefit from production growth and lower oil taxes from Iara Downstream performance…
  28. June 2019 Corporate Presentation – Galp Energia – slide 28
    Organic capex of c.1 bn p.a. Annual average net capex (m) Upstream 2019-20 capex 1,000 500 0 2018 2019-20E Upstream Acquisitions Downstream Brazil Mozambique Angola Exploration & Appraisal Low carbon & New business…
  29. June 2019 Corporate Presentation – Galp Energia – slide 29
    Organic FCF of c.1 bn from 2020 (post…
  30. June 2019 Corporate Presentation – Galp Energia – slide 30
    Maintaining a disciplined capital allocation Prioritising reinvestment Oil, Gas in value accretive opportunities Dividends & Power businesses Oil, Gas & Power to remain core and starting to develop low carbon 2018 dividend…
  31. June 2019 Corporate Presentation – Galp Energia – slide 31
    Key data & backup info
  32. June 2019 Corporate Presentation – Galp Energia – slide 32
    Macro assumptions and plan sensitivity Galp assumptions 2018 (actual) 2019E 2020E Brent price (/bbl) 71 60 65 Galp refining margin (/boe) 5.0 5.0-6.0 6.0-7.0 EUR:USD 1.18 1.20 1.20 Ebitda CFFO FCF1 Sensitivities (m) Change…
  33. June 2019 Corporate Presentation – Galp Energia – slide 33
    IFRS 16 Impacts on Galps reporting principles Balance sheet Cash Flow All leases on balance sheet Leases subject to depreciation and interest Leased FPSOs and subsea equipment account for c.70% of operational leases Opex CFFO…
  34. June 2019 Corporate Presentation – Galp Energia – slide 34
    Galp reserves and resources Reserves (mmboe) 2017 2018 Chg. 1P 383 389 2% 2P 748 755 1% 3P 965 985 2% Contingent resources (mmboe) 2017 2018 Chg. 1C 296 425 43% 2C 1,352 1,658 23% 3C 3,297 3,671 11% Prospective…
  35. June 2019 Corporate Presentation – Galp Energia – slide 35
    Results supported by strong operational performance Profit & Loss (m) Balance sheet (m) 1Q19 Mar.19 2017 2018 YoY YoY Dec.17 Dec.18 YoY QoQ (IFRS 16) (IFRS 16) Ebitda RCA 1,786 2,218 24% 494 9% Net fixed assets 7,231 7,340 109…
  36. June 2019 Corporate Presentation – Galp Energia – slide 36
    Upstream Key operational indicators Exploration & Production1 2017 2018 YoY 1Q19 (IFRS 16) YoY Working interest production2 kboepd 93.4 107.3 15% 112.6 8% Oil production kbpd 81.6 94.8 16% 99.5 9% Net entitlement production2…
  37. June 2019 Corporate Presentation – Galp Energia – slide 37
    Downstream Key operational indicators Refining & Marketing 2017 2018 YoY 1Q19 YoY Galp refining margin USD/boe 6.1 5.1 (16%) 2.3 (30%) Refining cost1 USD/boe 1.7 2.6 50% 2.4 8% Raw materials processed mmboe 114.2 100.4 (12%)…
  38. June 2019 Corporate Presentation – Galp Energia – slide 38
    Key indicators Galps debt Debt indicators Debt reimbursement (m) 31 Dec. 31 Dec. 31 Mar. 2017 2018 2019 900 Gross Debt 3,083 3,245 2,906 Cash and equivalents 1,197 1,508 1,303 600 Net debt 1,886 1,508 1,303 Operating…
  39. June 2019 Corporate Presentation – Galp Energia – slide 39
    Shareholding structure Institutional investors account 33.3% 59.2% for 83% of Galps free float1, o.w.: Free Float 61% Europe 34% North America 5% Rest of the world 7.5% 40 Investor Presentation June 2019 1As at…
  40. June 2019 Corporate Presentation – Galp Energia – slide 40
    A committed and experienced team Galps Executive Committee CEO Carlos Gomes da Silva Over 25 years of experience in Oil & Gas and a Galp Board member since 2007. Former Board executive for more than 12 years in the energy and…
  41. June 2019 Corporate Presentation – Galp Energia – slide 41
    Acronyms Number DD&A Depreciation, Depletion and Amortisation mton Million tonnes (or USD) Dollar DRO Discovered Resources Opportunities mtpa Million tonnes per annum % Percentage E Expected NG Natural Gas & And E&P Exploration and…
  42. June 2019 Corporate Presentation – Galp Energia – slide 42
    galp.com investor.relationsgalp.com +351 217 240 866

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