THIRD QUARTER 2014 – Galp Energia

Galp Energia · Oct 27, 2014 · 26 slides

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27 October 2014 Results THIRD QUARTER 2014 An integrated energy player focused on exploration and production
Key highlights Execution update Financial overview Concluding remarks Appendix 3 Third quarter 2014 results
Key highlights 3Q14 Ebitda of 379 m, up 21% YoY due to higher production in Brazil and to improved refining margins Production up QoQ, reaching 31.8 kboepd supported by high well productivity in Brazil Lula/Iracema FPSO 1 and 2…
Key highlights Execution update Financial overview Concluding remarks Appendix 5 Third quarter 2014 results
FPSO 2 (Paraty) reached full capacity ahead of plan Lula NE milestones Guidance Status Full ramp-up achieved in 15 Delivery of FPSO Cidade Paraty May-13 months vs. initial plan of 18 Start of production Jun-13 months Connection…
FPSO 3 (Mangaratiba) started operations in mid October at Iracema 1st producer well with a potential of 30 kbopd, although restricted until injector well is connected in December Plateau production expected by 1H2016 Technical…
Performing appraisal activities in Iara, ahead of DoC by YE Iara, Block BM-S-11 EWT in Iara West 2 with an average flow rate of c.29 kbopd and to last until year end Iara RDA 2 well (close to Iara Entorno) to be concluded…
Appraisal campaign in BM-S-24 Block BM-S-24 Apollonia well confirmed the extension of Jpiter discovery and the same hydrocarbons mix DST being performed in Bracuhy Elida appraisal well to be spud in 4Q14 9 Third quarter…
Carcar Extension appraisal well spudded in September Block BM-S-8 Carcar Extension well being drilled in two phases Second phase to be drilled by a rig with MPD equipment in 2H15 DST expected to be performed in 2015 10…
Mozambique: Progressing with Area 4 project development Rovuma basin Appraisal campaign concluded in 3Q14 with Coral-4 well, which confirmed reservoir quality Enabling Law approved and Decree Law expected to be approved by…
Downstream and gas performance leveraging market dynamics Galp Energia benchmark margin evolution LNG trading volumes (mm3) /bbl 5.0 1Q14 2Q14 3Q14 3,034 4.0 Average Average Average 716 (0.6)/bbl (0.2)/bbl 2.3/bbl 3.0 2,080…
Key highlights Execution update Financial overview Concluding remarks Appendix 13 Third quarter 2014 results
3Q14 Ebitda up 21% YoY Profit & Loss ( m) Ebitda benefited from higher 3Q14 3Q13 YoY 9M14 YoY production in Brazil and Turnover 4,693 5,808 (19%) 13,434 (10%) improved European refining Ebitda 379 312 +21% 915 +5% margins E&P 131…
Maintaining a robust balance sheet Balance sheet ( m)1 Working capital normalised post increase in June Sep.2014 Jun.2014 Sep-Jun Dec.2013 Sep - Dec Fixed and LT assets 7,413 7,219 +194 6,883 +530 Net debt stable at 2.4 bn, Work…
Capex mainly allocated to development of Lula/Iracema Capital expenditure ( m) 9M14 capex of 776 m, mainly allocated to development activities in Lula/Iracema 776 G&P 728 R&M Activities in BM-S-11 accounted for c.70% of E&P…
Robust cash flow from operations in 3Q14 Cash Flow ( m)1 3Q14 3Q13 9M14 9M13 Ebit IFRS 115 166 346 285 Dividends from associates 27 9 55 44 DD&A 189 164 451 448 Change in working capital 175 64 10 (79) Cash flow from operations…
Average debt maturity further extended Debt reimbursement profile1 ( m) 1,000 Gross debt of 3.9 bn with 30 Sept 2014 30 June 2014 average maturity of 3.8 yr and 800 average interest rate of 4.3%1 600 400 500 m bond issued in…
4Q14 outlook 4Q14 WI production expected at c.35 kboepd, mainly supported by FPSO 2 at full capacity in Lula NE and contribution from FPSO 3 Iberian oil products volume sales expected to remain stable YoY NG volumes in line QoQ,…
Key highlights Execution update Strategy overview Concluding remarks Appendix 20 Third quarter 2014 results
Concluding remarks Lula/Iracema project delivering according to plan, with FPSO 1 and 2 at full capacity and FPSO 3 ramping-up Ongoing appraisal and pre-development activities to support the definition of Iara development plan…
SAVE THE DATE Capital Markets Day 2015 London, 10 March 2015
Key highlights Execution update Financial overview Concluding remarks Appendix 23 Third quarter 2014 results
E&P: Production increased 23% YoY driven by Lula NE and Iara EWT Main E&P data Higher production in Brazil, due to ramp-up of FPSO 2 to full 3Q14 3Q13 YoY 9M14 YoY capacity and to EWT in Iara area Working interest production…
R&M: Refining margins driving Ebitda increase Main R&M data Premium to benchmark positively impacted by sourcing 3Q14 3Q13 YoY 9M14 YoY optimisation Galp Energia refining margin USD/bbl 5.6 1.7 n.m. 2.4 +4% Refining cash cost…
G&P: Fewer trading opportunities driving Ebitda decrease Main G&P data LNG supply & trading activity impacted by less favourable 3Q14 3Q13 YoY 9M14 YoY market dynamics NG supply total sales volumes mm3 1,682 1,971 (15%) 5,586…
Investor Relations team Pedro Dias, Head Otelo Ruivo, IRO Ctia Lopes Joana Pereira Marta Silva Pedro Pinto +351 21 724 08 66 Investor.relationsgalpenergia.com For further information on Galp Energia, please go to:…

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