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STRATEGY OVERVIEW – Galp Energia

Galp Energia · Mar 3, 2014 · 96 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. STRATEGY OVERVIEW – Galp Energia – slide 1
    Strategy overview Manuel Ferreira De Oliveira Chief Executive Officer 1 Capital Markets Day 4th March 2014
  2. STRATEGY OVERVIEW – Galp Energia – slide 2
    An integrated energy player focused on exploration and production Focus on execution of high value upstream projects Accelerate projects time to production to maximise value creation Increase cash flow through improved…
  3. STRATEGY OVERVIEW – Galp Energia – slide 3
    Increased free float to enhance share liquidity Galp Energia shareholding structure Free float evolution 7% 62% 16.34% 8% 7.00% 8% 13% 38% 25% 38.34% 38.32% Free float Free float Eni and CGD Free float Eni Eni Parpblica…
  4. STRATEGY OVERVIEW – Galp Energia – slide 4
    Paving the way to accelerated growth Executing growth strategy focused on value Translating growth into value Pursuing sustainability Foreseeing Galp Energia future 4 Capital Markets Day 4th March 2014
  5. STRATEGY OVERVIEW – Galp Energia – slide 5
    2013: Breaking ground to E&P long-term value creation Development de-risk Successful appraisal Exploration delivery Start-up of Lula NE FPSO Iara successful appraisal Target of 300 mboe for 2013 production campaign achieved…
  6. STRATEGY OVERVIEW – Galp Energia – slide 6
    2013: Major downstream and gas and corporate achievements Downstream and gas Corporate Refining system LNG trading Sustainability Access to funding Impressive ramp-up of Record year for LNG Improved risk Successful debt issuance…
  7. STRATEGY OVERVIEW – Galp Energia – slide 7
    Paving the way to accelerated growth Executing growth strategy focused on value Translating growth into value Pursuing sustainability Foreseeing Galp Energia future 7 Capital Markets Day 4th March 2014
  8. STRATEGY OVERVIEW – Galp Energia – slide 8
    Promising outlook on key drivers but challenging for refining Global oil demand (mbpd) European refining sector (mbpd) 15 100 10 85 5 2013 2015E 2020E 2025E 2013 2015E 2020E 2025E Refining capacity Crude runs LNG demand…
  9. STRATEGY OVERVIEW – Galp Energia – slide 9
    Focused on E&P project execution, whilst optimising downstream and gas activities Upstream business Downstream and gas businesses Focus on Accelerate time to Improve R&M Sustain LNG trading developing production of high integration…
  10. STRATEGY OVERVIEW – Galp Energia – slide 10
    Paving the way to accelerated growth Executing growth strategy focused on value Exploration & Production Translating growth into value Pursuing sustainability Foreseeing Galp Energia future 10 Capital Markets Day 4th March…
  11. STRATEGY OVERVIEW – Galp Energia – slide 11
    Galp Energia holds a set of world-class projects Lula/Iracema Iara Carcar Jpiter Rovuma Unparalleled Giant reservoir Carbonate reservoir Giant reservoir of GIIP over 85 tcf, development going under with excellent oil, gas and…
  12. STRATEGY OVERVIEW – Galp Energia – slide 12
    with a large resource base in place 2P + 2C evolution1 (mboe) 3P + 3C evolution1 (mboe) 253 4,630 331 1 136 2,432 4,044 2,223 73 (1) 2012 Brazil Angola Mozambique 2013 2012 Brazil Angola Mozambique 2013 1Working…
  13. STRATEGY OVERVIEW – Galp Energia – slide 13
    Working towards material and sustainable production growth Portfolio potential output1 (kboepd) 600 + + Explore 400 Unlock additional development projects Develop Risk 200 pre-sanctioned projects Execute sanctioned projects…
  14. STRATEGY OVERVIEW – Galp Energia – slide 14
    Project execution on time and on budget is crucial Infrastructure net installed capacity (kboepd) 375 Operating Operating/Sanctioned Sanctioned Lula/Iracema 10x FPSO 300 Pre-sanctioned Block 14 2x CPT 225 Pre-sanctioned 150…
  15. STRATEGY OVERVIEW – Galp Energia – slide 15
    Tier 1 development projects with an estimated production CAGR1 of c.40% Net installed capacity vs WI production (kboepd) 375 Net installed capacity Operating 300 Total projects Sanctioned Pre-sanctioned Production CAGR 2013-20:…
  16. STRATEGY OVERVIEW – Galp Energia – slide 16
    Main levers for successful project execution as a non-operator Valuable Active consortia Competitive Risk partnerships influence procurement strategy management Strong expertise and In-house know-how and Critical equipment Supplier…
  17. STRATEGY OVERVIEW – Galp Energia – slide 17
    Protect value and extract more upside on current project pipeline Execute projects on time and on budget Focus on execution of Lula/Iracema development project Intensive appraisal activities to: Accelerate time to production of…
  18. STRATEGY OVERVIEW – Galp Energia – slide 18
    Exploration strategy limited by tactical decision Exploration strategy Tactical decision implemented Exploration target: 100-200 mboe/yr Maintain exploration target, yet subject to Company priorities Focus on current regional hubs…
  19. STRATEGY OVERVIEW – Galp Energia – slide 19
    Paving the way to accelerated growth Executing growth strategy focused on value Downstream and gas Translating growth into value Pursuing sustainability Foreseeing Galp Energia future 19 Capital Markets Day 4th March 2014
  20. STRATEGY OVERVIEW – Galp Energia – slide 20
    Room to improve competitiveness of R&M business Mid-cycle refining Ebitda1 (/bbl) R&M integration (mton) 1st Quartile Area for Area for improvement improvement Galp Energia 23% 2nd Quartile Operators 13 mton 3rd Quartile…
  21. STRATEGY OVERVIEW – Galp Energia – slide 21
    Enhance integration between R&M activities to increase returns Issues to be addressed Decisions being executed Integration of Adapt refining Increase weight of refining and activity to market CIF volumes marketing activities…
  22. STRATEGY OVERVIEW – Galp Energia – slide 22
    Iberian demand and flexible supply contracts support LNG trading activity 2013 supply sources Progress of NG & LNG sales (bcm) 4.6 Spot Contracted 4.4 4.4 23% pipeline 4.0 4.1 31% 3.0 Total: 2.2 7.1 bcm 0.7 0.5 Contracted…
  23. STRATEGY OVERVIEW – Galp Energia – slide 23
    Sustain LNG supply & trading activity in the long-term Key success factors Strategic decisions Stable demand Maintain a stable Iberian outlet Flexible and competitive supply Further diversify supply options Tight LNG market…
  24. STRATEGY OVERVIEW – Galp Energia – slide 24
    Galp Energia: 2014 goals Upstream Downstream and gas Ramp up Lula NE and deploy FPSO 31 Increase refining energy efficiency DoC for Iara field by year-end Leverage Iberian demand recovery Perform key appraisal activities in Study…
  25. STRATEGY OVERVIEW – Galp Energia – slide 25
    Paving the way to accelerated growth Executing growth strategy focused on value Translating growth into value Pursuing sustainability Foreseeing Galp Energia future 25 Capital Markets Day 4th March 2014
  26. STRATEGY OVERVIEW – Galp Energia – slide 26
    Value delivery: Doubling capital employed, whilst tripling ROACE Capital employed ROACE 15% ROACE 5% Upstream Upstream Downstream and gas Downstream and gas 2013 2020+E Brent 109/bbl 90/bbl 26 Capital Markets Day 4th…
  27. STRATEGY OVERVIEW – Galp Energia – slide 27
    Paving the way to accelerated growth Executing growth strategy focused on value Translating growth into value Pursuing sustainability Foreseeing Galp Energia future 27 Capital Markets Day 4th March 2014
  28. STRATEGY OVERVIEW – Galp Energia – slide 28
    Implementing best safety policies in the industry with a zero accident goal Health and safety Safety performance1 Losses of containment2 Creating a safe work environment Trained workforce Environment Managing environmental…
  29. STRATEGY OVERVIEW – Galp Energia – slide 29
    Our people are a key strategic asset to our success E&P team increased Supporting project Emphasise our values c.40% yoy execution and culture International recruitment In-house and external Growth company present in process to…
  30. STRATEGY OVERVIEW – Galp Energia – slide 30
    Research & Technology rooted in our culture Partnership established with Reinforcement of R&T activities to Heriot-Watt University, a world- create further value class reference opportunities 30 Capital Markets Day 4th March…
  31. STRATEGY OVERVIEW – Galp Energia – slide 31
    Paving the way to accelerated growth Executing growth strategy focused on value Translating growth into value Pursuing sustainability Foreseeing Galp Energia future 31 Capital Markets Day 4th March 2014
  32. STRATEGY OVERVIEW – Galp Energia – slide 32
    Galp Energia group: Steps being taken Redesign corporate centre Adapt to on-going Company transformation, increasing flexibility and accountability Organisational structure simplification Company reorganisation to align legal and…
  33. STRATEGY OVERVIEW – Galp Energia – slide 33
    Galp Energia strategy focused on value, not scale Until 2020 Post 2020 Execute projects on time and on budget Exploration activities to unlock between 100 200 mboe/yr Accelerate time to production of Sustain material production…
  34. STRATEGY OVERVIEW – Galp Energia – slide 34
    Key upstream projects Stephen Whyte Executive Director E&P 34 Capital Markets Day 4th March 2014
  35. STRATEGY OVERVIEW – Galp Energia – slide 35
    Focus on execution of high value upstream projects on time and on budget 14 new FPSO and LNG project to be deployed until 2020 De-risk low-risk resources and accelerate time to production Unlock several development upside…
  36. STRATEGY OVERVIEW – Galp Energia – slide 36
    A large resource base in place Lula/Iracema project being carried out according to plan Appraisal and development de-risking activities Maturing exploration portfolio Concluding remarks 36 Capital Markets Day 4th March 2014
  37. STRATEGY OVERVIEW – Galp Energia – slide 37
    A large resource base in place 2P + 2C evolution1 (mboe) 3P + 3C evolution1 (mboe) 253 4,630 331 1 136 2,432 4,044 2,223 73 (1) 2012 Brazil Angola Mozambique 2013 2012 Brazil Angola Mozambique 2013 1Working interest…
  38. STRATEGY OVERVIEW – Galp Energia – slide 38
    Focus on Lula/Iracema, additional pre-salt Santos basin, and Mozambique 2P + 2C project split1 (mboe) 3P + 3C project split1 (mboe) 4,630 2,432 Lula/Iracema Additional Mozambique Angola Total Lula/Iracema Additional…
  39. STRATEGY OVERVIEW – Galp Energia – slide 39
    A large resource base in place Lula/Iracema project being carried out according to plan Appraisal and development de-risking activities Maturing exploration portfolio Concluding remarks 39 Capital Markets Day 4th March 2014
  40. STRATEGY OVERVIEW – Galp Energia – slide 40
    Lula/Iracema: Execution according to plan 2010 2013 2014 2015-2017 Development plan submitted Start of production of FPSO FPSO 2 ramp-up and to Seven additional FPSO to for Lula/Iracema field 2 in June, with one producer reach…
  41. STRATEGY OVERVIEW – Galp Energia – slide 41
    FPSO C. Paraty (2) expected to reach full capacity in 18 months Lula NE milestones Schedule Status Lula NE production ramp-up Delivery of FPSO Cidade Paraty May-13 100% Start of production Jun-13 Connection of injector well…
  42. STRATEGY OVERVIEW – Galp Energia – slide 42
    FPSO execution on track to ensure development as planned Chartered FPSO1 Replicant FPSO1 Installation of topsides underway in Brazil Hulls being built in Rio Grande do Sul shipyard whilst Being converted Being converted in part of…
  43. STRATEGY OVERVIEW – Galp Energia – slide 43
    Critical equipment contracted at competitive price Key equipment FPSO Drilling rigs Umbilicals Production lines Christmas trees Drilling rigs Risers Umbilicals Subsea architecture Manifolds Flowlines Pipes Risers PLSV…
  44. STRATEGY OVERVIEW – Galp Energia – slide 44
    Natural gas export and injection wells available for gas evacuation Gas export routes Gas/WAG injection wells Pipeline Lula-Mexilho operating Injection wells key to increase and Cabinas on track to first gas flexibility to manage…
  45. STRATEGY OVERVIEW – Galp Energia – slide 45
    Improving production ramp-up sequence to target of 12 months Subsea architecture Drilling campaign executed prior to FPSO deployment FPSO 3 with seven wells already drilled and two being drilled Optimisation of risers and other…
  46. STRATEGY OVERVIEW – Galp Energia – slide 46
    Further development optimisation to decrease capex going forward Average drilling and completion1 ( days) Continued reduction of drilling and completion duration Increase average quality of drilling 239 rigs going forward 170…
  47. STRATEGY OVERVIEW – Galp Energia – slide 47
    WAG being tested in Lula-1 area with potential to increase recovery factor Lula-1: well locations Proved effectiveness of WAG CO2 injectors mechanism in Lula-1 project Tracers injected were identified in producing wells WAG…
  48. STRATEGY OVERVIEW – Galp Energia – slide 48
    Optimising Lula/Iracema development project Horizontal wells Subsea separation Breakthrough operation achieved on Process being studied to be developed complex reservoir conditions in ultradeep waters Potential to increase oil…
  49. STRATEGY OVERVIEW – Galp Energia – slide 49
    A large resource base in place Lula/Iracema project being carried out according to plan Appraisal and development de-risking activities Maturing exploration portfolio Concluding remarks 49 Capital Markets Day 4th March 2014
  50. STRATEGY OVERVIEW – Galp Energia – slide 50
    Iara: Intensive appraisal campaign reduced development uncertainty Iara: structural map Heterogeneous reservoir with separate structures with different porosity and permeability levels Iara West 2 DST revealed excellent…
  51. STRATEGY OVERVIEW – Galp Energia – slide 51
    Iara: Two FPSO contracted with potential for further units Iara High Angle: multi-stage fracturing EWT scheduled to start by 2Q14 in order to issue DoC by YE with first oil expected by 2017 Iara Entorno (ToR), unitisable area with…
  52. STRATEGY OVERVIEW – Galp Energia – slide 52
    BM-S-8: High quality reservoir identified in Carcar BM-S-8 2012 Carcar discovery encountered excellent pre-salt reservoir in high pressure One of the best rock quality identified in the pre-salt Santos basin Contracting upgraded…
  53. STRATEGY OVERVIEW – Galp Energia – slide 53
    Carcar: Appraisal campaign with potential to de-risk further FPSO deployment BM-S-8: geological cross-section MPD drilling equipment contracted to guarantee faster and safer drilling and contracting upgraded X-tree to perform EWT…
  54. STRATEGY OVERVIEW – Galp Energia – slide 54
    BM-S-24: Bracuhy discovery further supports Jpiter development BM-S-24: Hydrocarbon volumes Bracuhy well confirmed the continuity of the Jpiter reservoir and a thicker oil rim Volumes to be developed reinforced Gas in both Jpiter…
  55. STRATEGY OVERVIEW – Galp Energia – slide 55
    BM-S-24: Oil and condensates development concept reinforced after Bracuhy BM-S-24 Appraisal programme being fast- tracked with two DST and two appraisal wells to be drilled in 2014 Development of oil as the base case with ongoing…
  56. STRATEGY OVERVIEW – Galp Energia – slide 56
    Mozambique: World-class natural gas province established Mozambique: LNG possible routes Perfectly located to arbitrage on LNG market dynamics Mamba/Coral structure appraisal campaign successfully concluded with over 80 tcf GIIP…
  57. STRATEGY OVERVIEW – Galp Energia – slide 57
    Moz Area 4: Continued successful exploration and appraisal Area 4 Agulha well identified c.7 tcf GIIP, increasing the volumes exclusively located in Area 4 One appraisal and one exploration well to be drilled by 2014, with…
  58. STRATEGY OVERVIEW – Galp Energia – slide 58
    Moz Area 4: Initial development phase of 10-15 mtpa being defined Development concepts Onshore LNG project to be executed in coordination with Area 1 Incluir Optimise common facilities and esquema offshore infrastructure…
  59. STRATEGY OVERVIEW – Galp Energia – slide 59
    Angola: Mature fields being complemented by new developments Block 14 Block 14k Block 32 Current producing fields had Lianzi area to start production FID Kaombo area imminent already reached peak by 2015 production Malange and…
  60. STRATEGY OVERVIEW – Galp Energia – slide 60
    A large resource base in place Lula/Iracema project being carried out according to plan Appraisal and development de-risking activities Maturing exploration portfolio Concluding remarks 60 Capital Markets Day 4th March 2014
  61. STRATEGY OVERVIEW – Galp Energia – slide 61
    2013 campaign delivered over 300 mboe through Agulha, Bracuhy and Pit wells CMD 2013: Exploration target Commercial success rate of 38% 2013 finding cost of c.1.1/boe Four new plays identified: First oil and gas accumulations…
  62. STRATEGY OVERVIEW – Galp Energia – slide 62
    Potiguar: Pit is a play opener in Brazilian equatorial margin Potiguar basin Pit discovered an oil accumulation in a structural setting (Cretaceous Upper Aptian clastics) and a gas accumulation in lower Aptian interval DST…
  63. STRATEGY OVERVIEW – Galp Energia – slide 63
    Namibia: Wingat well proved oil potential in Walvis basin PEL 23: Walvis basin Indication of oil in Aptian Kudu shale could open up a new oil play Turbiditic cretaceous sands of excellent quality found in Murombe well Prospects…
  64. STRATEGY OVERVIEW – Galp Energia – slide 64
    Seven to nine exploration and appraisal wells expected to be drilled in 2014 2014 drilling campaign Morocco Trident 2Q14 Angola Mozambique Brazil Agulha 2 1Q14 Cominhos-2 2Q14 Querimbas East 2Q14 Jpiter SW 3Q14 Cominhos-3…
  65. STRATEGY OVERVIEW – Galp Energia – slide 65
    Morocco: Concluding jack-up rig contract to drill first exploration well by 2Q14 Tarfaya Offshore area in Morocco Different Jurassic carbonate prospects identified, with the primary prospect located in the middle Jurassic, targeting…
  66. STRATEGY OVERVIEW – Galp Energia – slide 66
    A large resource base in place Lula/Iracema project being carried out according to plan Appraisal and development de-risking activities Maturing exploration portfolio Concluding remarks 66 Capital Markets Day 4th March 2014
  67. STRATEGY OVERVIEW – Galp Energia – slide 67
    Committed to deliver Lula/Iracema development on track for sustainable production growth Appraisal and pre-development activities in Iara, Jpiter and Carcar expected to deliver further upside Working on key milestones for FID of…
  68. STRATEGY OVERVIEW – Galp Energia – slide 68
    Appendix 68 Capital Markets Day 4th March 2014
  69. STRATEGY OVERVIEW – Galp Energia – slide 69
    Underexplored areas in the E&P portfolio still to be evaluated Portugal Pernambuco basin (Brazil) Seven offshore blocks in Alentejo and Frontier area with multiple objectives Peniche basins and one project onshore identified to be…
  70. STRATEGY OVERVIEW – Galp Energia – slide 70
    Galp Energia reserves and resources portfolio Reserves and resources (mboe)1 Reserves 2012 2013 % Chg. 1P 154 178 15% 2P 640 579 (10%) 3P 783 707 (10%) Contingent resources 2012 2013 % Chg. 1C 206 319 55% 2C 1,583 1,853 17%…
  71. STRATEGY OVERVIEW – Galp Energia – slide 71
    Exploration and appraisal drilling schedule in 2014 Galp Energia 2014 drilling schedule Spud Duration Area Target Interest E/A date ( days) Brazil1 BM-S-8 Carcar (extension) 14% A 4Q14 120 BM-S-24 Jpiter SW 20% A 3Q14 120…
  72. STRATEGY OVERVIEW – Galp Energia – slide 72
    Financial outlook Filipe Silva Chief Financial Officer 72 Capital Markets Day 4th March 2014
  73. STRATEGY OVERVIEW – Galp Energia – slide 73
    Committed to good execution Allocation of capital to high return projects Production growth from existing projects to drive cash generation Financial discipline to maintain strong financial position Committed to creating…
  74. STRATEGY OVERVIEW – Galp Energia – slide 74
    Allocating capital to high return projects Focused on generating cash flow Committed to a robust financial position Concluding remarks 74 Capital Markets Day 4th March 2014
  75. STRATEGY OVERVIEW – Galp Energia – slide 75
    Capex priorities reflect Group strategy Average annual capex Intensive development activities in 2014-18 period 1.5 bn - 1.7 bn 1.4 bn - 1.6 bn Upstream accounts for up to 90% of Further LNG estimated 2014-18 capex Optimisation…
  76. STRATEGY OVERVIEW – Galp Energia – slide 76
    Allocating capital to top quality projects 2014-18 upstream capex breakdown 2014-18 upstream capex profile Exploration and appraisal Other developments Total capex Lula/Iracema field Other development projects Area 4…
  77. STRATEGY OVERVIEW – Galp Energia – slide 77
    Allocating capital to high return projects Focused on generating cash flow Committed to a robust financial position Concluding remarks 77 Capital Markets Day 4th March 2014
  78. STRATEGY OVERVIEW – Galp Energia – slide 78
    Upstream Ebitda driven by capacity build-up in Brazil Upstream Ebitda vs Galp Energia capacity in Brazil Ebitda growth in line with Ebitda m kboepd commissioning of each upcoming 3,500 400 FPSO 3,000 350 2,500 300 Brazil FPSO…
  79. STRATEGY OVERVIEW – Galp Energia – slide 79
    Competitive portfolio Opex1 (/boe) DD&A1 (/boe) 14 23 8 - 10 13 - 15 2013 2018E 2013 2018E Scale of projects High quality assets supports competitiveness reduce capex requirements 1Based on net entitlement production.…
  80. STRATEGY OVERVIEW – Galp Energia – slide 80
    Solid downstream and gas contribution R&M Ebitda (m) G&P Ebitda R&M Ebitda 1 LNG supply and trading supporting Ebitda of 800 150 - 200 m/yr 400 NG infrastructure with stable earnings of c.150 m/yr, plus 50 m from stakes in…
  81. STRATEGY OVERVIEW – Galp Energia – slide 81
    Reiterating guidance: Ebitda CAGR 2013-18 of over 25% Group Ebitda (m) Upstream Ebitda (m) CAGR 25% 396 2013 2014E 2015E 2016E 2017E 2018E Growth picks up from next year 1,141 Downstream and gas Ebitda (m) 727 2013…
  82. STRATEGY OVERVIEW – Galp Energia – slide 82
    Positive free cash flow during 2017, growing rapidly thereafter Cash flow profile 2 2013 2018E 2020E 1 Ebitda - Capex Cash flow Inflection point expected in 2015 when Lula/Iracema capex peaks 1Post interest, taxes and…
  83. STRATEGY OVERVIEW – Galp Energia – slide 83
    Allocating capital to high return projects Focused on generating cash flow Committed to a robust financial position Concluding remarks 83 Capital Markets Day 4th March 2014
  84. STRATEGY OVERVIEW – Galp Energia – slide 84
    2013 in review 2013 commitment Status Sustain strong liquidity position 3.6 bn liquidity1 Access to broader funding options Inaugural bond issue provides benchmark for cost of debt Monetise non-core assets as required Sale of 5%…
  85. STRATEGY OVERVIEW – Galp Energia – slide 85
    Access to diversified sources of funding Galp Energia debt breakdown1 Proceeds from 4.8 bn capital increase in Brazil lent back to Sinopec at Libor + 1.5 bn 1.5% and are gradually being 3.7 bn reimbursed EMTN Bonds (p.p.) 0.9…
  86. STRATEGY OVERVIEW – Galp Energia – slide 86
    Aligning reimbursements with cash flow profile Galp Energia reimbursement profile (m) 1,250 1,000 750 500 250 0 2014 2015 2016 2017 2018 2019 2020+ 86 Capital Markets Day 4th March 2014
  87. STRATEGY OVERVIEW – Galp Energia – slide 87
    Allocating capital to high return projects Focused on generating cash flow Committed to a robust financial position Concluding remarks 87 Capital Markets Day 4th March 2014
  88. STRATEGY OVERVIEW – Galp Energia – slide 88
    Committed to creating sector-leading shareholder value Disciplined allocation of capital focused on premium projects Production from existing projects in Brazil to drive free cash flow generation Committed to maintaining a robust…
  89. STRATEGY OVERVIEW – Galp Energia – slide 89
    Appendix 89 Capital Markets Day 4th March 2014
  90. STRATEGY OVERVIEW – Galp Energia – slide 90
    2014 key targets and assumptions Key operational and financial targets 2013 2014E WI production (kboepd) 25 28 - 30 Refining utilisation rate1 (%) 73 70 - 75 Oil sales to direct clients (mton) 9.9 + 1% to 2% yoy NG/LNG sales (bcm)…
  91. STRATEGY OVERVIEW – Galp Energia – slide 91
    2014-2018 business plan assumptions and sensitivities Mid-cycle assumptions and Ebitda sensitivities 2013 2018E Average 2014-2018 Brent price (/bbl) 109 90 94 Refining margin benchmark1 (/bbl) 1.2 3.2 2.9 EUR:USD 1.33 1.30 1.30…
  92. STRATEGY OVERVIEW – Galp Energia – slide 92
    Key indicators on Galp Energia debt YE2012 YE2013 Gross debt 3.6 bn 3.7 bn Cash and cash equivalents 1.9 bn 1.5 bn Net debt 1.7 bn 2.2 bn Net debt considering loan to Sinopec 0.8 bn 1.3 bn Net debt to Ebitda ratio1 0.7x 1.1x…
  93. STRATEGY OVERVIEW – Galp Energia – slide 93
    Closing remarks Manuel Ferreira De Oliveira Chief Executive Officer 93 Capital Markets Day 4th March 2014
  94. STRATEGY OVERVIEW – Galp Energia – slide 94
    Galp Energia: 2014 goals Upstream Downstream and gas Ramp up Lula NE and deploy FPSO 31 Increase refining energy efficiency DoC for Iara field by year-end Leverage Iberian demand recovery Perform key appraisal activities in Study…
  95. STRATEGY OVERVIEW – Galp Energia – slide 95
    Value delivery: Doubling capital employed, whilst tripling ROACE Capital employed ROACE 15% ROACE 5% Upstream Upstream Downstream and gas Downstream and gas 2013 2020+E Brent 109/bbl 90/bbl 95 Capital Markets Day 4th…
  96. STRATEGY OVERVIEW – Galp Energia – slide 96
    Galp Energia strategy focused on value, not scale Until 2020 Post 2020 Execute projects on time and on budget Exploration activities to unlock between 100 200 mboe/yr Accelerate time to production of Sustain material production…

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