Galp Energia. SGPS, S.A.

2nd Quarter 2011 trading update

Galp Energia releases today the trading update for the 2nd quarter of 2011, with
the following highlights:

  * Average net entitlement production of 13.8 kbbl/d, an increase of 26% YoY;
  * Crude processed of 20,895 kbbl, stable YoY;
  * Benchmark refining margin of -$1.2/bbl, down $2.8/bbl YoY;
  * Oil products sales to direct clients of 2.6 million tons, up 7% QoQ;
  * Natural gas volumes sold of 1.2 bcm, an increase of 7% YoY.

Please find attached the full version of the press release.

The 2nd( )quarter 2011 results will be disclosed on July 29 before the open of
NYSE Euronext Lisbon. The results conference call will take place in the same
day at 14:00 UK time (15:00 CET).

The conference call details are as follows:

UK: +44 (0) 207 750 99 08
Portugal: +351 707 785 757
Click on the following link to read the press release:

Galp Energia. SGPS, S.A., Public Company
Investor Relations and Corporate Communication Division

Rua Tomás da Fonseca, Torre A
1600-209 Lisbon, Portugal
Tel: +351 217 240 866
Fax: +351 217 242 965
Email:[email protected]

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Source: Galp Energia. SGPS, S.A. via Thomson Reuters ONE