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Friday 27 April, 2012

Galp Energia. SGPS, S.A.

Galp Energia's 1st quarter 2012 results and str...

Galp Energia's 1st quarter 2012 results and strategy execution update

Galp Energia releases today the 1st quarter 2012 results and the strategy execution update, with the following highlights:

  • Net profit reached €50 million in the first quarter of 2012, up 16% year on year;
  • Financial close, at the end of March, of the capital increase in Petrogal Brasil and other related companies, enabling a gearing ratio of 12% at the end of the period, at Galp Energia level;
  • Outstanding exploration and appraisal results in Mozambique;
  • Exploration drilling activity underway on high potential projects;
  • Upgrade project heading to its end, with ongoing commissioning at the Sines refinery.

SUMMARY OF RESULTS - first QUARTER OF 2012

  • In the first quarter of 2012 Galp Energia's replacement cost adjusted net profit was €50 million, €7 million higher than a year earlier, following the improved performance of the Exploration & Production and Gas & Power business segments;
  • Net entitlement production of crude oil and natural gas in the first quarter of 2012 was 16.5 kboepd, 48% of which came from Brazil;
  • Galp Energia's refining margin was Usd 0.8/bbl in the first quarter of 2012, against Usd 1.3/bbl a year earlier, reflecting the negative trend of refining margins in international markets;
  • Although it was affected by the adverse economic environment in the Iberian Peninsula, marketing of oil products performed in the first quarter of 2012 in line with a year earlier;
  • Natural gas sold in the first quarter of 2012 rose 7% year on year (yoy) to 1,725 million cubic metres, driven by the trading segment sales;
  • RCA EBIT of €95 million in the first quarter of 2012 was 75% higher than a year earlier;
  • RCA net profit of €50 million in the first quarter of 2012 equated to €0.06 per share;
  • Capital expenditure of €202 million in the first quarter of 2012 was primarily allocated to the Exploration & Production business segment;
  • At the end of the first quarter of 2012 the net debt to equity ratio dropped to 12% as net debt was brought down to €790 million;
  • Financial close, at the end of March, of the share capital increase with total proceeds of Usd 5.2 billion, and subscribed by Sinopec, in Petrogal Brasil, Galp Energia's subsidiary, and in other related entities.

All the documents related to the first quarter 2012 results, including the excel files, are available at:

http://www.galpenergia.com/EN/Investidor/Relatorios-e-resultados/resultados-trimestrais/Paginas/Resultados-do-ultimo-trimestre.aspx

Conference call for results presentation will be held today April 27 at 2:00 pm UK. The conference call details are as follows:

UK:  +44 (0) 208 515 2349
          +44 800 358 52 71 (toll free)                         

Portugal:  800 844 247

Kind regards,

Galp Energia
Investor Relations Division

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




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

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