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Friday 29 July, 2011

Galp Energia. SGPS, S.A.

Galp Energia's 2nd quarter 2011 results and str...

Galp Energia's 2nd quarter 2011 results and strategy execution update

Galp Energia releases today the 2nd quarter 2011 results and the strategy
execution update, with the following highlights:

  * EBIT growth QoQ driven by higher contribution from oil marketing;
  * Net profit in 2Q11 reached €70 Mln, up 68% QoQ;
  * Upgrade project at Matosinhos refinery onstream since the end of June;
  * Brazilian production positively impacted by the first gas injection well
    connected to the FPSO Cidade de Angra dos Reis;
  * Exceptional progress in Brazil drives new production target to 300 kboepd in


In the first half of 2011, Galp Energia's replacement cost adjusted net profit
fell 36% year on year (yoy) to €111 million due to the worse performance of the
Refining & Marketing business segment. Net profit of €70 million in the second
quarter 2011 reflected the same downward trend when compared to a year earlier.

§  Net entitlement production of crude oil in the first half of 2011 reached
11.7 kbopd with the positive contribution of Lula's field production; in the
second quarter, net entitlement production rose 26% yoy;

§  Galp Energia achieved a refining margin of Usd 0.8/bbl in the first half of
2011; in the second quarter of the year, this margin was Usd 0.6/bbl reflecting
the downward trend in refining margins in international markets;

§  The marketing of oil products was negatively affected by the adverse economic
environment in the Iberian Peninsula;

§  Natural gas sold rose 22% yoy in the first half of 2011 to 2,792 million
cubic metres, driven by sales to Madrileña Gas and to the electrical segment; in
the second quarter of 2011, volumes sold rose 7% on the back of higher demand
from the industrial segment;

§  RCA EBITDA in the first half of 2011 fell 20% yoy to €365 million; in the
second quarter, it amounted to €230 million;

§  RCA net profit of €111 million in the first half of 2011 equated to €0.13 per
share, 63% of which was achieved in the second quarter;

§  In the first half of 2011, around 60% of total capital expenditure of €590
million was channelled into the refinery upgrade project.

To read the complete version of the report and presentation go to:

Conference Call for results presentation will be held today July
29 at 2:00 pm UK (3:00 pm CET). The Conference Call details are as follows:

UK: +44 (0) 207 750 99 08
Portugal: 707 785 757

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



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