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Friday 28 October, 2011

Galp Energia. SGPS, S.A.

Galp Energia. SGPS, S.A. : 3rd quarter 2011 res...






Galp Energia's 3rd quarter 2011 results and strategy execution update

Galp Energia releases today the 3rd quarter 2011 results and the strategy
execution update, with the following highlights:

  * Net profit in 3Q11 reached €61 Mln, 34% down yoy;

  * Sines refinery steady production post-upgrade in 2Q12;

  * Lula/Cernambi development ahead of expectations;

  * Drilling activity focused on high potential projects;

  * Ensuring a solid and trustable capital structure.



SUMMARY OF RESULTS - NINE MONTHS AND THIRD QUARTER OF 2011

In  the first nine months of  2011, Galp Energia's replacement cost adjusted net
profit of €172 million was €94 million lower than a year earlier as the Refining
&  Marketing business segment  underperformed. Net profit  of €61 million in the
third quarter 2011 was €32 million lower than a year earlier.

§  Net entitlement production of crude oil in the first nine months of 2011
amounted to 11.9 kbopd, of which 26% came from Brazil; in the third quarter, net
entitlement production rose 28% yoy;

§  Galp Energia achieved a refining margin of Usd 0.8/bbl in the first nine
months of 2011; in the third quarter of the year, the refining margin was Usd
0.9/bbl, which negatively reflected softer margins in international markets;

§  Although the marketing of oil products was negatively affected by the adverse
economic environment in the Iberian Peninsula, volumes sold of oil products
stabilised in the third quarter of 2011;

§  Natural gas volumes sold rose 10% yoy in the first nine months to 3,951
million cubic metres, driven by Madrileña Gas sales and increase in trading
volumes; in the third quarter of 2011, volumes sold fell 11% mainly due to the
decrease of electrical segment volumes;

§  RCA EBIT fell 27% yoy in the first nine months of 2011 to €285 million; in
the third quarter of 2011, RCA EBIT fell 19% yoy to €111 million;

§  RCA net profit of €172 million in the first nine months of 2011 equated to
€0.21 per share, 35% of which was achieved in the third quarter of 2011;

§  In the first nine months of 2011, around 53% of total capital expenditure of
€808 million was channelled into the refinery upgrade project.



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


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 October 28 at 2:00
pm UK time (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]
www.galpenergia.com






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

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