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Friday 10 February, 2012

Galp Energia. SGPS, S.A.

Galp Energia. SGPS, S.A. : fourth quarter and t...

Galp Energia. SGPS, S.A. : fourth quarter and twelve months 2011 results

Galp Energia's 4th quarter 2011 results and strategy execution update

Galp Energia releases today the 4th quarter 2011 results and the strategy execution update, with the following highlights:

  • Net profit doubled to €79 Mln in 4Q11;
  • Physical completion of Sines refinery almost concluded;
  • Currently evaluating the drill stem test (DST) results in Mamba North well;
  • Fourth producing well in Lula to be connected to the FPSO Cidade de Angra dos Reis until the end of 1Q12;
  • Gearing below 20% on a pro-forma basis, considering the Brazilian capital increase.


In 2011, Galp Energia's replacement cost adjusted net profit of €251 million was €55 million lower than in 2010 as the Refining & Marketing business segment underperformed. Net profit of €79 million in the fourth quarter of 2011 was €40 million higher yoy.

  • Net entitlement production of crude oil and natural gas in 2011 was 12.1 kboepd, of which 33% from Brazil; in the fourth quarter, 50% of net entitlement production of 13.0 kboepd came from Brazil;
  • Galp Energia achieved a refining margin of Usd 0.6/bbl in 2011 compared with Usd 2.6/bbl in 2010; in the fourth quarter of 2011, the refining margin was close to zero, influenced by the negative trend of refining margins in international markets;
  • In 2011 the oil marketing business was negatively impacted by the adverse Iberian economic context, with the fourth quarter volumes continuing to present a decreasing trend;
  • Natural gas sold in 2011 rose 9% compared with 2010 to 5,365 million cubic metres, driven by sales in Spain and by the trading segment; in the fourth quarter of 2011, volumes sold rose 6% due to higher volumes in the trading segment;
  • RCA EBIT fell 13% in 2011 compared with 2010 to €394 million; in the fourth quarter of 2011, RCA EBIT of €110 million was up €46 million compared to fourth quarter of 2010;
  • RCA net profit of €251 million in 2011 equated to €0.30 per share, 32% of which was achieved in the fourth quarter of 2011;
  • In 2011, around 45% of total capital expenditure of €1,000 million was allocated into the refinery upgrade project.

All the documents related to the fourth quarter 2011 results, including the excel files, are available at:

Conference call for results presentation will be held today February 10 at 2:00 pm UK (3:00 pm CET). The conference call details are as follows:

UK:  +44 (0) 207 190 15 95
          +44 800 358 52 63 (toll free)                         

Portugal:  800 780 153

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]

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(i) the releases contained herein are protected by copyright and other applicable laws; and
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information contained therein.

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


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