Galp Energia

Earnings Release • Oct 12, 2015

3rd Quarter 2015 trading update

This trading update aims to provide estimated macroeconomic, operational and trading conditions experienced by Galp Energia during the third quarter of 2015.

The third quarter margins, prices, production and other data referred to below are currently provisional. All such data is subject to change and may differ from the final numbers that will be reported on October 26.

ECONOMIC INDICATORS

	3Q14	2Q15	3Q15	Ch. 3Q15/3Q14	Ch. 3Q15/2Q15
Average dated Brent price1 (USD/bbl)	101.9	61.9	50.5	(50.5%)	(18.4%)
UK NBP natural gas price2 (GBp/therm)	42.4	44.9	41.7	(1.6%)	(7.1%)
LNG Japan and Korea price1 (USD/mmbtu)	12.1	7.3	7.6	(37.3%)	3.7%
Benchmark refining margin1 (USD/bbl)	2.3	5.2	6.2	n.m.	17.3%

1 Source: Platts.

2 Source: Bloomberg.

OPERATING INDICATORS

Exploration & Production

	3Q14	2Q15	3Q15	Ch. 3Q15/3Q14	Ch. 3Q15/2Q15
Average working interest production (kboepd)	31.8	43.8	45.7	43.7%	4.2%
Oil production (kbopd)	29.7	40.5	42.2	42.0%	4.3%
Average net entitlement production (kboepd)	28.2	40.9	43.9	55.7%	7.5%

Refining & Marketing

	3Q14	2Q15	3Q15	Ch. 3Q15/3Q14	Ch. 3Q15/2Q15
Raw materials processed (kboe)	25,368	29,800	29,814	17.5%	0.0%
Total oil product sales (mton)	4.5	4.7	4.8	8.7%	2.4%
Sales to direct clients (mton)	2.4	2.3	2.4	(0.6%)	2.6%

Gas & Power

	3Q14	2Q15	3Q15	Ch. 3Q15/3Q14	Ch. 3Q15/2Q15
NG supply total sales volumes (mm3 )	1,682	1,869	1,909	13.5%	2.1%
Sales to direct clients (mm3 )	966	919	933	(3.4%)	1.6%
Trading (mm3 )	716	951	976	36.3%	2.7%

Galp Energia, SGPS, S.A. | Public Company | Head Offices: Rua Tomás da Fonseca Torre C, 1600-209 Lisbon Share Capital: 829,250,635 Euros Registered at the Commercial Registry Office of Lisbon Company tax number 504 499 777

RESULTS PRESENTATION

The third quarter of 2015 results will be disclosed to the market on October 26, before the opening of Euronext Lisbon.

The conference call will take place on October 26, at 11:30 a.m. (UK time). To listen to the conference call, please dial in 10 minutes before the scheduled time to ensure your registration. The conference call details are as follows:

Hosted by	 Carlos Gomes da Silva (CEO)  Filipe Silva (CFO)  Pedro Dias (Head of Strategy & IR)  Otelo Ruivo (IRO)
Dial-in numbers	 UK: +44 (0) 203 427 1910 or +44 (0) 800 279 5736 (UK toll free)  Portugal: +351 800 781 056
Chairperson	 Pedro Dias (Head of Strategy & IR)

TRADING UPDATE Lisbon, October 12, 2015

Benchmark margin methodology

45% Hydrocraking refining margin: Yields: -100% Brent dated, +2.2% LGP FOB Seagoing (50% Butane + 50% Propane), +19.1% PM UL NWE FOB Bg., +8.7% Naphtha NWE FOB Bg., +8.5% Jet NWE CIF, +45.1% ULSD 10 ppm NWE CIF Cg. +8.9% LSFO 1% FOB Cg; Terminal rate: \$1/ton; Ocean loss: 0.15% over Brent; Freight 2015: WS Aframax (80 kts) Route Sullom Voe / Rotterdam – Flat \$7.60/ton. Yields in % of weight.

42.5% Rotterdam cracking refining margin : Yields: -100% Brent dated, +2.3% LGP FOB Seagoing (50% Butane + 50% Propane), +25.4% PM UL NWE FOB Bg., +7.5% Naphtha NWE FOB Bg., +8.5% Jet NWE CIF, +33.3% ULSD 10 ppm NWE CIF Cg. and +15.3% LSFO 1% FOB Cg.; C&L: 7.4%; Terminal rate: \$1/ton; Ocean loss: 0.15% over Brent; Freight 2015: WS Aframax (80 kts) Route Sullom Voe / Rotterdam – Flat \$7.60/ton. Yields in % of weight.

7% Base Oil refining margin yield: -100% Arabian Light, +3.5% LGP FOB Seagoing (50% Butane + 50% Propane), +13.0% Naphtha NWE FOB Bg., +4.4% Jet NWE CIF, 34.0% ULSD 10 ppm NWE CIF, +4.5% VGO 1.6% NWE FOB Cg.,+ 14% Base Oils FOB, +26% HSFO 3.5% NWE Bg.; Consumptions: -6.8% LSFO 1% CIF NWE Cg.; Losses: 7.4%; Terminal rate: \$1/ton; Ocean loss: 0.15% over Arabian Light; Freight 2015: WS Aframax (80 kts) Route Sullom Voe / Rotterdam – Flat \$7.60/ton. Yields in % of weight.

5.5% Rotterdam aromatics refining margin yield: -60% PM UL NWE FOB Bg., -40% Naphtha NWE FOB Bg., +37% Naphtha NWE FOB Bg., +16.6% PM UL NWE FOB Bg., +6.5% Benzene Rotterdam FOB Bg., +18.5% Toluene Rotterdam FOB Bg., +16.6% Paraxylene Rotterdam FOB Bg., +4.9% Ortoxylene Rotterdam FOB Bg. Consumption: -18% LSFO 1% CIF NEW. Yields in % of weight.

Galp Energia, SGPS, S.A.

Investor Relations: Pedro Dias, Head Otelo Ruivo, IRO Cátia Lopes Joana Pereira João Pereira Pedro Pinto

Contacts: Tel: +351 21 724 08 66 Fax: +351 21 724 29 65

Address: Rua Tomás da Fonseca, Torre A, 1600-209 Lisboa, Portugal Website: www.galpenergia.com Email:investor.relations@galpenergia.com

Reuters: GALP.LS Bloomberg: GALP PL

This announcement may include forward-looking statements. Forward-looking statements are statements other than in respect of historical facts and accordingly actual events or results may differ materially from those expressed or implied by such forward-looking statements. Important factors that may cause actual results to differ from forwardlooking statements are referred in the Annual Accounts Report of Galp Energia for the year ended 31 December 2014. Galp Energia does not intend to, and expressly disclaims any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this announcement to reflect any change in events, conditions or circumstances.

Galp Energia, SGPS, S.A. | Public Company | Head Offices: Rua Tomás da Fonseca Torre C, 1600-209 Lisbon Share Capital: 829,250,635 Euros Registered at the Commercial Registry Office of Lisbon Company tax number 504 499 777