Galp Energia — Earnings Release 2015

Jan 25, 2016

4th Quarter 2015 trading update

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

The fourth 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 February 8.

ECONOMIC INDICATORS

	4Q14	3Q15	4Q15	Ch. 4Q15/4Q14	Ch. 4Q15/3Q15
Average dated Brent price1 (USD/bbl)	76.6	50.5	43.8	(42.9%)	(13.3%)
UK NBP natural gas price2 (GBp/therm)	53.0	41.3	36.8	(30.5%)	(10.8%)
LNG Japan and Korea price1 (USD/mmbtu)	11.6	7.6	7.2	(38.2%)	(5.5%)
Benchmark refining margin1 (USD/bbl)	2.9	6.2	4.0	39.7%	(35.1%)

1 Source: Platts.

2 Source: Bloomberg.

OPERATING INDICATORS

Exploration & Production

	4Q14	3Q15	4Q15	Ch. 4Q15/4Q14	Ch. 4Q15/3Q15
Average working interest production (kboepd)	36.3	45.7	52.1	43.3%	14.0%
Oil production (kbopd)	34.0	42.2	48.9	43.8%	15.8%
Average net entitlement production (kboepd)	33.4	43.9	49.2	47.5%	12.1%

Refining & Marketing

	4Q14	3Q15	4Q15	Ch. 4Q15/4Q14	Ch. 4Q15/3Q15
Raw materials processed (kboe)	27,592	29,814	28,763	4.2%	(3.5%)
Total oil product sales (mton)	4.6	4.8	4.6	0.5%	(4.3%)
Sales to direct clients (mton)	2.3	2.4	2.2	(5.3%)	(6.8%)

Gas & Power

	4Q14	3Q15	4Q15	Ch. 4Q15/4Q14	Ch. 4Q15/3Q15
NG supply total sales volumes (mm3 )	1,885	1,909	1,692	(10.3%)	(11.4%)
Sales to direct clients (mm3 )	968	933	992	2.4%	6.3%
Trading (mm3 )	917	976	700	(23.7%)	(28.3%)

RESULTS PRESENTATION

The fourth quarter of 2015 results will be disclosed to the market on February 8, before the opening of Euronext Lisbon.

The conference call will take place on February 8, 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 1915 or +44 (0) 800 279 5004 (UK toll free)  Portugal: +351 800 781 056
Chairperson	 Pedro Dias (Head of Strategy & IR)

TRADING UPDATE Lisbon, January 25, 2016

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