Galp Energia

Earnings Release • Oct 15, 2018

3Q18 Trading Update

This trading update aims to provide estimated macroeconomic, operational and trading conditions experienced by Galp during the third quarter of 2018.

The margins, prices, production and other data referred to below are averages for the period and currently provisional. All such data is subject to change and may differ from the final numbers, which will be reported on October 29.

Market indicators

	3Q17	2Q18	3Q18	Var. 3Q18/3Q17	Var. 3Q18/2Q18
Exchange rate (EUR/USD)	1.17	1.19	1.16	(1%)	(2%)
Dated Brent price (USD/bbl)	52.1	74.4	75.2	44%	1%
Japan/Korea Marker LNG price (USD/mmbtu)	6.3	8.8	10.7	71%	21%
Iberian MIBGAS natural gas price (EUR/MWh)	17.1	22.2	26.9	58%	21%
Dutch TTF natural gas price (EUR/MWh)	16.1	21.1	24.6	52%	16%

Source: Platts/MIBGAS.

Operating indicators

Exploration & Production

	3Q17	2Q18	3Q18	Var. 3Q18/3Q17	Var. 3Q18/2Q18
Working interest production (kboepd)	94.6	108.1	103.8	10%	(4%)
Oil production (kbpd)	82.8	94.6	93.1	12%	(2%)
Net entitlement production (kboepd)	92.4	106.7	102.3	11%	(4%)
Angola (kbpd)	5.6	5.3	7.4	31%	39%
Brazil (kboepd)	86.8	101.4	94.9	9 %	(6%)

Refining & Marketing

	3Q17	2Q18	3Q18	Var. 3Q18/3Q17	Var. 3Q18/2Q18
Raw materials processed (mmboe)	29.7	28.5	27.7	(7%)	(3%)
Galp refining margin (USD/boe)	7.4	6.1	5.8	(21%)	(4%)
Refined product sales (mton)	4.9	4.7	4.5	(7%)	(3%)
Sales to direct clients (mton)	2.4	2.2	2.4	(1%)	9 %

Gas & Power

Gas & Power
	3Q17	2Q18	3Q18	Var. 3Q18/3Q17	Var. 3Q18/2Q18
NG/LNG total sales volumes (mm3 )	1,716	1,892	2,024	18%	7 %
Sales to direct clients (mm3 )	1,064	1,133	1,201	13%	6 %
Trading (mm3 )	652	759	823	26%	8 %

Results presentation

3Q18 results will be disclosed to the market on October 29, before the opening of Euronext Lisbon.

The conference call will take place on October 29, 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 and webcast 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) 330 336 9411 or +44 (0) 800 279 7204 (UK toll free)  Portugal: +351 800 812 582
Webcast	 https://edge.media-server.com/m6/p/9hsffcob (audio stream only)

Galp Energia, SGPS, S.A. Investor Relations:

Pedro Dias, Head Otelo Ruivo, IRO Cátia Lopes João G. Pereira João P. Pereira Teresa Rodrigues 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.galp.com Email:investor.relations@galp.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 forward-looking statements are referred in the Annual Accounts Report of Galp for the year ended 31 December 2017. Galp 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.