Earnings Release • Jul 15, 2019
Earnings Release
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This trading update aims to provide estimated macroeconomic, operational and trading conditions experienced by Galp during the second quarter of 2019.
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 July 29.
| 2Q18 | 1Q19 | 2Q19 | Var. YoY | Var. QoQ | |
|---|---|---|---|---|---|
| Exchange rate (EUR/USD) | 1.19 | 1.14 | 1.12 | (6%) | (1%) |
| Dated Brent price (USD/bbl) | 74.4 | 63.1 | 68.9 | (7%) | 9% |
| Japan/Korea Marker LNG price (USD/mmbtu) | 8.8 | 6.6 | 4.9 | (44%) | (26%) |
| Iberian MIBGAS natural gas price (EUR/MWh) | 22.2 | 21.3 | 14.9 | (33%) | (30%) |
| Dutch TTF natural gas price (EUR/MWh) | 21.1 | 18.4 | 13.0 | (39%) | (29%) |
Source: Platts/MIBGAS
| 2Q18 | 1Q19 | 2Q19 | Var. YoY | Var. QoQ | |
|---|---|---|---|---|---|
| Working interest production (kboepd) | 108.1 | 112.6 | 111.7 | 3% | (1%) |
| Oil production (kbpd) | 94.6 | 99.5 | 99.4 | 5% | (0%) |
| Net entitlement production (kboepd) | 106.7 | 110.8 | 109.7 | 3% | (1%) |
| Angola (kbpd) | 5.3 | 8.7 | 12.1 | n.m. | 40% |
| Brazil (kboepd) | 101.4 | 102.1 | 97.6 | (4%) | (4%) |
| 2Q18 | 1Q19 | 2Q19 | Var. YoY | Var. QoQ | |
|---|---|---|---|---|---|
| Raw materials processed (mmboe) | 28.9 | 22.6 | 26.1 | (10%) | 15% |
| Galp refining margin (USD/boe) | 6.0 | 2.3 | 3.0 | (50%) | 30% |
| Refined product sales (mton) | 4.6 | 3.6 | 4.4 | (4%) | 22% |
| Sales to direct clients (mton) | 2.1 | 2.1 | 2.3 | 8% | 7% |
| 2Q18 | 1Q19 | 2Q19 | Var. YoY | Var. QoQ | |
|---|---|---|---|---|---|
| NG/LNG total sales volumes (mm3 ) |
1,892 | 1,963 | 1,887 | (0%) | (4%) |
| Sales to direct clients (mm3 ) |
1,133 | 1,149 | 1,205 | 6% | 5% |
| Trading (mm3 ) |
759 | 814 | 682 | (10%) | (16%) |
The 2Q19 results will be disclosed to the market on July 29, before the opening of Euronext Lisbon.
The conference call will take place on July 29, at 11:00 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:
https://edge.media-server.com/mmc/p/op8f9u4o (audio stream)
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: [email protected]
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 2018. 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.
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