AI Terminal
Galp Energia
Earnings Release • Oct 12, 2020
1908_iss_2020-10-12_372a2c9f-670c-4721-8a0a-b8bfb569a109.pdf
Earnings Release
Open in ViewerOpens in native device viewer
3Q20 Trading Update
The information below aims to provide the key macroeconomic, operational and trading conditions experienced by Galp during the third quarter of 2020, as well as the liquidity position as of September 30, 2020.
All data referred to below are currently provisional and may differ from the final numbers which will be reported on October 26.
Financial Position
| 30 Jun., 2020 | 30 Sep., 2020 | |
|---|---|---|
| Cash and equivalents (Ebn) | 1.7 | 1.7 |
| Net debt (€bn) | 1.9 | 2.1 |
| Undrawn credit lines (Ebn) | 1.3 | 1.3 |
▪ Net debt increase reflecting the c.€326 m payment for the 2.9 GW Spanish solar PV transaction made during 3Q20 (more information here).
Upstream
| 3Q19 | 2Q20 | 3020 | Var. YoY | Var. QoQ | |
|---|---|---|---|---|---|
| Working interest production (kboepd) | 125.5 | 132.2 | 133.8 | 7% | 1% |
| Oil production (kbpd) | 111. O | 118.6 | 120.0 | 8% | 1% |
| Net entitlement production (kboepd) | 124.0 | 130.3 | 132.0 | 6% | 1% |
| Angola (kbpd) | 12.7 | 12.7 | 11.8 | (7%) | (7%) |
| Brazil (kboepd) | 111.3 | 117.6 | 120.2 | 8% | 2% |
▪ some operational constraints during the period.
Refining & Midstream
| 3Q19 | 2Q20 | 3020 | Var. YoY | Var. QoQ | |
|---|---|---|---|---|---|
| Raw materials processed (mboe) | 20.6 | 13.4 | 23.4 | 14% | 75% |
| Galp refining margin (USD/boe) | 3.9 | 1.8 | (0.7) | n.m. | n.m. |
| Oil products supply' (mton) | 3.9 | 2.5 | 3.6 | (8%) | 41% |
| NG/LNG supply & trading volumes' (TWh) | 21.1 | 11.7 | 17.9 | (15%) | 53% |
| Trading (TWh) | 7.8 | 3.7 | 5.6 | (28%) | 50% |
| Sales of electricity to the grid4 (TWh) | 0.3 | 0.3 | 0.5 | 57% | 47% |
1 Includes volumes sold to the Commercial segment.
2 Sales from cogeneration plants.
▪ Refining performance impacted by the extremely weak distillate cracks environment during the period.
■ NG/LNG supply & trading volumes reflected an improvement in the gas market conditions.
3Q20 Trading Update October 12, 2020
Commercial
| 3019 | 2Q20 | 3020 | Var. YoY | Var. QoQ | |
|---|---|---|---|---|---|
| Oil products - client sales (mton) | 2.2 | 1.2 | 1.5 | (30%) | 32% |
| Natural gas sales - client sales (TWh) | 7.2 | 4.9 | 5.4 | (24%) | 11% |
| Electricity - client sales (TWh) | 0.8 | 0.7 | 0.9 | 14% | 29% |
▪ Client sales reflecting the demand recovery in all segments after the lockdown measures which affected the first half of the year.
Renewables & New Businesses
| 3019 | 2020 | 3Q20 Var. YoY Var. QoQ | |||
|---|---|---|---|---|---|
| Renewable generation installed capacity' (MW) | 12 | 12 | 926 | n.m. | n.m. |
| Renewable power generation' (GWh) | 4.8 | 6.4 | 142.7 | n.m. | n.m. |
¹ Capacity and generation on a 100% basis. 3Q20 only includes the solar power generated during September, following the solar transaction closing.
▪ Total generation capacity increased following the addition of 914 MW solar PV projects already in operation included in the transaction with ACS, which was completed during September. (more information here).
Market Indicators
| 3Q19 | 2Q20 | 3Q20 | Var. YoY | Var. QoQ | |
|---|---|---|---|---|---|
| Exchange rate (EUR/USD) | 1.11 | 1.10 | 1.17 | 5% | 6% |
| Dated Brent price (USD/bbl) | 62.0 | 29.6 | 42.9 | (31%) | 45% |
| Japan/Korea Marker LNG price (USD/mbtu) | 4.7 | 2.7 | 3.6 | (23%) | 70% |
| Dutch TTF natural gas price (EUR/MWh) | 10.2 | 5.3 | 7.8 | (24%) | 46% |
| lberian MIBGAS natural gas price (EUR/MWh) | 12.6 | 6.5 | 9.0 | (28%) | 40% |
| Iberian power pool price (EUR/MWh) | 46.8 | 24.0 | 38.7 | (17%) | 61% |
Source: Platts/MIBGAS/Bloomberg
3Q20 Consensus | Results Presentation Details
Company collected consensus
The Company's collected consensus for quarterly earnings is scheduled to be opened for submission between October 12 and October 16 and will be made public on October 19.
Results presentation details
Galp's 3Q20 results will be published on October 26, before the opening of Euronext Lisbon.
The Company will hold a conference call and webcast on October 26, at 11:30 a.m. (UK time). The conference call and webcast details are provided below:
Hosted by
- . Carlos Gomes da Silva (CEO)
- Filipe Silva (CFO)
- · Otelo Ruivo (Head of Investor Relations)
Webcast
https://edge.media-server.com/mmc/p/szep4v83
Dial-in numbers
- UK: +44 (0) 207 192 8000 or +44 (0) 800 376 7922 (UK toll free)
- Portugal: +351 308 800 848
Conference ID 1546569
To listen to the conference call, please dial in 10 minutes before the scheduled time to ensure your registration.
Galp Energia, SGPS, S.A. Investor Relations:
Otelo Ruivo, Head Inês Clares Santos João Antunes João G. Pereira Teresa Rodrigues
investor.relations(@galp.com Tel: +351 21 724 08 66 Fax: +351 21 724 29 65
Rua Tomás da Fonseca. Torre A, 1600-209 Lisbon, Portugal www.galp.com
Reuters: GALP.LS Bloomberg: GALP PL
Themalerina includes met. Minition, equiption esclimente minchientimes includer colorio do continet combines combines combines combines comitures commercer com comers comers oliko costa March Comment Collection Comments of Concellent Collection Collection Collection Colorado Corporation Corporation
Comprehimento Colorio Comments of Commental Comm or do inter do and experssly discloin any duty, undertains on obligation to, mole of disseninde update or revision to ony of the information, points of the information, provi