Investor Presentation • Apr 12, 2021
Investor Presentation
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The information below aims to provide the key macroeconomic, operational and trading conditions experienced by Galp during the first quarter of 2021.
| All data referred to below is currently provisional and may differ from the final numbers which will be | |||||||
|---|---|---|---|---|---|---|---|
| reported on April 26, 2021. | |||||||
| Upstream | |||||||
| 1Q20 | 4Q20 | 1Q21 | Var. YoY | Var. QoQ | |||
| Working interest production (kboepd) | 131.4 | 122.8 | 125.2 | (5%) | 2% | ||
| Oil production (kbpd) | 118.1 | 111.1 | 112.2 | (5%) | 1% | ||
| Net entitlement production (kboepd) | 129.6 | 121.1 | 123.5 | (5%) | 2% | ||
| 14.1 | 11.3 | 11.3 | (20%) | 0% | |||
| Angola (kbpd) | 112.2 | (3%) | 2% |
| Working interest production up QoQ, reflecting lower levels of planned maintenance activities, while still impacted by offshore operational and logistic constraints. 1Q20 4Q20 1Q21 Var. YoY Var. QoQ Raw materials processed (mboe) 26.8 23.5 19.7 (26%) (16%) Galp refining margin (USD/boe) 1.9 1.6 2.0 9% 31% |
|---|
| Refining & Midstream |
| Oil products supply1 (mton) 4.1 3.7 3.6 (13%) (3%) |
| NG/LNG supply & trading volumes1 (TWh) 17.7 24.1 25.7 45% 7% |
| Trading (TWh) 5.3 11.3 15.8 n.m. 39% |
| Sales of electricity from cogeneration (TWh) 0.3 0.4 0.3 (2%) (6%) |
Following Galp's decision to discontinue refining activities in Matosinhos, 2021 refining indicators only reflect Sines refinery operations.
| | Refining performance benefiting from light distillates cracks recovery, although overall environment remains constrained by the weak demand. |
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|---|---|---|---|---|---|---|
| NG/LNG supply & trading volumes driven by increased network trading, with performance expected to be impacted by sourcing restrictions and higher regasification costs in Portugal. |
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| Commercial | 1Q20 | 4Q20 | 1Q21 | Var. YoY | Var. QoQ | |
| Oil products - client sales (mton) | 1.8 | 1.5 | 1.3 | (25%) | (12%) | |
| Natural gas sales - client sales (TWh) | 6.7 | 5.8 | 4.9 | (26%) | (16%) |
| 1Q21 Trading Update April 12, 2021 |
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|---|---|---|---|---|---|---|---|
| Renewables & New Businesses | |||||||
| 1Q20 | 4Q20 | 1Q21 | Var. YoY | Var. QoQ | |||
| Renewable installed capacity (MW) | |||||||
| Gross (100%) | 12 | 926 | 926 | n.m. | - | ||
| Equity to Galp | 12 | 698 | 698 | n.m. | - | ||
| Renewable generation (GWh) | |||||||
| Gross (100%) | 8 | 170 | 191 | n.m. | 13% | ||
| Equity to Galp | 8 | 130 | 146 | n.m. | 13% |
| Market Indicators | |||||||
|---|---|---|---|---|---|---|---|
| 1Q20 | 4Q20 | 1Q21 | Var. YoY | Var. QoQ | |||
| Exchange rate (EUR/USD) | 1.10 | 1.19 | 1.20 | 9% | 1% | ||
| Dated Brent price (USD/bbl) | 50.1 | 44.2 | 61.1 | 22% | 38% | ||
| Japan/Korea Marker LNG price (USD/mbtu) | 3.6 | 7.9 | 10.0 | n.m. | 26% | ||
| Dutch TTF natural gas price (EUR/MWh) | 9.5 | 14.8 | 18.5 | 94% | 25% | ||
| Iberian MIBGAS natural gas price (EUR/MWh) | 10.1 | 15.3 | 20.5 | n.m. | 34% | ||
| Iberian power pool price (EUR/MWh) | 34.9 | 40.1 | 45.2 | 30% | 13% | ||
| Iberian solar captured price (EUR/MWh) | 33.7 | 39.6 | 42.6 | 26% | 8% |
The Company's collected consensus for quarterly earnings is scheduled to be opened for submission between April 12 and April 16 and will be published on April 19.
Galp's 1Q21 results will be published on April 26, before the opening of Euronext Lisbon.
The Company will hold a conference call and webcast on April 26, at 11:30 a.m. (UK time). The conference call and webcast details are provided below:
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Dial-in numbers
Conference ID: 2077431
To listen to the conference call, please dial in 10 minutes before the scheduled time to ensure your registration.
Otelo Ruivo, Head Inês Clares Santos João Antunes João G. Pereira Teresa Rodrigues
[email protected] 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/corp/en/investidores
Reuters: GALP.LS Bloomberg: GALP PL
This document may include forward-looking statements, including, without limitation, regarding future results, namely cash flows, dividends, and shareholder returns; liquidity; capital and operating expenditures; performance levels, operational or environmental goals, targets or commitments and project plans, timing, and outcomes; production rates; developments of Galp's markets; and impacts of the COVID-19 pandemic on Galp's businesses and results; any of which may significantly differ depending on a number of factors, including supply and demand for oil, gas, petroleum products, power and other market factors affecting them; the outcome of government policies and actions, including actions taken to address COVID-19 and to maintain the functioning of national and international economies and markets; the impacts of the COVID-19 pandemic on people and economies; the impact of Galp's actions to protect the health and safety of its employees, customers, suppliers and communities; actions of Galp's competitors and commercial counterparties; the ability to access short- and long-term debt markets on a timely and affordable basis; the actions of consumers; other legal and political factors, including changes in law and regulations and obtaining necessary permits; unexpected operating events or technical difficulties; the outcome of commercial negotiations, including negotiations with governments and private entities; and other factors discussed in Galp's Management Report & Accounts filed with the Portuguese Securities Market Commission (CMVM) for the year ended December 31, 2020 and available on our website at galp.com. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements express future expectations that are based on management's expectations and assumptions as of the date they are disclosed and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such those statements. Galp and its respective representatives, agents, employees or advisers do not intend to, and expressly disclaim 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 document to reflect any change in events, conditions or circumstances. This document does not constitute investment advice nor forms part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or otherwise acquire securities of Galp or any of its subsidiaries or affiliates in any jurisdiction or an inducement to engage in any investment activity in any jurisdiction.
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