Galp Energia

Regulatory Filings • Jan 29, 2021

4Q20 Trading Update

The information below aims to provide the key macroeconomic, operational and trading conditions experienced by Galp during the fourth quarter of 2020, as well as the liquidity position as of December 31, 2020.

All data referred to below is currently provisional and may differ from the final numbers which will be reported on February 22, 2021.

Financial Position

	30 Sep., 2020	31 Dec., 2020
Cash and equivalents (€bn)	1.7	1.7
Net debt (€bn)	2.1	2.1
Undrawn credit lines (€bn)	1.3	1.3

· Net debt at c.€1.7 bn considering the proceeds resulting from the GGND 75% stake sale (closing during 1Q21).

Upstream

	4Q19	3Q20	4Q20	Var. YoY	Var. QoQ
Working interest production (kboepd)	136.9	133.8	122.8	(10%)	(8%)
Oil production (kbpd)	121.8	120.0	111.1	(9%)	(7%)
Net entitlement production (kboepd)	135.1	132.0	121.1	(10%)	(8%)
Angola (kbpd)	13.3	11.8	11.3	(15%)	(5%)
Brazil (kboepd)	121.8	120.2	109.8	(10%)	(9%)

· Working interest production impacted by concentration of planned maintenance activities and operational constraints, resulting primarily from the pandemic circumstances.

Refining & Midstream

	4Q19	3Q20	4Q20	Var. YoY	Var. QoQ
Raw materials processed (mboe)	26.5	23.4	23.5	(11%)	0%
Galp refining margin (USD/boe)	3.3	(0.7)	1.6	(53%)	n.m.
Oil products supply' (mton)	4.2	3.6	3.7	(13%)	3%
NG/LNG supply & trading volumes' (TWh)	23.2	17.9	24.1	4%	35%
Trading (TWh)	9.0	5.6	11.3	26%	n.m.
Sales of electricity to the grid (TWh)	0.4	0.3	0.4	(1%)	3%

1 Includes volumes sold to the Commercial segment. 2 Sales from cogeneration plants.

• Refining performance reflecting Matosinhos slowdown.

· NG/LNG supply & trading volumes driven by increased network trading.

Commercial

	4Q19	3Q20	4020		Var. YoY Var. QoQ
Oil products - client sales (mton)	2.0	1.5	1.5	(24%)	(3%)
Natural gas sales - client sales (TWh)	7.8	5.4	5.9	(24%)	9% -
Electricity - client sales (TWh)	0.8	0.9	0.9	9%	1%

• Commercial volumes affected by the weak economic environment resulting from the pandemic situation.

Renewables & New Businesses

	4019	3020		4Q20 Var. YoY Var. QoQ
Renewable installed capacity' (MW)		976	926	n.m.
Renewable generation' (GWh)		143	170	n.m.	19% -
anggung pangaling an a 100% baya 7070 yang ing galar panggang dungo paraman palaying manarangang pangg

udes the solar power generated during September, following t

• Renewable generation reflecting seasonal lower sunlight hours and an upset on transformers, impacting the availability of c.375 MW.

Market Indicators

	4Q19	3Q20	4Q20	Var. YoY	Var. QoQ
Exchange rate (EUR/USD)	1.11	1.17	1.19	8%	2%
Dated Brent price (USD/bbl)	63.1	479	44.2	(30%)	3%
Japan/Korea Marker LNG price (USD/mbtu)	5.8	3.6	8.0	39%	n.m.
Dutch TTF natural gas price (EUR/MWh)	12.7	7.8	14.8	16%	88%
lberian MIBGAS natural gas price (EUR/MWh)	12.8	9.1	15.4	20%	69%
Iberian power pool price (EUR/MWh)	41.0	37.5	40.1	(2%)	7%
lberian solar captured price (EUR/MWh)	43.1	37.6	40.2	(7%)	7%
C ----------------------------------------------------------------------------------------------------------------------------------------------------------------------------

Source: Platts/MIBGAS/Bloomberg/OMIE/REE.

4Q20 Consensus | Results Presentation Details

Company collected consensus

The Company's collected consensus for quarterly earnings is scheduled to be opened for submission between February 1 and February 5 and will be made public on February 8.

Results presentation details

Galp's 4Q20 results will be published on February 22, before the opening of Euronext Lisbon.

The Company will hold a conference call and webcast on February 22. The conference call and webcast details will be provided closer to the event date and will be made available at the website.

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: GALPIS Bloomberg: GALP PL

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