Galp Energia. SGPS, S.A. : Galp Energia. SGPS, S.A. : Fourth quarter 2012
results and strategy execution update
Galp Energia's 4th quarter 2012 results and strategy execution update
Galp Energia releases today the 4th quarter 2012 results and the strategy
execution update, with the following highlights:
Key wells drilled in 2012, namely in Carcará and in Júpiter NE, in the
pre-salt of Santos basin, provided relevant data that supports the development
of those areas.
Expansion and diversification of the exploration portfolio to underexplored
areas with relevant potential, namely in Namibia and in Morocco, in order to
ensure sustained production in the long term.
Intensive exploration campaign in 2013, with several high impact wells
scheduled throughout the year, comprising not only renowned world-class basins
but also frontier areas, namely the Rovuma basin in Mozambique, the pre-salt
Santos basin and the Potiguar basin in Brazil, and Namibia.
Start of commercial production by the hydrocracker at the Sines refinery,
under the upgrade project, which marks the conclusion of the refining upgrade
project in Sines and in Matosinhos. This achievement sets the beginning of a
new era in Galp Energia's refining business. Following the start of
operations, a positive impact is expected on the Company's refining margin
already in the first quarter of 2013.
Net profit in the fourth quarter of 2012 increased by 10% year-on-year to €83
million. This positive trend followed the improved performance of the
Exploration & Production and Refining & Marketing business segments,
particularly considering the increased oil and natural gas production in
Brazil and the higher refining margin in the period.
In the first quarter of 2013, working interest production should reach around
24 kboepd, in line with the fourth quarter of 2012. Although positively
impacted by the start-up of the upgrade, the Refining & Marketing business
should continue to be impacted by the economic downturn in the Iberian
Peninsula, with volumes of oil products sold expected to decrease
year-on-year. In the Gas & Power business, natural gas volumes sold should
increase, compared to the fourth quarter of 2012, supported by robust LNG
All the documents related to thefourth quarter 2012 results, including the
excel files, are available at:
The conference call for the presentation of the results and of the strategy
execution update will be held today, February 11at 11:30pmUK. The
conference call details are as follows:
UK: +44 (0) 208 515 2301 or +44 (0) 800 358 5271 (UK toll free)
Portugal: +351 800 780 153
Investor Relations Division
Rua Tomás da Fonseca, Torre A
1600-209 Lisbon, Portugal
Tel: +351 217 240 866
Fax: +351 217 242 965
This announcement is distributed by Thomson Reuters on behalf of Thomson
The owner of this announcement warrants that:
(i) the releases contained herein are protected by copyright and other
applicable laws; and
(ii) they are solely responsible for the content, accuracy and originality of
information contained therein.
Source: Galp Energia. SGPS, S.A. via Thomson Reuters ONE
Press spacebar to pause and continue. Press esc to stop.