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 supply1 (mton) |
4,2 |
3,6 |
3,7 |
(13%) |
3% |
| NG/LNG supply & trading volumes1 (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 grid2 (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 |
4Q20 |
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
| |
|
| |
4Q19 |
3Q20 |
4Q20 |
Var. YoY |
Var. QoQ |
| Renewable installed capacity1 (MW) |
12 |
926 |
926 |
n.m. |
- |
| Renewable generation1 (GWh) |
11 |
143 |
170 |
n.m. |
19% |
1 Capacity and generation on a 100% basis. 3Q20 only includes the solar power generated during September, following the solar transaction closing.
- 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 |
42,9 |
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% |
| Iberian 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% |
| Iberian solar captured price (EUR/MWh) |
43,1 |
37,6 |
40,2 |
(7%) |
7% |
Source: Platts/MIBGAS/Bloomberg/OMIE/REE.