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% |
| Angola (kbpd) |
14.1 |
11.3 |
11.3 |
(20%) |
0% |
| Brazil (kboepd) |
115.6 |
109.8 |
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.
Refining & Midstream
| |
|
| |
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% |
| 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%) |
1 Includes volumes sold to the Commercial segment.
- 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.
- 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.
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%) |
| Electricity - client sales (TWh) |
0.9 |
0.9 |
1.0 |
6% |
8% |
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% |
-
Renewable generation supported by seasonally higher sunlight hours. All solar plants are now operating under normal conditions, after the upset on some transformers, which resumed operations by the end of the quarter.
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% |
Source: Platts/MIBGAS/Bloomberg/OMIE/REE.
Company collected consensus
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.
Results presentation details
Galp’s 1Q21 results will be published on April 26, before the opening of Euronext Lisbon.
The conference call and webcast details will be provided closer to the event date and will be made available at the website.