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 trading activity.
All the documents related to the fourth quarter 2012 results, including the excel files, are available at:
http://www.galpenergia.com/EN/Investidor/Relatorios-e-resultados/resultados-trimestrais/Paginas/Resultados-do-ultimo-trimestre.aspx
Source: Galp Energia, SGPS, S.A.