Galp Energia's 2nd quarter 2012 results and strategy execution update
Galp Energia releases today the 2nd quarter 2012 results and the strategy
execution update, with the following highlights:
* Net profit reached €129 million in the second quarter of 2012, up 81% year
on year;
* Exploration drilling activity on high potential projects, underway until the
end of the year;
* Sines hydrocracker commissioning to start early August;
* Sound financial position despite sovereign credit risk.
SUMMARY OF RESULTS - first half and second QUARTER OF 2012
* Galp Energia's RCA net profit of €178 million in the first half of 2012 was
€64 million ahead of a year earlier on the back of all business segments'
improved performance. RCA net profit for the second quarter of 2012 rose
81% yoy to €129 million as all business segments delivered better results.
* Net entitlement production of crude oil and natural gas in the first half of
2012 amounted to 17.7 kboepd, 52% of which from Brazil; in the second
quarter net entitlement production rose 37% to 18.8 kboepd;
* Galp Energia's refining margin in the first half of 2012 rose to Usd
1.7/bbl from Usd 0.8/bbl a year earlier; in the second quarter the refining
margin rose to Usd 2.5/bbl from Usd 0.6/bbl a year earlier, influenced by
the upward trend in refining margins in international markets;
* The adverse economic conditions in the Iberian Peninsula led to a weaker
performance of the oil product marketing business in both the first half and
the second quarter of 2012 compared with a year earlier;
* Natural gas sold in the first half of 2012 rose 16% yoy to 3,225 million
cubic metres, driven by the LNG trading activity; in the second quarter
natural gas sold rose 26% to 1,500 million cubic metres;
* RCA EBIT of €269 million in the first half of 2012 was 53% ahead of a year
earlier; EBIT of €174 million in the second quarter rose 43% yoy;
* RCA net profit in the first half of 2012 amounted to €178 million, 72% of
which was achieved in the second quarter, when earnings per share were
€0.16;
* Capital expenditure in the first half of 2012 amounted to €391 million, 70%
of which was channelled into the Exploration & Production business segment;
in the second quarter of the year, 47% of total capital spending of €190
million was taken up by Exploration & Production activities in Brazil;
* At the end of the first half of 2012 the net debt to equity ratio was 18%
and net debt amounted to €1,221 million, reflecting a sound capital
structure.
All the documents related to the second 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
Conference call for results presentation will be held today July
27 at 2:00 pm UK. The conference call details are as follows:
UK:Â +44 (0) 208Â 515 2349
         +44 800 358 52 71 (toll free)
Portugal:Â 800 844 247
Kind regards,
Galp Energia
Investor Relations Division
Rua Tomás da Fonseca, Torre A
1600-209 Lisbon, Portugal
Tel: +351 217 240 866
Fax: +351 217 242 965
Email: investor.relations@galpenergia.com
www.galpenergia.com
Resultados:
http://hugin.info/139609/R/1630018/522277.pdf
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Source: Galp Energia. SGPS, S.A. via Thomson Reuters ONE
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