Galp Energia, Sgps S.a. Class B · EURONEXT:GALP
Galp Energia, Sgps S.a. Class B — Galp Energia — Q3 2022 Earnings Presentation
19 slides from Galp Energia, Sgps S.a. Class B's earnings presentation, Oct 24, 2022
Slide 1: 3Q22 Results
3Q22 RESULTS October 24, 2022 1 3Q22 Results
Slide 2: Disclaimer
Disclaimer This document may include forward-looking statements, including, without limitation, regarding future results, namely cash flows, dividends, and shareholder returns; liquidity; capital and operating expenditures; performance levels, operational or environmental goals, targets or commitmen
Slide 3: Recent developments: 3Q22 overview
01 Recent developments 3Q22 overview 3 3Q22 Results
Slide 4: 3Q22 highlights
3Q22 highlights Executing key strategic projects according to plan Strong operational performance, 784 m 427 m 2.1 bn mostly supported on international activities RCA Ebitda FCF Net debt Robust cash flow generation capturing macro environment 484 m 567 m 0.6 x Adj. OCF 1 FCF Net debt to (excl. Titan
Slide 5: 3Q22: Upstream
3Q22: Upstream Robust contribution and higher availability on production units 128 kboepd Quarter highlights Outlook WI Production +7% QoQ Improved production through On track to meet FY22 99 $/bbl 56 $/boe higher uptime production guidance Oil Gas realisations 1 realisations 1 Improved oil discount
Slide 6: Coral South FLNG
Coral South FLNG Placing Mozambique on the LNG map c.$ 7 bn Total investment 100% stake 10% First Floating LNG facility in ultra-deep waters 3.4 mtpa Over 25 years Capacity of LNG per year Delivering large-scale project on time and on budget > 700 mboe Recoverable volumes Coral LNG 100% offtake to b
Slide 7: 3Q22: Commercial
3Q22: Commercial Ongoing recovery trend although signs of weaker gas and electricity demand 2.0 mton Quarter highlights Outlook Oil products sales +12% YoY Oil volumes supported by B2B Price environment to impact gas recovery and electricity Iberian demand 5.2 TWh Gas and Power sales -5% YoY Gas and
Slide 8: 3Q22: Industrial & Energy Management
3Q22: Industrial & Energy Management Robust refining performance whilst gas trading impacted by sourcing restrictions 7.7 $/boe Quarter highlights Outlook Refining margin calculated with gas costs at Iberian spot prices System 1st quartile availability Planned maintenance in Q4 but maximising refine
Slide 9: 3Q22: Renewables & New Businesses
3Q22: Renewables & New Businesses Continued renewables capacity deployment and preparing future growth Quarter highlights Outlook 1.3 GW +37% YoY Gross operating capacity 100% of Titan consolidated 1.4 GW in operation and from August onwards preparing to accelerate 627 GWh 2x YoY construction in 202
Slide 10: Executing our distinctive investment proposition
Executing our distinctive investment proposition to thrive through the energy transition Growth from Growth from Competitive shareholder established businesses low carbon businesses distribution Delivering on Coral start-up and start Doubling equity renewable energy sh interim dividend paid in drill
Slide 11: Financial overview: 3Q22 results
02 Financial overview 3Q22 results 11 3Q22 Results
Slide 12: 3Q22: Solid operational results across all business units
3Q22: Solid operational results across all business units Upstream 784 m Improved production and oil differentials and gas realisations. 612m 320 m 205 m QoQ unitisation impact & negative RCA Ebitda 1 OCF Net capex 2 3Q22 Group swing from increased cargoes in RCA Ebitda transit Commercial Contributi
Slide 13: 3Q22: RCA Ebitda
3Q22: RCA Ebitda of Supported by strong operational delivery 3Q22 P&L ( RCA Ebitda reflecting solid operational performance but impacted by unitisation agreement and gas sourcing RCA Ebit including São Tomé and 89 Principe impairment and recognition of 25 784 Matosinhos transformation projects as (3
Slide 14: Strong operational cash generation
Strong operational cash generation Supporting deleverage 3Q22 Cash flow ( Robust OCF contribution across all business units Inc. from 693 Titan stake acquisition (154) Working capital release from lower commodity prices and supported by Gas Hedges (558) derivatives margin calls Unitization Unitizati
Slide 15: 2022 full year outlook
2022 full year outlook Expected distributions maintained at c. 3.8 bn Expected distributions related from c. Upstream Ebitda unchanged at c. to 2022 fiscal year with FY22 WI production guidance maintained 2.8 bn from c. Commercial Ebitda on track towards 1/3 OCF > Total distributions (Base dividend
Slide 16: Appendix
03 Appendix galp.com
Slide 17: Key guidance for 2022
Key guidance for 2022 Operational indicators (no changes) Financial indicators Upstream RCA Ebitda c.3.8 WI production kboepd Flat YoY Upstream c.3.0 Upstream production costs $/boe <3 Commercial >300 Commercial Industrial & Energy Management c.500 Oil products sales to direct clients mton c.7.0 Ren
Slide 18: Refining margin vs hedging indicator
refining margin vs hedging indicator Refining Margins ($/boe) 30 High historical adherence 25 between Galp refining margin and hedging indicator 20 From March 2022 onwards the 15 gap widened as a result of high market volatility (raw materials differentials, product cracks, 10 energy costs) 5 Galp h
Slide 19: galp.com
galp.com