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Galp Energia's 4th quarter 2011 results and strategy execution update
(ENP Newswire Via Acquire Media NewsEdge) ENP Newswire - 14 February 2012
Release date- 10022012 - Galp Energia releases today the 4th quarter 2011 results and the strategy execution update.
The following highlights:
Net profit doubled to EUR79 Mln in 4Q11;
Physical completion of Sines refinery almost concluded;
Currently evaluating the drill stem test (DST) results in Mamba North well;
Fourth producing well in Lula to be connected to the FPSO Cidade de Angra dos Reis until the end of 1Q12;
Gearing below 20% on a pro-forma basis considering the Brazilian capital increase.
SUMMARY OF RESULTS - TWELVE MONTHS AND FOURTH QUARTER OF 2011
In 2011, Galp Energia's replacement cost adjusted net profit of EUR251 million was EUR55 million lower than in 2010 as the Refining & Marketing business segment underperformed. Net profit of EUR79 million in the fourth quarter of 2011 was EUR40 million higher yoy.
Net entitlement production of crude oil and natural gas in 2011 was 12.1 kboepd, of which 33% from Brazil; in the fourth quarter, 50% of net entitlement production of 13.0 kboepd came from Brazil;
Galp Energia achieved a refining margin of Usd 0.6/bbl in 2011 compared with Usd 2.6/bbl in 2010; in the fourth quarter of 2011, the refining margin was close to zero, influenced by the negative trend of refining margins in international markets;
In 2011 the oil marketing business was negatively impacted by the adverse Iberian economic context, with the fourth quarter volumes continuing to present a decreasing trend;
Natural gas sold in 2011 rose 9% compared with 2010 to 5,365 million cubic metres, driven by sales in Spain and by the trading segment; in the fourth quarter of 2011, volumes sold rose 6% due to higher volumes in the trading segment;
RCA EBIT fell 13% in 2011 compared with 2010 to EUR394 million; in the fourth quarter of 2011, RCA EBIT of EUR110 million was up EUR46 million compared to fourth quarter of 2010;
RCA net profit of EUR251 million in 2011 equated to EUR0.30 per share, 32% of which was achieved in the fourth quarter of 2011;
In 2011, around 45% of total capital expenditure of EUR1,000 million was allocated into the refinery upgrade project.
Investor Contact:
Tel: +351 21 724 08 66
Fax: +351 21 724 29 65
Email: investor.relations@galpenergia.com
Website: www.galpenergia.com
[Editorial queries for this story should be sent to newswire@enpublishing.co.uk]
((Comments on this story may be sent to info@enpublishing.co.uk))
(c) 2012 Electronic News Publishing -
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