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Value proposition

We exist to create sustainable value for our stakeholders.

Our goal is to create sustainable value for our stakeholders and, particularly, for our shareholders. To achieve that we follow a clear strategic path that was designed to create value in a unique way while incorporating the best sustainability practices in our daily lives.

Our strategy is based on the 3 E's approach to all our activities, supported by a solid financial capacity and sustainable practices.

  • Executing - Focus on delivery and returns;
  • Extracting - Unlock more value from current portfolio;
  • Exploring - Screen new opportunities and portfolio management.

Why should you invest in Galp?

  • We are an integrated energy company with a clear strategy, focused on our high-potential exploration and production portfolio and on the profitability of our downstream assets;
  • Our company is a growth story, with a sound track record of high shareholder return;
  • We make it our mission to improve our operations’ efficiency, in order to potentiate the return from our assets, while maintaining financial discipline and value creation;
  • We integrate the best sustainability practices into our decision-making process, so as to ensure a successful adaptation in the 11 countries we operate in;
  • We count on highly qualified people, who are committed to creating sustainable value.

Socially responsible investors

Galp adheres to the highest sustainability practices, which it incorporates in its strategy formulation. 

A sustainable strategy ensures greater competitiveness and allows for the anticipation and management of opportunities and risks, as well as the protection of long-term value. Galp’s management model is aligned with practices that support a sustainable strategy execution, acting responsibly and ethically, and ensuring the best governance practices and transparency.

Galp has been distinguished by a number of awards and sustainability rankings, and is globally acknowledged for its reporting practices and quality. Its presence in the Dow Jones Sustainability Indices and in CDP.

Market indicators

  2014 2015 2016 2017 2018 2017 vs 2018
Average exchange rate (EUR/USD) 1.33 1.11 1.11 1.13 1.18 5%
Average exchange rate (EUR/BRL) 3.12 3.70 3.85 3.61 4.31 19%
Average price of Brent dated ¹ ($/bbl) 98.9 52.4 43.7 54.2 71.9 32%
Heavy-light crude price spread ¹ ($/bbl) (1.7) (1.4) (2.1) (1.4) (1.4) (5%)
UK NBP natural gas price ¹ ($/mmbtu) 7.4 6.2 4.7 5.8 7.9 35%
Henry Hub U.S. natural gas price 2 ($/mmbtu) 4.3 2.6 2.6 3.0 3.1 2%
LNG Japan and Korea price ¹ ($/mmbtu) 13.9 7.5 5.7 7.1 9.8 37%
Benchmark refining margin  1.1 5.2 3.1 4.2 2.5 (41%)
Iberian oil market ² (mt) 58.7 60.1 62.2 63.2 65.3 3%
Iberian natural gas market ³ (bcm) 30 32 32 36 36 (2%)

1. Source: Platts
2. Source: Nymex
3. Source: APETRO, CORES
4. Source: Galp and Enagás

Operating indicators

Exploration & Production 2014 2015 2016 2017 2018 2017 vs 2018
Net entitlement 2P reserves (mmboe) 638 701 673   748  755 1%
2C contingent resources (mmboe) 1,672 1,342 1,320 1,352 1,658 23%
Average working interest production (kboepd) 30.5 45.8 67.6 93.4 107.3 15%
Average net entitlement production (kboepd) 27.1 43.2 65.1 91.5 105.9 16%

 

Refining & Marketing 2014 2015 2016 2017 2018 2017 vs 2018
Raw materials processed (mmboe) 93 115 110 114 100 (14%)
Refined products sales (mt) 16.8 18.2 17.8 18.5 17.1 (8%)
Sales to direct clients (mt) 9.1 9.1 8.8 8.9 8.8 (1%)
Number of service stations 1,449 1,463 1,462 1,459 1,459 0%

 

Gas & Power 2014 2015 2016 2017 2018 2017 vs 2018
Total sales of NG/LNG (mm³) 7.472 7.665 7.065 7.348 7,616 4%
NG sales to direct clients (mm³) 3,759 3,843 3,780 4,374 4,740 8%
Sales of NG/LNG in trading (mm³) 3,713 3,822 3,285 2,974 2,875 (3%)
Sales of electricity (GWh) 3,792 4,636 5,010 5,172 5,191 0%

 

Financial indicators

  2014 2015 2016 2017 2018 2017 vs 2018
Turnover RCA (€m) 17,904 15,504 13,119 15,204 17,182 13%
Ebitda IFRS (€m) 825 1,174 1,389 1,898 2,311 22%
Ebitda RCA (€m) 1,314 1,538 1,411 1,786 2,218 24%
Ebit IFRS (€m) 180 423 544 1,114 1,629 46%
Ebit RCA (€m) 775 969 772 1,032 1,518 47%
Net Income IFRS (€m) -173 123 179 597 741 24%
Net Income RCA (€m) 373 639 483 577 707 23%
Earnings per share RCA (€/ação) 0.45 0.77 0.58 0.70 0.85 23%
Capex (€m) 1,143 1,283 1,218 948 899 (5%)
Total equity (€m) 6,425 6,188 6,543 5,779 6,047 5%
Net debt (€m) 2,520 2,422 1,870 1,886 1,737 (8%)
Net debt to Ebitda RCA (x) 1.9x 1.6x 1.3x 1.1x 0.8x n.m.
Dividend per share (€/share) 0.3456 0.4147 0.4977 0.55 0.63 15%
Market capitalisation on 31 December (€m) 6,991 8,890 11,767 12,708 11,440 (10%)

RCA: Replacement Cost Adjusted

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