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.

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. The Company is recognised by Dow Jones Sustainability Indices, FTSE4Good Index and CDP, among others.

Market indicators

  2015 2016 2017 2018 2019 2018 vs 2019
Average exchange rate (EUR/USD) 1.11 1.11 1.13 1.18 1.12 (5%)
Average exchange rate (EUR/BRL) 3.70 3.85 3.61 4.31 4.41 2%
Average price of Brent dated ¹ ($/bbl) 52.4 43.7 54.2 71.9 64.2 (11%)
Heavy-light crude price spread ¹ ($/bbl) (1.4) (2.1) (1.4) (1.4) (0.6) (57%)
LNG Japan and Korea price ¹ ($/mmbtu) 7.5 5.7 7.1 9.8 5.5 (44%)
Iberian oil market ² (mt) 60.1 62.2 63.2 65.3 65.6 0%
Iberian natural gas market ³ (bcm) 32 32 36 36 40 11%

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

Operating indicators

Upstream 2015 2016 2017 2018 2019 2019 vs 2019
Net entitlement 2P reserves (mmboe) 701 673   748  755 739 (2%)
2C contingent resources (mmboe) 1,342 1,320 1,352 1,658 1,680 1%
Average working interest production (kboepd) 45.8 67.6 93.4 107.3 121.8 14%
Average net entitlement production (kboepd) 43.2 65.1 91.5 105.9 120 13%

 

Refining & Midstream 2015 2016 2017 2018 2019 2018 vs 2019
Raw materials processed (mmboe) 115 110 114 100 96 (4%)
Refined products sales (mt) 18.2 17.8 18.5 16.8 16.2 (4%)
NG/LNG trading sales (mm³) 3,822 3,285 2,974 2,875 2,937 2%
Sales of electricity to the grid (GWh) 1,299 1,614 1,548 1,296 1,325 2%

 

Commercial 2015 2016 2017 2018 2019 2018 vs 2019
Number of service stations 1,463 1,462 1,459 1,463 1,465 0%
Oil products - client sales (mton) 9.1 8.8 8.9 8.8 8.7 (1%)
Natural gas - client sales (mm³) 3,843 3,780 4,374 4,740 4,709 (1%)
Electricity - client sales (GWh) 3,336 3,396 3,625 3,865 3,199 (17%)

 

Financial indicators

  2015 2016 2017 2018 2019 2018 vs 2019
Turnover RCA (€m) 15,504 13,119 15,204 17,182 16,570 (4%)
Ebitda IFRS (€m) 1,174 1,389 1,898 2,311 2,219 (4%)
Ebitda RCA (€m) 1,538 1,411 1,786 2,218 2,318 5%
Ebit IFRS (€m) 423 544 1,114 1,629 1,232 (24%)
Ebit RCA (€m) 969 772 1,032 1,518 1,387 (9%)
Net Income IFRS (€m) 123 179 597 741 389 (48%)
Net Income RCA (€m) 639 483 577 707 560 (21%)
Earnings per share RCA (€/ação) 0.77 0.58 0.70 0.85 0.68 (20%)
Capex (€m) 1,283 1,218 948 899 856 (5%)
Total equity (€m) 6,188 6,543 5,779 6,047 5,657 (6%)
Net debt (€m) 2,422 1,870 1,886 1,737 1,435 (17%)
Net debt to Ebitda RCA (x) 1.6x 1.3x 1.1x 0.8x 0.7x n.m.
Dividend per share (€/share) 0.4147 0.4977 0.55 0.63 0.70 11%
Market capitalisation on 31 December (€m) 8,890 11,767 12,708 11,440 12,356 8%

RCA: Replacement Cost Adjusted

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