Galp Energia releases today the fourth quarter of 2014 results with the following highlights:
Ebitda in the fourth quarter of 2014 amounted to €399 m, up 5% quarter on quarter (QoQ) against a backdrop of falling oil prices. In fact, the improved refining margin in the Refining and Marketing (R&M) business and the higher volumes sold of liquefied natural gas (LNG) in the Gas & Power (G&P) business contributed to the Group’s improved operating performance in the period. On the other hand, the Exploration & Production (E&P) business was impacted by the lower oil and gas average sale price, despite the 18% increase in net entitlement production. Net profit in the fourth quarter of 2014 was €137 m, an increase of 13% QoQ.
Progress in the exploration and appraisal activities, with the conclusion of the drilling of the first phase of Carcará Extension appraisal well in block BM-S-8 in Brazil, and the start of drilling of a second appraisal well, Carcará Extension-2, both wells aiming to evaluate the resource potential of the discovery. Also in the Santos basin, a drill stem test (DST) was concluded in the Bracuhy well, in block BM-S-24.
Submission to the ANP of the Declaration of Commerciality for the Iara area in December, along with the Entorno de Iara area (Transfer of Rights, 100% operated by Petrobras), whereby three accumulations were defined, and whose boundaries extend outside the BM-S-11 concession area.
Also in block BM-S-11 in Brazil, FPSO #3 has reached a production of c.65 kbopd, following the connection of two producer wells and one injector well. FPSO #3 is the first permanent production unit allocated to the Iracema area, and started production in October; FPSO #4, which will be allocated to Iracema North, is currently undergoing topside integration works, and it is on track to start producing by 4Q15.
All the documents related to the fourth quarter of 2014 results, including the Excel tables, are available at:
http://www.galpenergia.com/EN/Investidor/Relatorios-e-resultados/resultados-trimestrais/Paginas/Resultados-do-ultimo-trimestre.aspx
Source: Galp Energia, SGSP, S.A.