Investor Presentation June 2017 2 Cautionary statement
By attending or reading this presentation, you acknowledge and agree to be bound by the following limitations and restrictions. This presentation has been prepared by Galp Energia, SGPS, S.A. (“Galp” or the “Company”) and may be amended and supplemented, but may not be relied upon for the purposes of entering into any transaction. This presentation is strictly confidential, is being distributed to a limited range of persons solely for their own information and may not (i) be distributed to the media or disclosed to any other person in any jurisdiction, nor (ii) be reproduced in any form, in whole or in part, without the prior written consent of the Company. Although the Company has taken reasonable care in preparing the information contained herein, no representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein or any other material discussed at the presentation. Neither the Company nor any of its affiliates, subsidiaries, shareholders, representatives, agents, employees or advisors shall have any liability whatsoever (including in negligence or otherwise) for any loss or liability howsoever arising from any use of this presentation or its contents or any other material discussed at the presentation or otherwise arising in connection with this presentation. This presentation does not constitute or form part of and should not be construed as, an offer to sell or issue or the solicitation of an offer to buy or otherwise acquire securities of the Company or any of its subsidiaries or affiliates in any jurisdiction or an inducement to enter into investment activity in any jurisdiction. Neither this presentation nor any part thereof, nor the fact of its distribution, shall form the basis of, or be relied on in connection with, any contract or commitment or investment decision whatsoever in any jurisdiction. This presentation is made to and directed only at persons (i) who are outside the United Kingdom, (ii) having professional experience in matters relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotions) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as "Relevant Persons"). This presentation must not be acted or relied on by persons who are not Relevant Persons. Neither this presentation nor any copy of it, nor the information contained herein, in whole or in part, may be taken or transmitted into, or distributed, directly or indirectly in or to the United States. Any failure to comply with this restriction may constitute a violation of U.S. securities laws. No securities of the Company have been registered under the United States Securities Act of 1933 or the securities laws of any state of the United States, and unless so registered may not be offered or sold except pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act and applicable state securities laws. Matters discussed in this presentation may constitute forward-looking statements. Forward-looking statements are statements other than in respect of historical facts. The words “believe”, “expect”, “anticipate”, “intends”, “estimate”, “will”, “may”, "continue”, “should” and similar expressions usually identify forward-looking statements. Forward-looking statements may include statements regarding: objectives, goals, strategies, outlook and growth prospects; future plans, events or performance and potential for future growth; liquidity, capital resources and capital expenditures; economic outlook and industry trends; energy demand and supply; developments of Galp’s markets; the impact of regulatory initiatives; and the strength of Galp’s competitors. The forward-looking statements in this presentation are based upon various assumptions, many of which are based, in turn, upon further assumptions, including without limitation, management’s examination of historical operating trends, data contained in the Company’s records and other data available from third parties. Although Galp believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. No assurance, however, can be given that such expectations will prove to have been correct. Important factors that may lead to significant differences between the actual results and the statements of expectations about future events or results include the Company’s business strategy, industry developments, financial market conditions, uncertainty of the results of future projects and operations, plans, objectives, expectations and intentions, among others. Such risks, uncertainties, contingencies and other important factors could cause the actual results of Galp or the industry to differ materially from those results expressed or implied in this presentation by such forward-looking statements. Actual future results, including financial and operating performance; demand growth and energy mix; Galp’s production growth and mix; the amount and mix of capital expenditures; future distributions; resource additions and recoveries; project plans, timing, costs, and capacities; efficiency gains; cost savings; integration benefits; product sales and mix; production rates; and the impact of technology could differ materially due to a number of factors. These include changes in oil or gas prices or other market conditions affecting the oil, gas, and petrochemical industries; reservoir performance; timely completion of development projects; war and other political or security disturbances; changes in law or government regulation, including environmental regulations and political sanctions; the outcome of commercial negotiations; the actions of competitors and customers; unexpected technological developments; general economic conditions, including the occurrence and duration of economic recessions; unforeseen technical difficulties; and other factors. The information, opinions and forward-looking statements contained in this presentation speak only as at the date of this presentation, and are subject to change without notice. Galp and its respective representatives, agents, employees or advisors do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this presentation to reflect any change in events, conditions or circumstances.
Investor Presentation | June 2017 3
Galp key takeaways
Upstream
Downstream
Financials
Shareholders and Governance
Key Data
Investor Presentation | June 2017 4 An integrated energy player
1,993 mmboe 2P + 2C Exploration & Production 67.6 kboepd WI production €494 m Ebitda
330 kbpd refining capacity Refining & Marketing 8.8 mton sales to direct clients €576 m Ebitda €11.4 bn Market Cap €1.4 bn Ebitda 7.1 bcm NG/LNG sales Gas 1.0x Net debt / Ebitda & Power 3,396 GWh electricity sales €313 m Ebitda 6.5 k Employees
Note: All figures relate to year end 2016, except market cap shown as at the end of May 2017.
Investor Presentation | June 2017 5 Positioned to capture future growth
Growth & value story Optionality & flexibility Financial priorities
15-20% Production CAGR 2016-21 FCF>0 During 2018 @$55/bbl Disciplined Capital allocation ≈20% Ebitda CAGR 2016-21 Start to Diversify capital allocation <2.0x Net debt / Ebitda
≈15% ROACE @2020+ Create Future optionality Commitment To shareholder remuneration
Investor Presentation | June 2017 6 Galp’s 3E’s approach
E x e c u t e E x t r a c t E x p l o r e
Focus Unlock more Screen new on delivery value from opportunities and and returns current portfolio portfolio management
Investor Presentation | June 2017 7
Galp key takeaways
Upstream
Downstream
Financials
Shareholders and Governance
Key Data
Investor Presentation | June 2017 8 Developing upstream portfolio in three core areas
Brazilian pre-salt Angola offshore
Mozambique Rovuma
Investor Presentation | June 2017 9 Delivering growth through project execution and extraction
Working interest production from current portfolio (kboepd)
15 - 20% CAGR 2016-21 (sanctioned projects1)
23% CAGR 2010-16
90 - 95 68
20
2010 2016 2017E 2021E 2021E+
Portfolio breakeven2 <$25/bbl
1 Sanctioned projects include Lula/Iracema and Iara in Brazil, and Block 32 and 14/14k in Angola. Remaining projects in Brazil and Mozambique not included. Investor Presentation | June 2017 2 Breakeven NPV 10, 2017 real terms. Breakeven calculated with 2020 weighted average production.
10 Projects’ execution on track
Iracema N. Júpiter (2015)
Iracema S. Carcará (2014)
Lula NE Lula Lula Berbigão/ Atapu 2 (2013) Central North Sururu
Lula Pilot Lula Lula Ext. Sépia
SOUTH AMERICA SOUTH Lula Alto Atapu 1 Lula West (2010) South South East
2010-15 2016 2017 2018 2019 2020 2021+
BBLT/Lianzi/ Kaombo Coral Kuito North South
Kaombo TL Mamba AFRICA South
Investor Presentation | June 2017 11 Delivering and improving the Lula and Iracema projects
BM-S-11 | Lula/Iracema
Seven installed FPSO, five in plateau Solid Overall project capex c.70% realised execution 2016 exit production of c.90 kboepd
Significant reduction in D&C time Economics’ improvement Capture opportunities from market deflation
Focus on value maximisation Recovery factor Improvements already considered in plan enhancement Long-term goal of around 40%
Investor Presentation | June 2017 12 Lula/Iracema: Strong productivity supporting ramp-up
Average production per well1 FPSO ramp-up period Plateau period (kboepd) (# months) (# years)
30 18 Plan 2017-21 7 23 15 13 13 10 c.20% 3
Brazilian pre-salt Lula/Iracema FPSO#1 #2 #3 #4 #5 PoD 2016-20 Current FPSO#1 plan view expected
. Outstanding productivity within . Shorter ramp-up periods . Leveraging geology and reservoir the industry supported by higher productivity management and faster well connection
1Source: ANP December 2016 well production data from pre-salt Santos and Campos basins.
Investor Presentation | June 2017 13 Lula/Iracema: Increasing operational efficiency to maximise returns
D&C average time (# days) BM-S-11 rig utilisation rate (rig/year)
10.5 239 (64)% 7.4
<5 85 75
2010 2016 LT ambition 2015 2016 2017E
. Logistics and well design optimisation . Adapting rig fleet to drilling programme and performance improvement
Investor Presentation | June 2017 14 Lula/Iracema: Working towards 40% recovery factor
Expected oil recovery factor (%)
Infill drilling
40% Reservoir Seismic 4D
WAG CO2 30% 28% Separation 23% Subsea Boosting Seawater treatment
CO handling Topsides 2 Processing specifications Initial 2013 Current Ambition
Note: Galp’s view
Investor Presentation | June 2017 15 Greater Iara: Enhancing development of key pre-salt project
BM-S-11| Berbigão/Sururu/Atapu
. Optimising PoD for three different accumulations
. Unitisation negotiations ongoing
. FPSOs (replicants) under construction with first oil in 2018
. Further appraisal in Sururu to support future development activities
Investor Presentation | June 2017 16 Preparing next wave of pre-salt developments
BM-S-8 | Carcará BM-S-24 | Sépia East/Júpiter
. Carcará discovery expected to be developed under . Sépia unitisation agreement expected to be Greater Carcará unitized area submitted in 2017
. Bid round for open area to the North of Carcará . Ongoing studies to improve technical feasibility of expected in 3Q17 Júpiter
Investor Presentation | June 2017 17 Mozambique: One of the most competitive LNG regions
LNG net present landed cost to Asia ($/ton)1
Quality and scalability of resource base 2,200 U.S.
Favourable time to market to meet LNG demand
1,600 Mozambique Increase gas share in production and reserves
2,700 Australia Long-term cash flow generator
Source: Company reports and press releases. 1Assumes present value of capex, gas cost in U.S. (Henry Hub at $3/mmbtu) and transport cost. Considers Investor Presentation | June 2017 inflation rate of 2% and discount rate @10%.
18 Mozambique: A large scale integrated project
Rovuma Area 4
Mamba onshore Coral offshore LNG trains (1st phase) Coral South FLNG (3.4 mtpa)
World-class LNG project due to quality and FID made in June 2017 with total scalability of resource base development capex estimated at c.$7 bn1
Geographical location to support Offtake agreement for the entire project competitiveness production
EPC proposals under evaluation First LNG expected in 2022
Investor Presentation | June 2017 1Coral South includes project financing package of c.$5 bn 19 Angola: Production to increase with Kaombo start-up
Block 14/14k Block 32
. Decrease in production due to natural decline of the . Two FPSOs expected to start production in 2018, fields offsetting mature projects in Block 14
. Block 14 cost reduction achieved through process . Drilling campaign proceeding in Kaombo optimisation
Investor Presentation | June 2017 20 Investing in competitive upstream projects
Technical costs1 ($/boe)
Lifting costs Leasing costs DD&A
. Reservoir characteristics and project scale driving Brazil 27 technical costs close to $15/boe
21 <20 . Potential from further capex and opex optimisation
. Lifting costs expected to be under $5/boe by 2020
Average 2016 2021E 2013-15
1Technical costs based on group working interest production (excludes royalties, overheads and oil taxes).
Investor Presentation | June 2017 21 Exploration strategy focused on Atlantic margin
Galp current exploration projects
. Leverage competitive advantages and synergies with current portfolio Portugal
. Screening opportunities with focus on DROs
S. Tomé and Príncipe
Angola
Brazil Namibia
Investor Presentation | June 2017 22 Planned exploration activities
Alentejo basin Potiguar basin BM-S-8 Blocks 5, 6, 11, 12 (Portugal) (Brazil) (Brazil) (São Tomé and Príncipe)
. First ever deepwater well . Broadband 3D seismic . Guanxuma expected to . Expanded presence to be drilled in Portugal across all blocks be spuded in 2017 through farm-in expected in 2017 during 2016
Investor Presentation | June 2017 23
Galp key takeaways
Upstream
Downstream
Financials
Shareholders and Governance
Key Data
Investor Presentation | June 2017 24 Galp to benefit from Iberian recovery and African growth
Iberian oil and NG market
GDP 1.3% 3.0% 2.8% growth . Economic recovery contributing to the development of oil and natural gas markets in Iberia 59 60 62
. African downstream activities based on selected clusters
32 30 31 . Regional reference player well positioned to capture furture market needs
2014 2015 2016
Oil (mton) Natural gas (bcm) RHS
Source: IHS; GDP in dollars
Investor Presentation | June 2017 25 R&M: reference marketing player in Iberia and in core African clusters
Service station in Portugal
. 1,436 service stations and 836 convenience stores
. Number one player in Portugal, and third largest in Iberia
. Launched innovative tri-fuel offer in Iberia (oil products, gas and electricity)
. Africa already accounting for 9% of direct volumes, with 152 service stations and wholesale presence
Investor Presentation | June 2017 26 R&M: efficient and competitive refining system
Main product flows from Galp refining system
. Recently upgraded refining system
. Focus on maximising energy efficiency and optimising refining processes
. Leveraging refineries’ location (SW Europe), namely competitiveness in the U.S. east cost
. Annual refined product sales of 17.8 mton, of which 8.1 mton to direct clients
Investor Presentation | June 2017 27 R&M: improving efficiency and optimising margin
Galp refining margin improvements ($/bbl) R&M cost efficiency programme (€m)
Galp Refining Margin Benchmark
6.0 150
4.3 5.2 c.90
3.1 2.2
2015 2016 2017E 2018E 2019E 2020E 2021E 2016 Target delivered efficiency by 2020 . Implementing energy efficiency and higher . High return projects requiring small investments conversion projects . Around 2/3 of the efficiency gains expected by 2020 . Spread over benchmark refining margin to improve already captured by up to $1/boe from 2018
Investor Presentation | June 2017 28 G&P: building a sustainable integrated business
NG/LNG Supply & Trading Power Associated businesses
. Focus on expanding and . Power benefitting from increased . 77.5% stake in regulated gas leveraging client base electricity sales to the grid infrastructure business in Portugal
. Diversify and increase sourcing . Improving sales in the . Equity stakes in international Portuguese market through gas pipelines related to Iberian natural and power integrated offering gas sourcing
€150-200 m/yr €90-100 m/yr Ebitda Associates
Investor Presentation | June 2017 29 Extracting value from downstream businesses
Quality of assets | Business competitiveness Large client base | Brand recognition
Increasing integration and cross-selling Leveraging on brand awareness Improving efficiency and returns
Contributing with €1 bn per year1
1Includes Ebitda and Associates
Investor Presentation | June 2017 30
Galp key takeaways
Upstream
Downstream
Financials
Shareholders and Governance
Key Data
Investor Presentation | June 2017 31 Disciplined capital allocation focused on key projects
Business plan 2017-21 capex allocation
c.(20)% Upstream Downstream €1.1 bn Brazil
€0.8-€1.0 bn
Other
Angola Mozambique Last 5 years Annual avg. 2017-21 plan
. Projects roll-over and efficiencies leading to capex . Around 60% of E&P capex committed and focused reductions on Brazil and Angola
. 2017 capex guidance of €1.0 - €1.2 bn . Mozambique Coral South already with established project financing package
Investor Presentation | June 2017 32 Growth plan supported by highly competitive assets
Results contribution per business (€m)
3,500
. Upstream contribution supported by high production growth
. Downstream contribution 1,750 of c.€1 bn p.a. during the period 1,496
. Group Ebitda CAGR 2016-21 of c.20% 889
. 2017 Group Ebitda guidance of 494 €1.5-€1.6 bn 0 2016 2021E
Upstream Ebitda Downstream Ebitda Associates
Investor Presentation | June 2017 33 Entering a new cash cycle
Post dividend free cash flow1 (€m) and cash breakeven
1,000
. FCF positive during 2018 at $55/bbl, with Brazil turning positive during 2017 500
Avg. cash breakeven Avg. cash breakeven . Further upside expected from 2016-18 2019-21 upstream efficiency gains ≈$65/bbl <$35/bbl 0 . Assuming a €0.50/sh flat annual dividend during the period
-500 2016 2017 2018 2019 2020 2021
Free cash flow Brent flat @$55/bbl
1Post interest and taxes and excluding Sinopec loan reimbursement.
Investor Presentation | June 2017 34 Focused on a competitive TSR and capital allocation
Long-term capital allocation
New business models and low carbon solutions . Oil & Gas businesses to remain core activities
. Start diversifying into lower carbon solutions
. Committed to shareholder Oil & Gas remuneration Dividends businesses
Investor Presentation | June 2017 35
Galp key takeaways
Upstream
Downstream
Financials
Shareholders and Governance
Key Data
Investor Presentation | June 2017 36 Galp in the capital markets
Galp shareholding structure
33% Europe 50%
Free Float North America 45%
60% RoW 5%
7%
1According to best available information, as of end of December 2016. Note: Parpública’s 7% stake underlies exchangeable bonds. Investor Presentation | June 2017 Qualifying holding from Blackrock, Henderson, Standard Life and Franklin Templeton. 37 Adding value to shareholders
Last 12-month share performance (%) Annualised TSR since Galp IPO1 (%)
49%
34% 11% 17% 16% 11% 5% 3% 2% 0%
-5%
European European European SXEP European European European European European Refiners Integrated Majors E&P Refiners Majors Integrated E&P
Source: Bloomberg. 1Annualised total shareholder return from October 23, 2006 to end of May 2017. European E&P: Africa Oil, Cairn, DNO, ENQuest, Genel, Lundin, Ophir, Premier, Soco and Tullow; European Investor Presentation | June 2017 Integrated: Eni, MOL, OMV, Repsol and Statoil; European Majors: BP, Shell and Total; European refiners: Hellenic Petroleum, Lotos, MOH, Neste, Orlen, Saras and Turkish Petroleum. 38 A committed and experienced team
Over 21 years of experience in Oil & Gas. Board executive for more than 12 years in the beverage and energy industries. Galp Board member since 2007.
Chief Executive Officer
Carlos Gomes da Silva
Chief Financial COO Exploration & COO Supply, COO Iberian Oil COO Gas & Power Chief Corporate Officer Production Refining & Marketing & Officer / New Planning International Oil Energies
Filipe Silva Thore E.Kristiansen Carlos Silva Tiago Câmara Pestana Pedro Ricardo Carlos Costa Pina
Over 25 years of Over 25 years of Over 20 years of Over 25 years of Over 20 years Over 17 years of experience in the experience in Oil & experience in experience in the retail of experience experience in public banking sector. Gas. Held senior procurement and industry. Former CEO of in the gas sector. senior level functions Former Deutsche executive roles in supply chain in the retail chain in Portugal Held senior in capital markets, Bank CEO Statoil for South automobile, (640 stores) for 15 years. executive roles in finance and insurance. in Portugal. Galp America. Galp Board hospitality and Oil & Galp Board member since supply and trading Galp Board member Board member member since 2014. Gas industries. Galp 2015. of natural gas. Galp since 2012. since 2012. Board member Board member since 2012. since 2015.
Investor Presentation | June 2017 39 Galp’s corporate sustainability internationally recognised
Investor Presentation | June 2017 40
Galp key takeaways
Upstream
Downstream
Financials
Shareholders and Governance
Key Data
Investor Presentation | June 2017 41 Business plan macro assumptions and sensitivities
Galp assumptions 2017E 2018E 2019E 2020E 2021E
Brent price ($/bbl) 50 55 60 65 70
Benchmark refining margin ($/bbl)1 2.5 2.4 2.4 2.3 2.2
EUR:USD 1.10 1.10 1.10 1.10 1.10
Ebitda sensitivities Change 2017E 2021E
Brent price $5.0/bbl €125 m €220 m
Benchmark refining margin1 $1.0/bbl €100 m €100 m
EUR:USD (0.05) €50 m €120 m
Investor Presentation | June 2017 42 Key operational indicators
2016 YoY 1Q17 Exploration & Production1 Average working interest production2 (kboepd) 67.6 48% 88.0 Oil production (kbpd) 62.3 46% 76.9 Average net entitlement production2 (kboepd) 65.1 51% 86.2 Angola 7.3 1% 6.9 Brazil 57.8 60% 79.3 Oil and gas average sale price (USD/boe) 37.7 (13)% 45.4 Production costs (USD/boe) 7.7 (22)% 8.0 Refining & Marketing Galp refining margin (USD/boe) 4.3 (29)% 5.1 Refining cash cost3 (USD/boe) 1.7 5% 1.7 Raw materials processed (mmboe) 109.7 (4)% 26.1 Total refined product sales (mton) 17.8 (2)% 4.4 Sales to direct clients (mton) 8.8 (3)% 2.1
Gas & Power NG/LNG total sales volumes (mm3) 7,065 (8)% 2,006 Sales to direct clients (mm3) 3,780 (2)% 1,149 Trading (mm3) 3,285 (14)% 857 Sales of electricity (GWh) 5,010 8% 1,350
1 Unit figures based on net entitlement production. Investor Presentation | June 2017 2 Includes natural gas exported, excludes natural gas used or reinjected. 3 Excluding impact of refining margin hedging operations. 43 Committed to a solid capital structure
Profit & Loss (€m) Balance sheet (€m)
2016 YoY 1Q17 2016 YoY 1Q17
Ebitda 1,411 (8%) 419 Net fixed assets 7,721 (171) 7,901 E&P 494 +40% 204 Work in progress 2,650 573 2,687 R&M 576 (26%) 187 Working capital 492 (18) 693 G&P 313 (18%) 22
Ebit 772 (20%) 220 Loan to Sinopec 610 (113) 561
Associates 85 +2% 32 Other assets (liabilities) (410) 106 (586)
Financial results (25) (65%) (12) Capital employed 8,414 (196) 8,569 Taxes (289) (1%) (123) Net debt 1,870 (552) 1,895 Non-controlling interests (61) +14% (18) Equity 6,543 355 6,674 Net Income 483 (24%) 99
Net Income (IFRS) 179 +46% 134 Net Debt + Equity 8,414 (196) 8,569
Investor Presentation | June 2017 44 Key indicators on Galp’s debt
Debt indicators Reimbursement profile (€m) 900 2016 1Q17
Gross debt €2.9 bn €2.9 bn
Cash and equivalents €1.0 bn €1.0 bn 600 Net Debt €1.9 bn €1.9 bn Net Debt considering loan to €1.3 bn €1.3 bn Sinopec as cash Net Debt to Ebitda Ratio1 1.0x 1.0x 300
Available credit lines €1.2 bn €1.4 bn
Average life of debt 2.6 y 2.4 y 0 Average interest rate 3.5% 3.5% 2016 2017 2018 2019 2020 2021 2022+
% Debt @ floating rate 50% 49% Profile @ YE2016 Profile @ YE2015
1Ratio considers net debt including loan to Sinopec as cash, plus Sinopec MLT shareholder loan to Petrogal Brasil. Investor Presentation | June 2017 45 Galp’s reserves and resources portfolio
Reserves and resources (mmboe)1
Reserves 2015 2016 % Chg.
1P 276 274 (1%) 2P 701 673 (4%) 3P 960 927 (3%)
Contingent resources 2015 2016 % Chg.
1C 307 300 (2%) 2C 1,342 1,320 (2%) 3C 3,025 2,993 (1%)
Prospective resources 2015 2016 % Chg.
Unrisked 1,493 2,658 78% Risked 226 383 69%
1Prospective resources and contingent resources on a working interest basis. Reserves figures on a net entitlement basis. Investor Presentation | June 2017 All figures are based on DeGolyer and MacNaughton report as of 31.12.2016. 46 Acronyms
# Number Chg. Change mmbpd Million barrels of oil per day $ (or USD) Dollar CMD Capital Markets Day MoU Memorandum of Understanding
% Percentage CO2 Carbon dioxide mtpa Million tonnes per annum & And COO Chief Operating Officer N North @ At D&C Drilling and Completion NE Northeast € (or EUR) Euro DD&A Depreciation, Depletion and Amortisation NG Natural Gas ≈ Approximately DRO Discovered Resources Opportunities NPS New Policies Scenario x Times E Expected NPV Net Present Value < Below E&A Exploration and Appraisal Opex Operational expenditure > Above E&P Exploration and Production p.a. Per annum + Plus Ebitda Earnings before interest and taxes, depreciation and amortisation PoD Plan of Development 1C; 2C; 3C Contingent resources EPC Engineering, Procurement and Construction R&D Research and Development 1P Proved reserves FCF Free Cash Flow R&M Refining and Marketing 2P Proved and probable reserves FID Final Investment Decision RCA Replacement Cost Adjusted 3P Proved, probable and possible reserves FLNG Floating Liquefied Natural Gas RHS Right Hand Side 3D Three dimensional FPSO Floating Production Storage Offloading ROACE Return on Average Capital Employed 4D Four dimensional G&P Gas and Power ROIC Return on Invested Capital ANP Agency of Petroleum, Natural Gas and Biofuels GGND Galp Gás Natural Distribuição, S.A. RoW Rest of the World Avg. Average HSE Health, Safety and Environment S South bbl Barrel IEA International Energy Agency sh Share BBLT Benguela, Belize, Lobito and Tomboco IFRS International Financial Reporting Standards TL Tômbua-Lândana bcm Billion cubic metres kboepd Thousand barrels of oil equivalent per day TSR Total Shareholder Return bn Billion kbpd Thousand barrels of oil per day U.S. United States of America BoD Board of Directors LatAm Latin America vs. Versus boe Barrel of oil equivalent LNG Liquefied Natural Gas WAG Water Alternating Gas c. Circa LT Long-term WI Working interest CAGR Compound Annual Growth Rate LTIFR Lost Time Injury Frequency Rate y Years Capex Capital expenditure m Million YE Year end CDP Carbon Disclosure Project MLT Medium long-term YoY Year on Year CEO Chief Executive Officer mmboe Million barrels of oil equivalent
Investor Presentation | June 2017 47 Investor Relations team
Pedro Dias, Head Otelo Ruivo, IRO Cátia Lopes João G. Pereira João P. Pereira Teresa Rodrigues
+351 21 724 08 66 [email protected]
For further information on Galp, please go to: www.galp.com
Investor Presentation | June 2017