3Q24 Results October 28, 2024 1441 34 3Q24 Highlights Continued strong operational momentum 112 kboepd Upstream production1 22 mboe Refinery raw materials processed 1.9 mton Oil products sold to direct clients 853 gwn Renewable power generation e820 m RCA Ebitda e540 m OCF e229m Net capex 0.5 × Net debt to Ebitda | --- | --- | |-----------------------------------------------------------------------|-------| | | | | Delivering strong operating | | | performance despite lower | | | commodities prices & refini ...

Core Viewpoint - The Zacks Oil and Gas - Refining & Marketing industry is facing declining fuel margins and rising costs due to inflation, but strong demand for gasoline and distillates may provide some support for refiners [1][2][5]. Industry Overview - The industry includes companies that sell refined petroleum products and non-energy materials, and some operate terminals and transportation services [3]. - The primary activity involves processing crude oil into various refined products, with refining margins being highly volatile and influenced by several factors including inventory levels and demand [4]. Trends Defining the Industry's Future - **Refining Margins Under Pressure**: Refining margins have weakened from 2022 highs, with crack spreads narrowing due to lower refined product prices relative to crude oil. Elevated inventories and demand uncertainties are additional risks [5]. - **Refiners Poised for Growth Amid Rising Product Demand**: Strong demand for gasoline and diesel is driven by travel and mobility, with gasoline inventories slightly below the five-year average and distillate stocks 9% lower [6][7]. - **Supply-Chain Challenges**: The industry faces supply-chain disruptions and cost inflation, limiting refiners' ability to deliver volumes and impacting profitability [8]. Industry Performance - The Zacks Oil and Gas - Refining & Marketing industry ranks 205, placing it in the bottom 18% of over 250 Zacks industries, indicating dull near-term prospects [9][10]. - The industry's earnings estimate for 2024 has decreased by 20.9% over the past year, with a decline of 8.6% for 2025 [11]. Comparative Performance - The industry has underperformed compared to the broader Zacks Oil - Energy Sector and the S&P 500, with a decline of 2.9% over the past year versus a 27.5% gain for the S&P 500 [13]. Current Valuation - The industry is currently trading at an EV/EBITDA ratio of 3.55X, lower than the S&P 500's 18.90X but above the sector's 3.09X [15]. Stocks in Focus - **Galp Energia**: A Portuguese integrated energy firm with a market capitalization of $14.5 billion and a four-quarter average earnings surprise of 64.3% [17]. - **Valero Energy**: The largest independent refiner in the U.S. with a refining capacity of 3.2 million barrels per day and an expected EPS growth rate of 4% [19]. - **Murphy USA**: A leading independent retailer with a market capitalization of $10.8 billion, benefiting from its proximity to Walmart supercenters [21].

Industry Overview - The Zacks Oil and Gas - Refining & Marketing industry includes companies that sell refined petroleum products and non-energy materials, and operate terminals and transportation services [2] - Refining margins are volatile and influenced by petroleum product inventories, demand, imports, and capacity utilization [2] Current Trends - Refining margins have weakened from the highs of 2022, with crack spreads narrowing due to lower refined product prices relative to crude oil [3] - Strong demand for gasoline and diesel is driven by travel and mobility, with gasoline inventories slightly below the five-year average and distillate stocks 9% lower [4] - Supply-chain challenges and cost inflation are impacting refiners' ability to deliver volumes, with higher transportation expenses and labor shortages limiting profitability [5] Industry Performance - The industry is currently ranked 205 in the Zacks Industry Rank, placing it in the bottom 18% of over 250 Zacks industries, indicating dull near-term prospects [6][7] - The industry's earnings estimate for 2024 has decreased by 20.9% over the past year, while the estimate for 2025 has fallen by 8.6% [8] Valuation Metrics - The industry is trading at an EV/EBITDA ratio of 3.55X, significantly lower than the S&P 500's 18.90X but above the sector's 3.09X [11] - Over the past five years, the industry's EV/EBITDA has ranged from 1.84X to 6.76X, with a median of 3.67X [11] Stocks in Focus - **Galp Energia**: A Portuguese integrated energy firm with a market capitalization of $14.5 billion and a four-quarter average earnings surprise of 64.3% [14] - **Valero Energy**: The largest independent refiner in the U.S. with a refining capacity of 3.2 million barrels per day, expected EPS growth rate of 4% [15] - **Murphy USA**: A leading independent retailer with a market capitalization of $10.8 billion, shares have gained 50.9% in a year [18]

35 106 kboepd Upstream production1 Renewable power generation OCF 2Q24 Results July 22, 2024 9 _94 1.8 mton 779 gwh €849 m Ebitda RCA e-238 m Net capex 0.35 × Net debt to Ebitda Continued execution of mid and downstream transformation Balance sheet strengthened to support future investments 2Q24 Results 2 liabilities 106 kboepd 81 $/ьы Oil realisations 1.7 $/boe Unit production costs Contingent Mozambique farm-out c.$650 m Crystallising value to support higher-return growth options 2Q24 Results Bacalhau FPS ...

unprecedented financial muscle and the resources to keep delivering long-term growth from high return projects. Yes. Thank you. First question is on the other bit of guidance that you changed this quarter is OCF and EBITDA guidance. You have a -- we have an improvement and change macro. YouÂ're taking out Mozambique. Can you just talk about whatÂ's actually going better than expected in there and just sort of the key reasons why? And second question, sorry, just going back to Namibia. Can we -- Filipe, can ...

Galp Energia SGPS S.A. (GLPEY) announced that its 10% stake in the Area 4 concession in Mozambique has been acquired by ADNOC (Abu Dhabi National Oil Company). In recent news, ADNOC has also acquired an 11.7% stake in Phase 1 of NextDecade's Rio Grande LNG project in Texas. The UAE oil giant's latest acquisition aligns with its strategy to expand its low-carbon energy portfolio. The acquired assets include the Coral South Floating LNG (FLNG) facility, which is currently operational, along with the Coral Nor ...

Galp Energia, SGPS, S.A. (OTCPK:GLPEF) Q1 2024 Results Conference Call April 30, 2024 6:00 AM ET Company Participants Otelo Ruivo - Head of Investor Relations Filipe Silva - CEO & Vice Chairman of the Board of Directors Daniel Elias - CFO Adriano Bastos - Head of Upstram Special Projects Conference Call Participants Giacomo Romeo - Jefferies Biraj Borkhataria - RBC Matt Smith - Bank of America Alessandro Pozzi - Mediobanca Pedro Alves - CaixaBank Sasikanth Chilukuru - Morgan Stanley Lydia Rainforth - Barcla ...

Galp Energia SGPS SA (GLPEY) , the Portuguese multinational energy company, has made significant oil discoveries in Namibia’s Orange Basin. It has completed the first phase of exploration of the Mopane field in the Petroleum Exploration License (PEL) 83 and estimated that the field could contain nearly 10 billion barrels of oil.PEL 83 is operated by Galp Energia, which owns an 80% stake along with its partners, National Petroleum Corporation of Namibia (NAMCOR) and Custos Energy, who hold 10% each. Sintana ...

Galp Energia SGPS SA (GLPEY) , along with its partners National Petroleum Corporation of Namibia (NAMCOR) and Custos Energy, discovered oil in the Mopane 2X well. The Mopane 2X well has reached its designated depth in the petroleum exploration license (PEL) 83.The Mopane 2X well, drilled in the Orange Basin, offshore Namibia has successfully discovered a substantial column with light oil within reservoirs of excellent quality. The drilling operation included the AVO-3 exploration target, the AVO-1 appraisal ...

Galp Energia, SGPS, S.A. (OTCPK:GLPEF) Q4 2023 Earnings Conference Call February 12, 2024 9:00 AM ET Company Participants Otelo Ruivo - Head of Investor Relations Filipe Silva - Chief Executive Officer Rodrigo Vilanova - Executive Vice President, Energy Management Georgios Papadimitriou - Chief Operating Officer, Renewables, Innovation & New Business Maria Joao Carioca - Chief Financial Officer Daniel Elias - Chief Executive Officer, Petrogal Brasil Ronald Doesburg - Executive Vice President, Industrial Joa ...