Galp Energia releases today the first quarter of 2015 results with the following highlights:

Ebitda in the first quarter of 2015 amounted to €398 m, mainly following the improved results of the Refining and Marketing (R&M) business segment that benefitted from the recovery of international refining margins and from the increased volumes of oil products sold. The Exploration and Production (E&P) business segment was negatively impacted by the fall in oil prices, notwithstanding the increase of production. The Gas and Power business benefitted from the higher volumes traded.

In the E&P business segment, working interest production increased 48% yoy, to 41.5 kboepd, mainly supported by the incremental contribution from FPSO#2 and the increase of production in FPSO #3. In the R&M business, refining margins increased to $5.9/boe and oil products volume sales increased 4% yoy to 2.3 mton. In the G&P business, volumes sold of natural gas increased 6% yoy to 2,195 mm3, mainly supported by the increase in volumes traded.

In Lula/Iracema, in block BM-S-11, the FPSO Cidade Mangaratiba (FPSO #3) reached a production of around 100 kbopd at the end of the quarter, with the connection of a third producer well. The FPSO Cidade Angra dos Reis (FPSO #1) and FPSO Cidade Paraty (FPSO #2) continued to operate at full capacity during the quarter. The FPSO Cidade de Itaguaí (FPSO #4) has been in the Brasfels shipyard in Brazil since the beginning of the year for topside integration works.

Progress in the exploration and appraisal activities, from which it should be highlighted the drilling works of the Carcará Extension-2 well, the second appraisal well, whose purpose is to evaluate the resource potential of the discovery. Still in the Santos basin, in block BM-S-11, the drilling of the reservoir data (RDA) well began in the Berbigão area, aiming to increase reservoir knowledge.

All the documents related to the first quarter of 2015 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

The conference call for the presentation of these results as well as the strategy execution update will be held today, April 27, at 11:30 am UK time. The conference call details are as follows:
UK: +44 (0) 203 427 1914 or +44 (0) 800 279 4977 (UK toll free)
Portugal: +351 800 781 056

A replay of the conference call will be available for the next 4 weeks.
The number to access the replay of the conference call is +44 (0) 800 789 318 (UK/International) and the PIN is 5163817#

Source: Galp Energia, SGPS, S.A.