Galp Energia SGPS S.A. Oil & Gas Exploration and Production Operations and Cost Analysis - Q1, 2014

 Published On: Aug, 2014 |    No of Pages: 63 |  Published By: GlobalData | Format: PDF
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Summary

Galp Energia SGPS S.A. Oil & Gas Exploration and Production Operations and Cost Analysis is the latest report from GlobalData, the industry analysis specialists, that offers comprehensive information on the operational and financial performance of the company. The report is an essential source for key operational data, analysis and strategic insight into company. The report provides latest annual and quarterly overview of production, reserves, share price performance, reserve changes, capital expenditures, acreage, performance metrics and results of oil & gas operations.

Galp Energia SGPS S.A. (Galp Energia) is an integrated oil and natural gas company. It carries out the exploration, development and production of crude oil and natural gas; refining of crude oil and marketing of refined petroleum products. The company also undertakes import, transportation and distribution of natural gas. It conducts the natural gas sourcing and supply activities in Portugal and serves large industrial clients, power companies, local distribution companies and autonomous reception, storage and regasification gas units (AGUs). Galp Energia produces electricity. It has operations in Spain, Brazil, Angola, Venezuela, Mozambique, Cape Verde, Guinea-Bissau, Swaziland, Gambia, East Timor, Uruguay and Equatorial Guinea, Morocco and Namibia. Galp Energia is headquartered in Lisbon, Portugal. Galp Energia mainly focuses on developing its potential as an integrated multi-energy operator. It intends to expand and diversify exploration projects thereby contributing to a well-balanced portfolio, as well as the consistent derisking of resources in its exploration portfolio

Scope

The report provides in-depth analysis and insights into companies’ capital spending, revenues, oil and gas reserves, production, and performance measures. Its scope includes -
- The report provides detailed and unique insights information on the key operational parameters. The report provides a comprehensive overview of production, reserves, reserve changes, capital expenditures, acreage, performance metrics, and results of oil & gas operations.
- Provides analysis of the share price performance of the company and the key valuation multiples. The report provides a comprehensive overview of share price performance and key valuation metrics such as market capitalization, enterprise value, EV/Production ($boe/d) and EV/Proved Reserve ($/boe)
- Provides annual and quarterly information on key operational and financial parameters. Annual information is for the current and the last four years while the quarterly information is for the current and the last four quarters
- The report provides detailed crude oil and natural gas reserves and production information of the company by country as disclosed in their annual report and regulatory filings.
- Contains in-depth and latest information on exploration, development, finding & development, acquisition expenditure, gross and net developed and undeveloped acreage position; key costs and revenue information; and performance metrics of the company as disclosed in their annual report and regulatory filings.

Note: Scope of the report mentioned above is generic and may not be applicable to all the companies. The report is based on the information disclosed by the company in their annual report and regulatory filings. Information that is not disclosed by the company may not be available in the report.

Quarterly information is covered only for those companies which are December ending and files quarter report. There might be cases where countries/regions data column/Charts will be blank for last five years. This is due to companies might have discontinued reporting of that countries/regions during the last five year time period.

Reasons to buy

The report will enhance your decision making capability in a more rapid and time sensitive manner. It will allow you to -
- Provides up-to-date information and in-depth analysis on operational parameters of the company.
- Identify M&A targets from up-to-date information and in-depth analysis on financial and operational parameters of your competitors.
- Rank your performance against other E&P companies using operational and financial benchmarking metrics.
- Formulate your strategies based on in-depth analysis of your competitors’ financial and operational data.
- Exploit the strengths and weakness of your closest competitors by comparing and analyzing their financial and operational parameters.
- Establish relative performance among the industry’s players based on key operational and financial measures.

Table of Contents
Table of Contents 2
List of Tables 4
List of Figures 5
Company Snapshot 7
Key Information 7
Company Overview 7
Galp Energia SGPS S.A., Valuation and Financial Data 8
Galp Energia SGPS S.A., Share Price Performance 8
Share Price Performance, Q1, 2013-Q1, 2014 8
Galp Energia SGPS S.A., Key Valuation Metrics 9
Key Valuation Metrics, Q1, 2013-Q1, 2014 9
Galp Energia SGPS S.A., Quarterly E&P Costs Trends 10
Upstream Capital Expenditure, Q1, 2013-Q1, 2014 10
Galp Energia SGPS S.A., Quarterly Production Trends 11
Galp Energia SGPS S.A., Total Oil and Gas Production 11
Total Crude Oil and Natural Gas Production Trend, Q1, 2013-Q1, 2014 11
Total Crude Oil & Natural Gas Production, By Country/Region, Q1, 2013-Q1, 2014 12
Galp Energia SGPS S.A., Valuation and Financial Data, 2009-2013 13
Galp Energia SGPS S.A., Share Price Performance, 2009-2013 13
Share Price Performance, 2009-2013 13
Key Valuation Metrics, 2009-2013 14
Galp Energia SGPS S.A., Production and Reserves Trends 15
Total Oil and Gas, Reserves and Production 15
Total Crude Oil and Natural Gas Production and Reserves Trend, 2009-2013 15
Total Crude Oil & Natural Gas Production and Reserves By Country/Region, 2009-2013 17
Total Crude Oil and Natural Gas Reserve Changes, 2009-2013 19
Crude Oil/Liquids Production and Reserve 20
Crude Oil/Liquids Production and Reserve Trend, 2009-2013 20
Crude Oil Production and Reserves By Country/Region, 2009-2013 21
Crude Oil/Liquids Reserve Changes, 2009-2013 23
Natural Gas Production and Reserve 24
Natural Gas Production and Reserve Trend, 2009-2013 24
Natural Gas Production and Reserves, By Country/Region, 2009-2013 25
Natural Gas Reserve Changes, 2009-2013 26
Total Crude Oil and Natural Gas Reserves Life Index 27
Total Crude Oil and Natural Gas Reserves Life Index, 2009-2013 27
Total Crude Oil and Natural Gas Reserves Life Index, By Country/Region, 2009-2013 28
Galp Energia SGPS S.A., E&P Costs Trends 30
Allocation of the Upstream Capital Expenditure 30
Upstream Capital Expenditure, 2009-2013 30
Acquisition Costs By Country/Region, 2009-2013 31
Exploration and Development Costs, By Country/Region, 2009-2013 32
Oil and Gas Cost Per boe, US$/boe 34
Oil and Gas Cost Per boe, US$/boe, 2009-2013 34
Oil and Gas Cost Per boe, US$/boe, By Country/Region, 2009-2013 35
Galp Energia SGPS S.A., Reserve Replacement Ratio 37
Oil and Gas Production Replacement Ratio 37
Oil and Gas Production Replacement Ratio, 2009-2013 37
Oil and Gas Production Replacement Ratio, By Country/Region, 2009-2013 39
Galp Energia SGPS S.A., Results of Oil & Gas Operations Trend 42
Oil and Gas Revenue and Expenses 42
Oil and Gas Revenue and Expenses, 2009-2013 42
Oil and Gas Revenue and Expenses, By Country/Region, 2009-2013 43
Oil and Gas Revenue and Expenses, Per boe 48
Oil and Gas Revenue and Expenses, By boe, 2009-2013 48
Oil and Gas Revenue and Expenses Per boe, By Country/Region, 2009-2013 49
Oil and Gas Performance Metrics 54
Recent Developments 55
Galp Energia SGPS S.A. - Recent Developments 55
Jun 26, 2014: Tangiers Petroleum - Drilling Commences At TAO-1 Well 55
May 22, 2014: Galp Energia: Results of the Agulha-2 appraisal well 55
Apr 29, 2014: Galp Energia’s first quarter of 2014 results 56
Apr 15, 2014: Galp’s oil and gas output increases by 19% in Q1 2014 56
Feb 19, 2014: Galp Energia floats tender to sell 30 LNG cargoes from Nigeria 56
Feb 10, 2014: Galp Energia Fourth quarter and twelve months 2013 results 57
Dec 17, 2013: Discovery of first oil accumulation in deep waters of the Potiguar Basin, in the State of Rio Grande do Norte 57
Oct 21, 2013: Bracuhy well indicates extension of discovery in pre-salt Santos basin 58
Jun 17, 2013: Galp Energia Provides Drilling Update On Ararauna Exploration Well Offshore Potiguar Basin, Brazil 58
May 20, 2013: HRT Announces Sub-commercial Oil Discovery Offshore Namibia 59
Appendix 61
Methodology 61
Coverage 61
Secondary Research 61
Primary Research 61
Data Information Sources 62
Company Source 62
SEC/Other Regulatory Filings 62
Other Sources 62
Expert Panel Validation 62
Data Definition 62
Oil and Gas Reserves 62
Units of Measure 63
About GlobalData 63
Disclosure 63
Disclaimer 63

List of Tables
Table 1: Galp Energia SGPS S.A., Key Facts 7
Table 2: Galp Energia SGPS S.A., Share Price Performance, Q1, 2013-Q1, 2014 8
Table 3: Galp Energia SGPS S.A., Key Valuation Metrics, Q1, 2013-Q1, 2014 9
Table 4: Galp Energia SGPS S.A., Upstream Capital Expenditure, Q1, 2013-Q1, 2014 10
Table 5: Galp Energia SGPS S.A., Total Crude Oil and Natural Gas, Production, Q1, 2013-Q1, 2014 11
Table 6: Galp Energia SGPS S.A., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2013-Q1, 2014 12
Table 7: Galp Energia SGPS S.A., Share Price Performance, 2009-2013 13
Table 8: Galp Energia SGPS S.A., Key Valuation Metrics, 2009-2013 14
Table 9: Galp Energia SGPS S.A., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 16
Table 10: Galp Energia SGPS S.A., Total Crude Oil & Natural Gas Production and Reserves, By Country/Region, mmboe, 2009-2013 18
Table 11: Galp Energia SGPS S.A., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2009-2013 19
Table 12: Galp Energia SGPS S.A., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 20
Table 13: Galp Energia SGPS S.A., Crude Oil Production and Reserves, By Country/Region, mmbbl, 2009-2013 22
Table 14: Galp Energia SGPS S.A., Crude Oil Reserve Changes, mmbbl, 2009-2013 23
Table 15: Galp Energia SGPS S.A., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 24
Table 16: Galp Energia SGPS S.A., Natural Gas Production and Reserves, By Country/Region, bcf, 2009-2013 25
Table 17: Galp Energia SGPS S.A., Natural Gas Reserve Changes, bcf, 2009-2013 26
Table 18: Galp Energia SGPS S.A., Oil and Gas Reserves Life Index, Years, 2009-2013 27
Table 19: Galp Energia SGPS S.A., Oil and Gas Reserves Life Index, By Country/Region, Years, 2009-2013 29
Table 20: Galp Energia SGPS S.A., Upstream Capital Expenditure, US$ mil, 2009-2013 30
Table 21: Galp Energia SGPS S.A., Proved and Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 31
Table 22: Galp Energia SGPS S.A., Exploration and Development Costs, By Country/Region, US$ mil, 2009-2013 33
Table 23: Galp Energia SGPS S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 34
Table 24: Galp Energia SGPS S.A., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, By Country/Region, 2009-2013 36
Table 25: Galp Energia SGPS S.A., Oil and Gas Production Replacement Ratio, %, 2009-2013 38
Table 26: Galp Energia SGPS S.A., 3-Year Wt.Avg. Oil and Gas Production Replacement Ratio, By Country/Region, %, 2009-2013 41
Table 27: Galp Energia SGPS S.A., Revenue and Expenses, US$ mil, 2009-2013 42
Table 28: Galp Energia SGPS S.A., Revenue and Expenses, By Country/Region, US$ mil, 2009-2013 47
Table 29: Galp Energia SGPS S.A., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 48
Table 30: Galp Energia SGPS S.A., Oil and Gas Revenue and Expenses, US$/boe, By Country/Region, 2009-2013 53
Table 31: Galp Energia SGPS S.A., Oil and Gas Performance Metrics, 2009-2013 54

List of Figures
Figure 1: Galp Energia SGPS S.A., Share Price Performance, EUR/Share, Q1, 2013-Q1, 2014 8
Figure 2: Galp Energia SGPS S.A., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve ($/boe), Q1, 2013-Q1, 2014 9
Figure 3: Galp Energia SGPS S.A., Upstream Capital Expenditure, US$ mil, Q1, 2013-Q1, 2014 10
Figure 4: Galp Energia SGPS S.A., Total Crude Oil and Natural Gas, Production, mmboe, Q1, 2013-Q1, 2014 11
Figure 5: Galp Energia SGPS S.A., Total Oil & Gas Production, By Country/Region, mmboe, Q1, 2013-Q1, 2014 12
Figure 6: Galp Energia SGPS S.A., Share Price Performance, EUR/Share, 2009-2013 13
Figure 7: Galp Energia SGPS S.A., Key Valuation Metrics, EV/Production ($/boed), EV/Proved Reserve (US$/boe), 2009-2013 14
Figure 8: Galp Energia SGPS S.A., Total Crude Oil and Natural Gas, Production and Reserves, mmboe, 2009-2013 15
Figure 9: Galp Energia SGPS S.A., Total Oil & Gas Reserves, End of Period, By Country/Region, mmboe, 2009-2013 17
Figure 10: Galp Energia SGPS S.A., Total Oil & Gas Production, By Country/Region, mmboe, 2009-2013 17
Figure 11: Galp Energia SGPS S.A., Total Crude Oil and Natural Gas Reserve Changes, mmboe, 2013 19
Figure 12: Galp Energia SGPS S.A., Crude Oil Production and Reserves Metrics, mmbbl, 2009-2013 20
Figure 13: Galp Energia SGPS S.A., Oil Reserves, End of Period, By Country/Region, mmbbl, 2009-2013 21
Figure 14: Galp Energia SGPS S.A., Oil Production, By Country/Region, mmbbl, 2009-2013 21
Figure 15: Galp Energia SGPS S.A., Crude Oil Reserve Changes, mmbbl, 2013 23
Figure 16: Galp Energia SGPS S.A., Natural Gas Production and Reserves Metrics, bcf, 2009-2013 24
Figure 17: Galp Energia SGPS S.A., Gas Reserves, End of Period, By Country/Region, bcf, 2009-2013 25
Figure 18: Galp Energia SGPS S.A., Natural Gas Reserve Changes, bcf, 2013 26
Figure 19: Galp Energia SGPS S.A., Oil and Gas Reserves Life Index, Years, 2009-2013 27
Figure 20: Galp Energia SGPS S.A., Oil & Gas Reserve Life Index, By Country/Region, Years, 2009-2013 28
Figure 21: Galp Energia SGPS S.A., Oil Reserve Life Index, By Country/Region, Years, 2009-2013 28
Figure 22: Galp Energia SGPS S.A., Upstream Capital Expenditure, US$ mil, 2009-2013 30
Figure 23: Galp Energia SGPS S.A., Unproved Acquisition Costs, By Country/Region, US$ mil, 2009-2013 31
Figure 24: Galp Energia SGPS S.A., Development Costs, By Country/Region, US$ mil, 2009-2013 32
Figure 25: Galp Energia SGPS S.A., Exploration Costs, By Country/Region, US$ mil, 2009-2013 32
Figure 26: Galp Energia SGPS S.A., 3-Year Wt.Avg., Reserves Replacement, Finding and Development Costs, Finding Cost and Proved Acquisition Costs Per boe, US$/boe, 2009-2013 34
Figure 27: Galp Energia SGPS S.A., Oil & Gas Finding & Development Cost/boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 35
Figure 28: Galp Energia SGPS S.A., Oil & Gas Finding Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 35
Figure 29: Galp Energia SGPS S.A., Reserve Replacement Cost per boe, 3-Year Average, By Country/Region, US$/boe, 2009-2013 36
Figure 30: Galp Energia SGPS S.A., 3-Year Wt.Avg., Oil and Gas Production Replacement Ratio, %, 2009-2013 37
Figure 31: Galp Energia SGPS S.A., 3-Year Wt. Avg. Oil & Gas F&D Production Replacement, By Country/Region, %, 2009-2013 39
Figure 32: Galp Energia SGPS S.A., 3-Year Wt. Avg. Oil & Gas RRC Production Replacement, By Country/Region, %, 2009-2013 39
Figure 33: Galp Energia SGPS S.A., 3-Year Wt. Avg. Oil F&D Production Replacement, By Country/Region, %, 2009-2013 40
Figure 34: Galp Energia SGPS S.A., 3-Year Wt. Avg. Oil RRC Production Replacement, By Country/Region, %, 2009-2013 40
Figure 35: Galp Energia SGPS S.A., Revenue and Expenses, US$ mil, 2009-2013 42
Figure 36: Galp Energia SGPS S.A., Depreciation, Depletion and Amortization From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 43
Figure 37: Galp Energia SGPS S.A., Exploration Expenses, By Country/Region, US$ mil, 2009-2013 43
Figure 38: Galp Energia SGPS S.A., Income Tax Provision (Benefit) From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 44
Figure 39: Galp Energia SGPS S.A., Net Income/ Loss From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 44
Figure 40: Galp Energia SGPS S.A., Oil & Gas Revenue, By Country/Region, US$ mil, 2009-2013 45
Figure 41: Galp Energia SGPS S.A., Profit (loss) Before Taxation From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 45
Figure 42: Galp Energia SGPS S.A., Production Costs, By Country/Region, US$ mil, 2009-2013 46
Figure 43: Galp Energia SGPS S.A., Total Expenses From Upstream Oil & Gas Operations, By Country/Region, US$ mil, 2009-2013 46
Figure 44: Galp Energia SGPS S.A., Oil and Gas Revenue and Expenses, US$/boe, 2009-2013 48
Figure 45: Galp Energia SGPS S.A., Exploration Expenses per boe, By Country/Region, US$/boe, 2009-2013 49
Figure 46: Galp Energia SGPS S.A., Income Tax/(Benefit) per boe, By Country/Region, US$/boe, 2009-2013 49
Figure 47: Galp Energia SGPS S.A., Lifting Cost per boe, By Country/Region, US$/boe, 2009-2013 50
Figure 48: Galp Energia SGPS S.A., Annual Net Income per boe, By Country/Region, US$/boe, 2009-2013 50
Figure 49: Galp Energia SGPS S.A., Oil & Gas Revenue per boe, By Country/Region, US$/boe, 2009-2013 51
Figure 50: Galp Energia SGPS S.A., Total DD&A per boe, By Country/Region, US$/boe, 2009-2013 51
Figure 51: Galp Energia SGPS S.A., Total Revenue per boe, By Country/Region, US$/boe, 2009-2013 52
Figure 52: Galp Energia SGPS S.A., Oil and Gas Performance Metrics, 2009-2013 54


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