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4Q20 Trading Update January 29 , 2021 galp 4Q20 Trading Update The information below aims to provide the key macroeconomic , operational and trading conditions experienced by Galp during the fourth quarter of 2020 , as well as the liquidity position as of December 31 , 2020 . All data referred to below is currently provisional and may differ from the final numbers which will be reported on February 22 , 2021 . Financial Position Cash and equivalents ( € bn ) Net debt ( € bn ) Undrawn credit lines ( € bn ) 30 Sep. , 2020 31 Dec. , 2020 1.7 2.1 1.7 2.1 1.3 1.3 • Net debt at c . € 1.7 bn considering the proceeds resulting from the GGND 75 % stake sale ( closing during 1Q21 ) . Upstream 4Q19 3Q20 4Q20 Var . YoY Var . QoQ Working interest production ( kboepd ) 136.9 133.8 122.8 ( 10 % ) ( 8 % ) Oil production ( kbpd ) 121.8 120.0 111.1 ( 9 % ) ( 7 % ) Net entitlement production ( kboepd ) 135.1 132.0 121.1 ( 10 % ) ( 8 % ) Angola ( kbpd ) 13.3 11.8 11.3 ( 15 % ) ( 5 % ) Brazil ( kboepd ) 121.8 120.2 109.8 ( 10 % ) ( 9 % ) • Working interest production impacted by concentration of planned maintenance activities and operational constraints , resulting primarily from the pandemic circumstances . Refining & Midstream 4Q19 3Q20 4Q20 Var . YoY Var . QoQ Raw materials processed ( mboe ) 26.5 23.4 23.5 ( 11 % ) 0 % Galp refining margin ( USD / boe ) 3.3 ( 0.7 ) 1.6 ( 53 % ) n.m. Oil products supply ( mton ) 4.2 3.6 3.7 ( 13 % ) 3 % NG / LNG supply & trading volumes ( TWh ) 23.2 17.9 24.1 4 % 35 % Trading ( TWh ) 9.0 5.6 11.3 26 % n.m. Sales of electricity to the grid² ( TWh ) 0.4 0.3 0.4 ( 1 % ) 3 % Includes volumes sold to the Commercial segment . 2 Sales from cogeneration plants . • • Refining performance reflecting Matosinhos slowdown . NG / LNG supply & trading volumes driven by increased network trading . 1