Galp Energia SGPS SA

Good afternoon, ladies and gentlemen. Welcome to GALP's fourth quarter and full year 2023 results presentation. I will now pass the floor to Otelo Ruvu, Head of Investor Relations. Please go ahead.

Good day, everyone, and thank you for joining the analyst Q&A session related with GALP's fourth quarter and full year 2023 results. By now, most of you have read and watched the materials released this morning covering our results. and short-term outlook. Therefore, we will start with a short opening remark from Filipe and then moving on straight to Q&A. As usual, we will have in the room the executive team together with some top managers here with us to take your questions. Before I hand over to Filipe, the usual disclaimer, we make we may make forward-looking statements that refer to our estimates, and actual results may differ due to a number of different factors, as indicated in the cautionary statements, included in our materials, which we will advise you to read.

Philippe, the mic is yours. Thank you, Italo. Good afternoon, everyone, and thanks for joining. Looking back at 2023, we continued with our structural improvements, and it's great to see our strong operating performance across all divisions. Sound delivery from the teams leads inevitably to improved financial robustness. We remain highly confident with our strategic execution and with our capital allocation guidelines with our growing dividends. During 2023, we took very important steps to deploy world-class industrial projects, such as the HVO and sustainable aviation fuel units, and the 100 megawatt electrolyzer for green hydrogen. Now, these will support the transformation and the decarbonization of our downstream activities. On the other hand, our low cost and low carbon upstream portfolio continues to thrive. As we start 2024, we are progressing with our key projects and tapping high potential opportunities such as Namibia. There, after two significant oil column discoveries in the first well, We're starting the second well. You will appreciate there is very little else we can say on Namibia at this stage. Now, I do see GALP as one of the most attractive investment cases in the sector, superior growth from profitable projects, and a very credible transformation story. And this is backed by our low capital intensity plan, which is mostly allocated to growth whilst we offer a competitive yield and the creation of long-term sustainable value. I'm here with the whole team. Very happy to take your questions. Thank you.