Galp Energia SGPS SA announced trading updates for the fourth quarter ended December 31, 2011. For the quarter the average net entitlement production of 13.0 kboepd, an increase of 6% quarter on quarter; Crude processed of 20,973 kbbl, up 1% quarter on quarter; Benchmark refining margin of -$0.6/bbl, a decrease of $0.20/bbl quarter on quarter; Oil products sales to direct clients of 2.6 million tons, down 5% year on year; Natural gas volumes sold of 1.41 bcm, an increase of 6% year on year.