Portugal's Galp second-quarter profit jumps 16%, beats expectations
LISBON, July 22 (Reuters) -Portugal's Galp Energia GALP.LS on Monday reported its second quarter adjusted net profit jumped 16% and beat expectations as higher oil price and lower cost of production offset lower production and stable refining margin.
It booked an adjusted net profit of 299 million euros ($325.34 million), more than the 236 million euros expected by 18 analysts polled by the company.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 7% to 849 million euros, also above the 821 million euro consensus.
Chief Executive Filipe Silva said in a statement that Galp "continued to deliver a robust performance during the second quarter of 2024, despite the still volatile commodity price environment".
Galp's share of oil and gas production from upstream projects in Brazil fell 5% on the year to 106,000 barrels of oil equivalent per day (boepd).
Following the agreement in May to sell its 10% stake in a natural gas project in Mozambique, Galp did not book any production from the African country in the second quarter. A year ago, it produced 5,000 barrels there.
However, it said that Brent oil prices rose 9% to an average of $85 a barrel in the quarter from $78.1 a year earlier.
Galp said its refining margin stood at $7.7 in the second quarter, the same as a year ago, but 36% lower than the $12 in the previous three months.
($1 = 0.9190 euros)
Reporting by Sergio Goncalves; editing by Inti Landauro and Louise Heavens
Related Assets
Latest News
Disclaimer: The XM Group entities provide execution-only service and access to our Online Trading Facility, permitting a person to view and/or use the content available on or via the website, is not intended to change or expand on this, nor does it change or expand on this. Such access and use are always subject to: (i) Terms and Conditions; (ii) Risk Warnings; and (iii) Full Disclaimer. Such content is therefore provided as no more than general information. Particularly, please be aware that the contents of our Online Trading Facility are neither a solicitation, nor an offer to enter any transactions on the financial markets. Trading on any financial market involves a significant level of risk to your capital.
All material published on our Online Trading Facility is intended for educational/informational purposes only, and does not contain – nor should it be considered as containing – financial, investment tax or trading advice and recommendations; or a record of our trading prices; or an offer of, or solicitation for, a transaction in any financial instruments; or unsolicited financial promotions to you.
Any third-party content, as well as content prepared by XM, such as: opinions, news, research, analyses, prices and other information or links to third-party sites contained on this website are provided on an “as-is” basis, as general market commentary, and do not constitute investment advice. To the extent that any content is construed as investment research, you must note and accept that the content was not intended to and has not been prepared in accordance with legal requirements designed to promote the independence of investment research and as such, it would be considered as marketing communication under the relevant laws and regulations. Please ensure that you have read and understood our Notification on Non-Independent Investment. Research and Risk Warning concerning the foregoing information, which can be accessed here.
