The oil company saw revenues decrease by 1% compared to the first three months of 2023, to 5,075 million euros. The results were driven by the areas of oil exploration and production and refining.
Galp closed the first quarter of this year with profits “adjusted replacement cost” (RCA) of 337 million euros, an increase of 35% compared to the 250 million obtained in the same period of 2023, indicated this Tuesday the company led by Filipe Silva in a statement to the CMVM.
Turnover fell by 1%, reaching 5,075 million euros, while earnings before interest, taxes, amortization and depreciation (EBITDA) grew by 13%, reaching 974 million euros.
The oil company’s results were driven by the areas of oil exploration and production (“upstream”) and industrial – which includes refining. These divisions saw EBITDA increase by 8% and 34%, respectively, to 591 million and 314 million euros.
Still in this field, the 7% reduction in oil production in Brazil ended up being offset by the 58% increase in activity in Mozambique.
On the contrary, the commercial and renewable divisions penalized the accounts with EBITDA falling 9% and 75% to 64 million and 9 million, in the same order. Galp’s installed renewable capacity remained at 1.4 GW at the end of the first quarter.
“The first quarter of 2024 continues to demonstrate the positive dynamics of our operation”, says Galp’s CEO in the same statement. Filipe Silva also remembers the oil discovery in Namibia and highlights that this “great commercial discovery ofwill support Galp’s growth profile over the coming decades, as we gradually reduce carbon intensity of our “downstream” businesses, which range from refining to the distribution of petroleum products.
The oil company also indicates that investment (CAPEX) amounted to 311 million euros, 81% more than a year before. Galp details that the majority of this amount was channeled to the production and exploration segment (“upstream”), in particular to projects in Brazil, with emphasis on Bacalhau and Tupi & Iracema, as well as exploratory work in Namibia.
Galp’s debt was 1.5 billion euros at the end of the first quarter, a value 12% higher than that recorded in the same period last year.
News corrected to express RCA net results and not those attributable to shareholders
