Adjusted results from non-recurring effects and the impact of stock replacement costs (RCA) rose 35%, to 335 million euros.
Galp’s consolidated profit rose 2.8% in the first quarter of this year, compared to the same period in 2023, to 430 million euros, the company said in a statement released this Tuesday, April 30, through the Commission’s website. Securities Market.
Adjusted results from non-recurring effects and the impact of stock replacement costs (RCA) rose 35%, to 335 million euros.
The market reacted positively to the results presented, with Galp shares starting the session on Euronext Lisbon rising 2.26%, to 20.85 euros.
The company states that it delivered “a robust set of results, driven by solid upstream performance.” [exploração e produção] and in refining and for the contribution of energy management activities”.
Earnings before interest, taxes, depreciation and amortization (EBITDA) increased 13%, to 974 million euros, driven by ‘upstream’, which grew 8%, to 591 million euros.
This ‘upstream’ result is justified by “resilient production levels and better outputs, benefiting at the same time from a decrease in transit volumes and underlifting effects [ajustes na quota-parte em projetos de exploração com outros parceiros]”.
Still, production fell 4%, to 116 thousand barrels of oil equivalent per day (kboepd), due to the 7% drop in oil exploration in Brazil, explained by a greater concentration of maintenance stoppages.
In industrial activities (refining, logistics and cogeneration) and ‘midstream’ (supply, purchase and sale, and shipping of crude oil, petroleum products, biofuels, natural gas, electricity and environmental products), EBITDA RCA increased 34%, to 314 million of euros.
The refining margin fell 16% to 12 dollars per barrel of oil equivalent (boe).
RCA EBITDA from commercial activity fell 9%, to 64 million euros, due to the 5% drop in the sale of petroleum products, “especially in the B2B segments in Spain, although partially offset by a contribution of support from non-fuel and low carbon, namely convenience and gas and energy activities”, says the company.
RCA EBITDA from renewable energy operations fell 75%, to 9 million euros, impacted by a quarter “of seasonally low production, further affected by unusually low energy prices in the Iberian Peninsula”.
Net investment totaled 310 million euros, almost tripling compared to 109 million euros in the same quarter of 2023, and was mainly directed towards upstream development and exploration projects, “namely for the execution of the [campo de petróleo] Cod in Brazil and exploration activities in Namibia, as well as the start of construction work on the advanced biofuels unit in Sines”.
In Namibia, Galp highlights that it successfully completed the first phase of the Mopane exploration campaign, which included two exploration wells and a formation test, having identified “significant oil columns containing light oil in high-water reservoir sands”. quality”.
“At the Mopane complex alone, and prior to the drilling of additional exploration and appraisal wells, local hydrocarbon estimates are 10 billion barrels of oil equivalent, or more,” the company adds. Galp holds 80% of the interests in this project.
It was these data that led to the appreciation of Galp’s shares, which rose 29.2% since April 16, making the company the most valuable on Euronext Lisbon, with a capitalization that already exceeded 16 billion euros, this Tuesday , including the State’s 8% participation, which is not permitted for listing.
