Report
Ahmed Ben Salem

GALP : Des guidances assez conservatrices, Capex en baisse, excellent momentum en exploration

>Upstream : forte croissance à partir de 2025, potentiel d’upside en exploration - L’EBITDA T4 2023 ajusté de l’Upstream est ressorti en ligne avec les attentes. Le groupe guide sur un EBITDA 2024 de la division à 2.1 Md€ en ligne et une production >115 kbep/j en ligne avec nos attentes et le consensus mais qui reste conservateur comme à l’accoutumée. Cette production devrait rebondir de plus de 30% suite au démarrage de Bacalhau au Brésil en 2025 et qui devrait at...
Underlying
GALP Energia SGPS SA Class B

Galp Energia is a holding company. Through its subsidiaries, Co. operates in the following segments: exploration and production, with activities relating to exploration, development and production of hydrocarbons, particularly in Angola, Brazil and Mozambique; refining and marketing, which owns refineries in Portugal and also includes activities relating to the retail and wholesale commercialization of oil products; and gas and power, which covers the purchasing, commercialization, distribution and storage of natural gas and electric and thermal power production. As of Dec 31 2014, Co. had proved and probable reserves of 638.0 million barrels of oil equivalent.

Provider
Oddo BHF
Oddo BHF

​Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.

Analysts
Ahmed Ben Salem

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