GALP : Fairly conservative guidance, capex down, excellent momentum in exploration
>Upstream: robust growth as of 2025, upside potential - Q4 2023 EBITDA adjusted for the upstream division was in line with expectations. The group is guiding for 2024e divisional EBITDA of € 2.1bn, in line with our expectations, and production >115 kboe/d, in line with the consensus but still conservative as usual. This production is set to rebound by more than 30% following the start-up of Bacalhau in Brazil in 2025, which should reach its plateau in 2026 (+40 kbo...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.
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.
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