GALP : Q3 2023 results: a pleasant surprise at the operating profit level but not for adjusted net profit – Guidance revised up as expected
>Upstream: Good operating performance and high oil prices - Adjusted EBITDA for the upstream division came in 4% above expectations. The group is edging up its production guidance from 115 to 120 kboe/d for 2023, but confirms that it will subsequently remain stable at 115 kboe/d until the end of 2025 with the start-up of Bacalhau. Production costs have risen from $1.8/boe to $2.9/boe, which was expected given the guidance of $3/boe, but remain very competitive. Th...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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