GALP : Q3 earnings ahead of expectations – Few catalysts before 2025 – Neutral recommendation confirmed
>Upstream: a strong performance with a ramp-up expected in 2025 - Q3 2024 EBITDA adjusted for upstream came to € 541m, 3% above our forecasts. Production stood at 112 kboe/d and the group once again confirmed its production guidance of > 105 kboe/d for 2024 post-divestment, meaning that production should fall in Q4. Production costs remain very low at $ 2.1/b (vs $ 1.7/boe in Q2), but below the guidance of $ 3/b. The group confirmed the start-up of Bacalhau in Brazi...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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