GALP : Results beat forecasts, confirmation of cautious guidance with deferred capex to next year
>Upstream: a good operational performance - Adjusted EBITDA upstream came in 2% below forecasts and heralds the end of tax on Brazilian oil exports (95% of the group’s production) which had an impact of € 40m in H1, i.e. 5% of EPS. The group has edged-up its guidance for production from 110 to 115 kboe/d due to a good performance in Brazil and the ramp-up of Coral in Mozambique. Thereafter, production should increase by 30% at the end of the period towards 2026 wit...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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