GALP : Results shy of forecasts, increase in cash returns but cash generation still not as solid as at competitors
>Upstream: results in line, limited growth in the short term - Upstream adjusted EBITDA was € 593m (vs € 522m in Q3) in line with our estimates and 2% above the consensus. Galp has benefited from the favourable environment despite a greater discount on selling prices vs Brent at $ 10/b, but which should return to its usual level of ~$ 8/b in 2022. Production was down 2.8% to 123 kboe/d and the group expects it to remain stable in 2022, the anticipated 25% growth will ...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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