GALP : Results slightly below estimates - weak FCF generation and unfavourable hedging
>Upstream: results in line, stable production this year - Upstream adjusted EBITDA came to € 869m (vs € 644m in Q4), in line with the consensus and 2% above our estimates. Production was up 5.3% at 129.5 kboe/d and the group expects it to remain stable in 2022 at 127 kboe/d with lower maintenance. In E&P, the group carried out hedging through the pre-sale of 6 Mb at the start of the year (of which 4.5 Mb are to be sold later in the year) at $ 80/b. This limits its ca...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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