GALP : Résultats inférieurs aux attentes, hausse du retour de cash mais la génération de cash reste moins solide que ses concurrents
>Upstream: résultat en ligne, peu de croissance à court terme - L'EBITDA ajusté de l’Upsteam s’est établi à 593 M€ (contre 522 M€ au T3), en ligne avec nos estimations et 2% supérieur au consensus. Galp a tiré profit de l'environnement favorable et ce malgré uane décote plus importante des prix de vente vs Brent de 10 $/b, mais qui devrait retrouver son niveau habituel de ~8 $/b en 2022. La production a diminué de 2.8% à 123 kbep/j et le groupe s’attend à ce qu’elle ...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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