GALP : Solid earnings and FCF with guidance revised up
>Upstream: good contribution despite increased maintenance, production outlook confirmed - Adjusted EBITDA for upstream activities totalled € 878m, 2% above expectations with production down 9% q-o-q to 118.1 kboe/d due to a quarter marked by heavy maintenance. However, it reassures by confirming its guidance of stable production at ~127 kboe/d in 2022 with the end of maintenance which impacted Q2 and an increase in production in H2. The group announced that the hedgi...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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