GALP : Q1 2020 results a shade below expectations – Decline in capex and maintaining of the dividend for the time being – Neutral confirmed
>Upstream: hit by the fall in Brent but production remains resilient - At the upstream business, EBITDA came in at € 286m in Q1 2020, 3%-10% shy of our forecasts and the consensus, marked by the fall in the oil price, partly offset by a decline in unit costs from $ 2.7/boe to $ 2.4/boe q-o-q. Production is up 17% y-o-y with the ramp-up of the Lula South and North, Berbigão/Sruru and Kaombo projects. Despite the announced reduction in capex, the group is not planning ...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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