GALP : Q1 results - EBITDA in line but net income short of expectations, lower debt
>Upstream: good performance, stable volumes in 2021 due to pandemic - In the upstream segment, EBITDA came in at € 438m, in line with our expectations and 3% better than the consensus. Production was down 4.7% y-o-y at 123.5kboe/d due to the restrictions imposed by the pandemic in Brazil. This is endangering the group's forecast for strong growth of 10% p.a. on average. Management has for this year confirmed its guidance for stable production of 125-135kboe/d and 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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