GALP : Q2 2020 results slightly above consensus but weak FCF
>Q2 2020: EBITDA and net income slightly above expectations - Q2 2020 EBITDA came in at € 291m, slightly above the consensus, and EBIT at -€ 57m, below estimates, while adjusted net income came in at -€ 52m, beating the consensus by 11% due to high tax payments. Upstream and downstream impacted as expected - Upstream adjusted EBITDA came in at € 204m, 7% and 5% above our estimates and the consensus, respectively. Net entitlement production of 130.3 k...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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