GALP : Q2 results – EBITDA below expectations but a nice surprise on adjusted net profit, cautious production guidance
>Upstream business not fully capturing oil price growth with more cautious production guidance for this year - Upstream adjusted EBITDA came to € 467m (+6.6% q-o-q), thanks to higher oil prices (+12.9%) as well as lower production costs ($ 1.2/boe vs $ 1.8/boe in Q1) and the drop in D&A ($ 13.4/boe vs $ 13.7/boe in Q1), partially offset by a selling price discount of $ 8/b vs Brent which could continue into Q3 due to poor sales in China. The group is likely to benefi...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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