Report
Ahmed Ben Salem

GALP : Results in line but cash flow down with a possible impact on the dividend

>Upstream: a discount vs Brent which continues and rising costs - Adjusted EBITDA at the upstream division was € 522m (+11.8% q-o-q), with production stable on a sequential basis at 126.6 kboe/d due to maintenance work, with natural gas representing just 8% of the mix. This result was boosted by the increase in the oil price (+6.4%), offset by a discount of $ 8.5/b on the realisation price in place for several quarters vs a discount of only $ 4.4/boe one year ago. We ...
Underlying
GALP Energia SGPS SA Class B

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.

Provider
Oddo BHF
Oddo BHF

​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.

Analysts
Ahmed Ben Salem

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