The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the third quarter of 2023. All data referred to below is currently provisional and may differ from the final figures.
Galp’s 3Q23 results will be published on October 30, before the opening of Euronext Lisbon, together with a management presentation. On that day, the Company will hold an analysts’ conference call at 14:00 (Lisbon/London time). Further details can be found at the end of the release.
Upstream
| |
|
| |
3Q22 |
2Q23 |
3Q23 |
Var. YoY |
Var. QoQ |
| Working interest production (kboepd) |
127.7 |
117.1 |
125.0 |
(2%) |
7% |
| Oil (%) |
90% |
84% |
82% |
- |
- |
| Brazil (kboepd) |
115.8 |
111.6 |
116.2 |
0% |
4% |
| Mozambique (kboepd) |
0.1 |
5.5 |
8.9 |
n.m. |
62% |
| Angola (kbpd) |
11.8 |
- |
- |
n.m. |
n.m. |
| Net entitlement production (kboepd) |
126.1 |
116.9 |
124.7 |
(1%) |
7% |
- Working interest production increased QoQ, supported by increased operating efficiencies in Brazil and the ramp-up of Coral FLNG, in Mozambique.
- Production for the full year is estimated at c.120 kboepd.
- Increased value of volumes produced and not yet sold (in-transit) by 30 September, with implicit RCA Ebitda effect of c.-€60 m.
Renewables & New Businesses
| |
|
| |
3Q22 |
2Q23 |
3Q23 |
Var. YoY |
Var. QoQ |
| Equity to Galp |
|
|
|
|
|
| Renewable installed capacity1 (GW) |
1.3 |
1.4 |
1.4 |
8% |
- |
| Renewable generation (GWh) |
627 |
775 |
760 |
21% |
(2%) |
| Galp realised sale price (EUR/MWh) |
127 |
64 |
77 |
(39%) |
20% |
1 Capacity installed by the end of the period.
- Realised sale price up QoQ, following the Iberian solar power market conditions.
- RCA Ebit with c.-€60 m from impairments related to Brazil renewables portfolio under development.
Industrial & Midstream
| |
|
| |
3Q22 |
2Q23 |
3Q23 |
Var. YoY |
Var. QoQ |
| Raw materials processed (mboe) |
22.9 |
21.7 |
22.4 |
(2%) |
3% |
| Galp refining margin (USD/boe) |
7.7 |
7.7 |
14.6 |
90% |
89% |
| Oil products supply1 (mton) |
4.3 |
3.9 |
3.9 |
(11%) |
(1%) |
| NG/LNG supply & trading volumes1 (TWh) |
13.1 |
12.7 |
13.1 |
(0%) |
3% |
| Trading (TWh) |
5.6 |
5.7 |
5.4 |
(4%) |
(6%) |
1 Includes volumes sold to the Commercial segment.
- Refining margin higher QoQ, following the increase in international oil products’ cracks.
- Continued robust Midstream contribution.
- RCA Ebit to consider c.-€70 m from impairments related with logistic sites and contracts’ provisions.
Commercial
| |
|
| |
3Q22 |
2Q23 |
3Q23 |
Var. YoY |
Var. QoQ |
| Oil products - client sales (mton) |
2.0 |
1.8 |
1.8 |
(8%) |
4% |
| Natural gas sales - client sales (GWh) |
4,180 |
3,282 |
3,388 |
(19%) |
3% |
| Electricity - client sales (GWh) |
979 |
899 |
880 |
(10%) |
(2%) |
- Oil products sales decreasing YoY given pressured environment in some B2B segments in Iberia.
Market Indicators
| |
|
| |
3Q22 |
2Q23 |
3Q23 |
Var. YoY |
Var. QoQ |
| Exchange rate (EUR/USD) |
1.01 |
1.09 |
1.09 |
8% |
(0%) |
| Dated Brent price (USD/bbl) |
100.8 |
78.1 |
86.7 |
(14%) |
11% |
| Dutch TTF natural gas price (EUR/MWh) |
196.2 |
35.1 |
33.0 |
(83%) |
(6%) |
| Iberian MIBGAS natural gas price (EUR/MWh) |
138.5 |
32.7 |
33.7 |
(76%) |
3% |
| Iberian power baseload price1 (EUR/MWh) |
146.3 |
80.3 |
96.5 |
(34%) |
20% |
| Iberian solar captured price1 (EUR/MWh) |
129.4 |
60.7 |
79.2 |
(39%) |
30% |
Source: Platts/MIBGAS/Bloomberg/OMIE/REE.
1 The Iberian power baseload price is based on the Spanish power pool price published by the Iberian Energy Market Operator (OMIE). The solar price indicator is estimated based on pool prices on solar hours.
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