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Value proposition

We exist to create sustainable value for our stakeholders.

Our goal is to create sustainable value for our stakeholders and, particularly, for our shareholders. To achieve that we follow a clear strategic path that was designed to create value in a unique way while incorporating the best sustainability practices in our daily lives.

Why should you invest in Galp?

Galp’s strategy is based on an integrated energy profile, investing for sustainable growth along the energy value chain, exploring options aligned with energy transition.

Our investment proposition is built on our solid businesses’ foundations, capable to:

  • deliver superior growth from high-return projects on our legacy businesses
  • grow our renewables and low carbon portfolio
  • maintain financial robustness
  • employing a competitive shareholder’s distribution framework

Our strategy allows us to grow, decarbonise and offer a strong shareholder returns, maintaining financial discipline and value creation.

Galp aims to thrive through the energy transition and the Company is strongly positioned to do so. We integrate the best sustainability practices into our decision-making process and we count on highly qualified people, who are committed to creating sustainable value.

Socially responsible investors

Galp adheres to the highest sustainability practices, which are incorporated and embeded in its strategy formulation. 

A sustainable strategy ensures greater competitiveness and allows for the anticipation and management of opportunities and risks, as well as the protection of long-term value. Galp’s management model is aligned with practices that support a sustainable strategy execution, acting responsibly and ethically, and ensuring the best governance practices and transparency.

Galp is recorrently distinguished by a number of awards and sustainability rankings, and is globally acknowledged for its reporting practices and quality. Please see here Galp's awards and recognisations.

Market indicators

  2016 2017 2018 2019 2020 2021 2022 2023  2023 vs 2022
Average exchange rate (EUR/USD) 1.11 1.13 1.18 1.12 1.14 1.18 1.05 1.08 3%
Average exchange rate (EUR/BRL) 3.85 3.61 4.31 4.41 5.89 6.38 5.44 5.40 (1%)
Average price of Brent dated ($/bbl) 43.7 54.2 71.9 64.2 41.8 70.9 101.3 82.6 (18%)
Iberian MIBGAS natural gas price (€/MWh) 17.0 20.9 24.4 15.4 10.2 47.3 99.9 39.4 (61%)
Dutch TTF natural gas price (€/MWh) 11.0 17.3 22.8 13.5 9.5 45.7 120.5 40.7 (66%)
LNG Japan and Korea price ($/mmbtu) 5.7 7.1 9.8 5.5 3.1 45.7 108.2 43.5 (60%)
Iberian baseload pool price (€/MWh) 39.6 52.2 57.3 47.7 34.0 111.9 167.5 87.1 (48%)
Iberian solar captured price (€/MWh) 39.7 52.4 58.1 48.4 33.0 104.8 149.8 72.2 (52%)
Iberian oil market (mt) 62.2 63.2 65.3 65.6 51.9 57.2 62.7 62.9 -
Iberian natural gas market (TWh) 377 421 414 466 427 442.3 426.2 373.0 (12%)

Source: Platts for commodities prices; MIBGAS for Iberian natural gas price; APETRO and CORES for Iberian oil market; REN and Enagás for Iberian natural gas market; OMIE and REE for Iberian pool price and solar capture price. 1 Urals NWE dated for heavy crude; dated Brent for light crude.

Operating indicators

Upstream 2016 2017 2018 2019 2020 2021 2022 2023 2023 vs 2022
Net entitlement 2P reserves (mmboe) 673 748   755  739 700 712 668 621 (7%)
2C contingent resources (mmboe) 1,320 1,352 1,658 1,680 1,720 1,521 1,653 1,653 -
Average working interest production (kboepd) 67.6 93.4 107.3 121.8 130.0 126.7 127.0 122.3 (4%)
Average net entitlement production (kboepd) 65.1 91.5 105.9 120.0 128.8 124.9 126.0 122.0 (3%)

 

Commercial 2016 2017 2018 2019 2020 2021 2022 2023 2023 vs 2022
Number of service stations 1,462 1,459 1,463 1,465 1,475 1,480 1,475 1,463 n.m.
Oil products - client sales (mton) 8.2 8.1 8.2 8.3 6.0 6.5 7.4 7.1 (4%)
Natural gas - client sales (TWh) 20.5 24.3 29.1 31.6 22.6 18.3 19.0 13.8 (27%)
Electricity - client sales (TWh) 3.40 3.63 3.87 3.20 3.33 4.2 4.1 4.1 -

 

Industrial & Energy Management 2016 2017 2018 2019 2020 2021 2022 2023 2023 vs 2022
Raw materials processed (mmboe) 110 114 100 96 87 77 88 79 (10%)
Refined products sales (mt) 17.8 18.5 16.8 16.2 13.9 14.8 15.8 14.8 (6%)
NG/LNG Supply & Trading volumes (TWh) 82.4 85.7 88.9 89.3 60.0 67.2 54.6 46.5 (15%)
   Trading (TWh) 38.3 34.7 34.3 34.3 14.6 31.6 23.2 18.4 (21%)
Sales of electricity from cogeneration (TWh) 1.61 1.55 1.30 1.33 1.35 1.00 0.63 0.60 -

 

Renewables & New Energies 2019 2020 2021 2022 2023 2023 vs 2022
Renewable power generation (GWh)            
  Gross 31 327 1,288 1,930 2,338 21%
  Net to Galp 23 238 958 1,930 2,338 21%
Galp average solar generation sale price (€/MWh) - 41.3 98.9 144.0 80.0 (44%)

 

Financial indicators

  2016 2017 2018 2019 2020 2021 2022 2023 2023 vs 2022
Turnover RCA (€m) 13,119 15,204 17,182 16,570 11,381 16,117 26,840 20,679 (23%)
Ebitda IFRS (€m) 1,389 1,898 2,311 2,219 1,113 2,698 3,885 3,710 (4%)
Ebitda RCA (€m) 1,411 1,786 2,218 2,318 1,570 2,322 3,849 3,558 (8%)
Ebit IFRS (€m) 544 1,114 1,629 1,232 (282) 1,670 2,381 2,619 10%
Ebit RCA (€m) 772 1,032 1,518 1,387 427 1,372 2,345 2,469 5%
Net Income IFRS (€m) 179 597 741 389 (551) 4 1,475 1,242 (16%)
Net Income RCA (€m) 483 577 707 560 (42) 457 881 1,002 14%
Earnings per share RCA (€/ação) 0.58 0.70 0.85 0.68 n.m. 0.55 1.24 0.55 n.m.
Capex (€m) 1,218 948 899 856 898 936 1,265 1,052 (17%)
Total equity (€m) 6,543 5,779 6,047 5,657 4,100 3,970 5,117 5,330 4%
Net debt (€m) 1,870 1,886 1,737 1,435 2,066 2,357 1,555 1,400 (10%)
Net debt to Ebitda RCA (x) 1.3x 1.1x 0.8x 0.7x 1.5x 1.1x 0.4x 0.4x -
Dividend per share (€/share) 0.50 0.55 0.63 0.70 0.35 0.5 0.52 0.54 4%
Market capitalisation on 31 December (€m) 11,767 12,708 11,440 12,356 7,256 7,065 10,280 10,310 -

RCA: Replacement Cost Adjusted

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