08/07/2024 | Resultados

Trading Update 2Q24

The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the second quarter of 2024. All data referred to below is currently provisional and may differ from the final figures.

Galp’s 2Q24 results will be published on July 22, before the opening of Euronext Lisbon, together with a management presentation. On that day, the Company will hold an analysts’ conference call at 11:00 (Lisbon/London time). Further details can be found at the end of this release.

 

Following the agreement to divest from Area 4 in Mozambique (here), with a 31/12/2023 reference date, the asset is booked as “held for sale” and its contribution excluded from that date. 1Q24 figures are adjusted accordingly.

 

Upstream

   
  2Q23 1Q24 2Q24 Var. YoY Var. QoQ
Working interest production (kboepd) 117 107 106 (9%) (1%)
    Oil (%) 84% 89% 88% - -
    Brazil (kboepd) 112 107 106 (5%) (1%)
    Mozambique (kboepd) 5 - - n.m. n.m.
Net entitlement production (kboepd) 117 107 106 (9%) (1%)

 

Industrial & Midstream

   
  2Q23 1Q24 2Q24 Var. YoY Var. QoQ
Raw materials processed (mboe) 21.7 22.5 23.5 9% 5%
Galp refining margin (USD/boe) 7.7 12.0 7.7 0% (36%)
Oil products supply1 (mton) 4.0 3.7 4.3 9% 17%
NG/LNG supply & trading volumes1 (TWh) 12.7 11.9 10.8 (15%) (9%)
Trading (TWh) 5.7 4.2 5.2 (10%) 23%

1 Includes volumes sold to the Commercial segment.

 

Commercial

   
  2Q23 1Q24 2Q24 Var. YoY Var. QoQ
Oil products - client sales (mton) 1.8 1.6 1.8 1% 11%
Natural gas sales - client sales (TWh) 3.3 4.2 3.9 18% (7%)
Electricity - client sales (TWh) 0.9 1.7 1.8 95% 23%

 

Renewables

   
  2Q23 1Q24 2Q24 Var. YoY Var. QoQ
Renewable installed capacity1 (GW) 1.4 1.4 1.5 11% 7%
Renewable generation (GWh) 775 404 779 0% 93%
Galp realised sale price (EUR/MWh) 64 56 17 (74%) (70%)

1  Installed capacity at the end of the period.

 

Market Indicators

   
  2Q23 1Q24 2Q24 Var. YoY Var. QoQ
Exchange rate (EUR/USD) 1.09 1.09 1.08 (1%) (1%)
Dated Brent price (USD/bbl) 78.1 83.2 85.0 9% 2%
Dutch TTF natural gas price (EUR/MWh) 35.1 27.4 31.5 (10%) 15%
Iberian MIBGAS natural gas price (EUR/MWh) 32.7 27.4 32.0 (2%) 17%
Iberian power baseload price1 (EUR/MWh) 80.3 44.9 33.4 (58% (26%)
Iberian solar captured price1 (EUR/MWh) 60.7 30.8 18.1 (70%) (41%)

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.


Analyst Q&A call details

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To listen the Q&A session, please register dial-in or enter your telephone number 10 minutes before the scheduled time to ensure your participation.

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