The information below aims to provide the key macroeconomic, operational and trading conditions experienced by Galp during the second quarter of 2023. All data referred to below is currently provisional and may differ from the final figures.
Galp’s 2Q23 results will be published on July 31, 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 attached release.
Upstream
| |
|
| |
2Q22 |
1Q23 |
2Q23 |
Var. YoY |
Var. QoQ |
| Working interest production (kboepd) |
119.0 |
120.3 |
117.1 |
(2%) |
(3%) |
| Oil (%) |
90% |
84% |
84% |
(6%) |
0% |
| Brazil (kboepd) |
107.4 |
114.8 |
111.6 |
4% |
(3%) |
| Mozambique (kboepd) |
- |
5.4 |
5.5 |
n.m. |
1% |
| Angola (kbpd) |
11.6 |
- |
- |
n.m. |
n.m. |
| Net entitlement production (kboepd) |
117.6 |
120.1 |
116.9 |
(1%) |
(3%) |
- Operating performance in Brazil reflecting lower production QoQ, due to increased planned maintenance in the period. In Mozambique, Coral FLNG commissioning continued, with a planned stoppage performed during the quarter.
- Brazilian temporary levy on oil exports ended on June 30th, with an estimated impact of c.€50 m during the quarter, to be booked as an RCA tax item.
Renewables & New Businesses
| |
|
| |
2Q22 |
1Q23 |
2Q23 |
Var. YoY |
Var. QoQ |
| Equity to Galp |
|
|
|
|
|
| Renewable installed capacity1 (GW) |
0.9 |
1.4 |
1.4 |
56% |
- |
| Renewable generation (GWh) |
515 |
448 |
775 |
50% |
73% |
| Galp realised sale price (EUR/MWh) |
151 |
109 |
64 |
(58%) |
(41%) |
1 Capacity installed by the end of the period.
- Renewable energy generation up QoQ, reflecting seasonally higher irradiation during the period.
- Realised sale price down QoQ, following the Iberian pool price and solar power market conditions.
Industrial & Midstream
| |
|
| |
2Q22 |
1Q23 |
2Q23 |
Var. YoY |
Var. QoQ |
| Raw materials processed (mboe) |
22.9 |
19.6 |
21.7 |
(5%) |
11% |
| Galp refining margin (USD/boe) |
20.1 |
14.3 |
7.7 |
(62%) |
(46%) |
| Oil products supply1 (mton) |
4.0 |
3.6 |
3.9 |
(3%) |
10% |
| NG/LNG supply & trading volumes1 (TWh) |
14.0 |
10.7 |
12.7 |
(9%) |
19% |
| Trading (TWh) |
6.0 |
3.9 |
5.7 |
(4%) |
47% |
| Sales of electricity from cogeneration (GWh) |
174 |
162 |
158 |
(9%) |
(2%) |
1 Includes volumes sold to the Commercial segment.
- Refining raw materials processed increased QoQ, reflecting the return to normalised operating conditions after the planned maintenance activities performed during 1Q23 (hydrocracker).
- Refining margin lower QoQ, following the lower international oil products’ cracks.
- NG/LNG volumes increased QoQ, on the back of improved sourcing and trading flexibility
Commercial
| |
|
| |
2Q22 |
1Q23 |
2Q23 |
Var. YoY |
Var. QoQ |
| Oil products - client sales (mton) |
1.9 |
1.7 |
1.8 |
(6%) |
3% |
| Natural gas sales - client sales (GWh) |
5,006 |
3,722 |
3,282 |
(34%) |
(12%) |
| Electricity - client sales (GWh) |
1,088 |
933 |
899 |
(17%) |
(4%) |
- Oil products sales improved QoQ, whilst decreasing YoY, considering a more pressured environment in some B2B segments in Iberia and in Africa.
- Natural gas and electricity sales mostly reflecting lower Iberian demand and volumes sold in the B2B segment.
Market Indicators
| |
|
| |
2Q22 |
1Q23 |
2Q23 |
Var. YoY |
Var. QoQ |
| Exchange rate (EUR/USD) |
1.06 |
1.07 |
1.09 |
2% |
1% |
| Dated Brent price (USD/bbl) |
113.9 |
81.2 |
78.1 |
(31%) |
(4%) |
| Dutch TTF natural gas price (EUR/MWh) |
95.6 |
54.1 |
35.1 |
(63%) |
(35%) |
| Iberian MIBGAS natural gas price (EUR/MWh) |
88.4 |
52.2 |
32.7 |
(63%) |
(37%) |
| Iberian power baseload price1 (EUR/MWh) |
182.8 |
96.4 |
80.3 |
(56%) |
(17%) |
| Iberian solar caputred price (EUR/MWh) |
160.8 |
84.4 |
60.7 |
(62%) |
(28%) |
Source: Platts/MIBGAS/Bloomberg/OMIE/REE.
1 The Iberian power price is based on the Spanish power pool price published by the Iberian Energy Market Operator (OMIE)