3Q23 Trading Update
October 16, 2023
3Q23 Trading Update
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 this 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 | |||||
1 | 1.3 | 1.4 | 1.4 | 8% | - |
Renewable installed capacity (GW) | |||||
Renewable generation (GWh) | 627 | 775 | 760 | 21% | (2%) |
Galp realised sale price (EUR/MWh) | 127 | 64 | 77 | (39%) | 20% |
1 Installed capacity at the end of the period.
- Realised sale price up QoQ, following the Iberian solar power market conditions.
- RCA Ebit to consider c.-€60 m from impairments related to Brazil renewables portfolio under development.
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3Q23 Trading Update
October 16, 2023
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% |
1 | 4.3 | 3.9 | 3.9 | (11%) | (1%) |
Oil products supply (mton) | |||||
1 | 13.1 | 12.7 | 13.1 | (0%) | 3% |
NG/LNG supply & trading volumes (TWh) | |||||
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 market 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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3Q23 Trading Update
October 16, 2023
Company collected consensus
The Company's collected consensus for quarterly earnings is scheduled to be opened for submission between October 16 and October 20 and will be published on October 23.
Results presentation details
Webcast
- https://edge.media-server.com/mmc/p/97nw4xcfConference call registration
- https://register.vevent.com/register/BI8ffa7ec273874206a3155096706789cd
Galp Energia, SGPS, S.A.
Investor Relations: | Contacts: | Website: www.galp.com/corp/en/ |
Otelo Ruivo, Director | Tel: +351 21 724 08 66 | Email: investor.relations@galp.com |
Fax: +351 21 724 29 65 | ||
João G. Pereira | ||
Teresa Toscano | Address: | Reuters: GALP.LS |
Tommaso Fornaciari | Rua Tomás da Fonseca, | Bloomberg: GALP PL |
César Teixeira | Torre A, 1600-209 Lisbon, Portugal |
This document may include forward-looking statements. All statements other than statements of historical facts are, or may be deemed to be, forward-looking statements. Forward-looking statements express future expectations that are based on management's expectations and assumptions as of the date they are disclosed and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such those statements. Accordingly, neither Galp nor any other person can assure that its future results, performance or events will meet those expectations, nor assume any responsibility for the accuracy and completeness of the forward-looking statements. Forward-looking statements include, among other things, statements concerning the potential exposure of Galp to market risks and statements expressing management's expectations, beliefs, estimates, forecasts, projections, and assumptions. These forward-looking statements may generally be identified by the use of the future, gerund or conditional tense or the use of terms and phrases such as "aim", "ambition", "anticipate", "believe", "consider", "could", "develop", "envision", "estimate", "expect", "goals", "intend", "may'', "objectives", "outlook", "plan", "potential", "probably", "project", "pursue", "risks", "schedule", "seek", "should", "target", "think", "will" or the negative of these terms and similar terminology. This document may include data and information provided by third parties, which are not publicly available. Such data and information should not be interpreted as advice and you should not rely on it for any purpose. You may not copy or use this data and information except as expressly permitted by those third parties in writing. To the fullest extent permitted by law, those third parties accept no responsibility for your use of such data and information except as specified in a written agreement you may have entered into with those third parties for the provision of such data and information. Galp and its respective representatives, agents, employees or advisers do not intend to, and expressly disclaim any duty, undertaking or obligation to, make or disseminate any supplement, amendment, update or revision to any of the information, opinions or forward-looking statements contained in this document to reflect any change in events, conditions or circumstances. This document does not constitute investment advice nor forms part of and should not be construed as an offer to sell or issue or the solicitation of an offer to buy or otherwise acquire securities of Galp or any of its subsidiaries or affiliates in any jurisdiction or an inducement to engage in any investment activity in any jurisdiction.
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Galp Energia SGPS SA published this content on 16 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 16 October 2023 06:08:26 UTC.