4/15/2024 | Results

Trading Update 1Q24

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

Galp’s 1Q24 results will be published on April 30, 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.

 

Upstream

   
  1Q23 4Q23 1Q24 Var. YoY Var. QoQ
Working interest production (kboepd) 120 127 116 (4%) (9%)
    Oil (%) 84% 82% 82% - -
    Brazil (kboepd) 115 117 107 (7%) (9%)
    Mozambique (kboepd) 5 10 9 n.m. (11%)
Net entitlement production (kboepd) 120 126 115 (4%) (9%)

 

Industrial & Midstream

   
  1Q23 4Q23 1Q24 Var. YoY Var. QoQ
Raw materials processed (mboe) 19.6 15.4 22.5 15% 46%
Galp refining margin (USD/boe) 14.3 6.1 12.0 (16%) 95%
Oil products supply1 (mton) 3.6 3.4 3.7 3% 10%
NG/LNG supply & trading volumes1 (TWh) 10.7 10.0 11.9 12% 19%
Trading (TWh) 3.9 3.4 4.2 8% 24%

1 Includes volumes sold to the Commercial segment.

 

Commercial

   
  1Q23 4Q23 1Q24 Var. YoY Var. QoQ
Oil products - client sales (mton) 1.7 1.7 1.6 (5%) (5%)
Natural gas sales - client sales (TWh) 3.7 3.4 4.2 12% 23%
Electricity - client sales (TWh) 0.9 1.4 1.7 82% 23%

 

Renewables & New Businesses

   
  1Q23 4Q23 1Q24 Var. YoY Var. QoQ
Renewable installed capacity1 (GW) 1.4 1.4 1.4 4% -
Renewable generation (GWh) 448 355 404 (10%) 14%
Galp realised sale price (EUR/MWh) 108 84 56 (48%) (33%)

1  Installed capacity at the end of the period.

 

Market Indicators

   
  1Q23 4Q23 1Q24 Var. YoY Var. QoQ
Exchange rate (EUR/USD) 1.07 1.08 1.09 1% 1%
Dated Brent price (USD/bbl) 81.2 84.3 83.2 2% (1%)
Dutch TTF natural gas price (EUR/MWh) 54.1 40.6 27.4 (49%) (32%)
Iberian MIBGAS natural gas price (EUR/MWh) 52.2 38.8 27.4 (48%) (30%)
Iberian power baseload price1 (EUR/MWh) 96.4 75.4 44.9 (53%) (40%)
Iberian solar captured price1 (EUR/MWh) 84.4 66.3 31.4 (63%) (53%)

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

To access the analyst Q&A webcast, click here.
To register for the analyst Q&A conference call, click here.
Dial-in one of the available numbers or enter your telephone number to be contacted by an operator.
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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