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
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