- Group RCA Ebitda increased €103 m YoY to €487 m, supported by the performance of E&P and
R&M, which more than offset the effect of the deconsolidation of the gas infrastructure business.
- RCA Ebitda for E&P was €215 m, up €88 m YoY supported by production growth and higher oil
and natural gas prices, although impacted by the Dollar depreciation against the Euro.
- Average working interest (WI) production reached 94.6 kboepd, up 28% YoY, supported by the
development of Lula and Iracema, in Brazil. Production in the quarter benefited from the ramp-up of
FPSO P-66 (#7), albeit also impacted by planned outages on FPSOs Cidade de Itaguaí (#4) and Cidade de
Maricá (#5), and by the end of maintenance works on FPSO Cidade de Angra dos Reis (#1)
- Meanwhile, the Group’s upstream division has reached a new milestone, with Galp now producing over
100,000 boe per day.
- RCA Ebitda for R&M rose €38 m YoY to €218 m, supported by Galp’s refining margin increase to
$7.4/boe, which reflected improved margins in the international market and gasoline exports to the USA.
However, the R&M business was impacted by the depreciation of the Dollar against the Euro, by refining
margin hedgings and by the time lag of pricing formulas.