Galp Results, Q3 2017

Page created: Tuesday, 31 October 2017 12:06GMT

Report:  30 October 2017 - 28 Page(s)
Financial Results   Galp   PSI 20   Results 2016  Results Q3

3Q17 highlights

  • 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.

Original title:  RESULTS THIRD QUARTER 2017

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