GALP ENERGIA, SGPS, S.A. 
The information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the second quarter of 2024. All data referred to below is currently provisional and may differ from the final figures.
Galp's 2Q24 results will be published on July 22, 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.
Following the agreement to divest from Area 4 in Mozambique (here), with a 31/12/2023 reference date, the asset is booked as "held for sale" and its contribution excluded from that date. 1Q24 figures are adjusted accordingly.
Upstream
| 2Q23 | 1Q24 | 2Q24 | Var. YoY | Var. QoQ | |
| Working interest production (kboepd) | 117 | 107 | 106 | (9%) | (1%) |
| Oil (%) | 84% | 89% | 88% | - | - |
| Brazil (kboepd) | 112 | 107 | 106 | (5%) | (1%) |
| Mozambique (kboepd) | 5 | - | - | n.m. | n.m. |
| Net entitlement production (kboepd) | 117 | 107 | 106 | (9%) | (1%) |
Industrial & Midstream
| 2Q23 | 1Q24 | 2Q24 | Var. YoY | Var. QoQ | |
| Raw materials processed (mboe) | 21.7 | 22.5 | 23.5 | 9% | 5% |
| Galp refining margin (USD/boe) | 7.7 | 12.0 | 7.7 | 0% | (36%) |
| Oil products supply1 (mton) | 4.0 | 3.7 | 4.3 | 9% | 17% |
| NG/LNG supply & trading volumes1 (TWh) | 12.7 | 11.9 | 10.8 | (15%) | (9%) |
| Trading (TWh) | 5.7 | 4.2 | 5.2 | (10%) | 23% |
1 Includes volumes sold to the Commercial segment.
Commercial
| 2Q23 | 1Q24 | 2Q24 | Var. YoY | Var. QoQ | |
| Oil products - client sales (mton) | 1.8 | 1.6 | 1.8 | 1% | 11% |
| Natural gas sales - client sales (TWh) | 3.3 | 4.2 | 3.9 | 18% | (7%) |
| Electricity - client sales (TWh) | 0.9 | 1.7 | 1.8 | 95% | 23% |
Renewables
| 2Q23 | 1Q24 | 2Q24 | Var. YoY | Var. QoQ | |
| Renewable installed capacity1 (GW) | 1.4 | 1.4 | 1.5 | 11% | 7% |
| Renewable generation (GWh) | 775 | 404 | 779 | 0% | 93% |
| Galp realised sale price (EUR/MWh) | 64 | 56 | 17 | (74%) | (70%) |
1 Installed capacity at the end of the period.
Market Indicators
| 2Q23 | 1Q24 | 2Q24 | Var. YoY | Var. QoQ | |
| Exchange rate (EUR/USD) | 1.09 | 1.09 | 1.08 | (1%) | (1%) |
| Dated Brent price (USD/bbl) | 78.1 | 83.2 | 85.0 | 9% | 2% |
| Dutch TTF natural gas price (EUR/MWh) | 35.1 | 27.4 | 31.5 | (10%) | 15% |
| Iberian MIBGAS natural gas price (EUR/MWh) | 32.7 | 27.4 | 32.0 | (2%) | 17% |
| Iberian power baseload price1 (EUR/MWh) | 80.3 | 44.9 | 33.4 | (58% | (26%) |
| Iberian solar captured price1 (EUR/MWh) | 60.7 | 30.8 | 18.1 | (70%) | (41%) |
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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Disclaimer
Galp Energia SGPS SA published this content on 08 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 08 July 2024 05:54:05 UTC.
