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AlwaysFree: Galp 1Q23 Trading Update


According to the company’s website press release on April 17, 2023, the information below aims to provide the key macroeconomic, operating and trading conditions experienced by Galp during the first quarter of 2023. All data referred to below is currently provisional and may differ from the final figures. 

Galp’s 1Q23 results will be published on May 5, before the opening of Euronext Lisbon, together with a management presentation. On that day, the Company will hold an analysts’ conference call at 14:00 (Lisbon/London time). Further details can be found at the end of this release

Consolidated earnings and financial position 

• Robust operating cash generation from all divisions, despite higher taxation during the period (mostly related with Brazil upstream activities).


Renewables & New Businesses

• Renewable energy generation benefiting QoQ from higher irradiation and full contribution from the c.100 MW installed during 4Q22.

• Galp realised sale price up QoQ and above market benchmark, leveraging on energy management short-term agreements to lock in prices.

Industrial & Midstream

• Refining raw materials processed decreased and operating costs increased QoQ, following the planned maintenance activities performed during the quarter (hydrocracker), with operating costs expected at c.$5/boe. 

• Refining margin higher QoQ, capturing the international products’ cracks and reduced energy costs environment. 

• Refining margin hedges covered 1.7 mboe during 1Q23 (9% of throughput), with an expected impact of c.€20 m at the Ebitda level. 

• NG/LNG supply & trading to resume its positive contribution, benefiting from higher flexibility due to limited pre-sold and prehedged contracts, despite reduced sourced volumes and lower European natural gas prices. 


• Oil products sales increased YoY, supported by a recovery in B2B, namely from the aviation segment. 

• Natural gas and electricity sales reflecting an optimisation of the clients’ portfolio and a reduction in activity within the B2B segment. 

Market Indicators

Company collected consensus 

The Company’s collected consensus for quarterly earnings is scheduled to be opened for submission between April 17 and April 21 and will be published by April 24. 

Results presentation details Webcast  

Conference call registration 

Tags: All Products,AlwaysFree,English,Europe,Portugal,West Europe

Published on May 24, 2023 4:23 PM (GMT+8)
Last Updated on May 24, 2023 4:23 PM (GMT+8)