“The improvements recorded this quarter have allowed for upward revisions of some operational and financial projections for the rest of the year, despite the depreciation of the dollar,” stated the oil company on the day it released its second-quarter results, during which profit rose by 25% to 373 million euros.
With this revision, it is expected that earnings before interest, taxes, depreciation, and amortization (EBITDA) will exceed 2.7 billion euros, compared with a previous forecast of 2.5 billion euros, explaining that “a significant part of this revision results from the start of LNG deliveries by Venture Global LNG in the United States, which improves the trading outlook for the coming quarters.”
Meanwhile, Galp’s operational cash flow is expected to surpass 1.8 billion euros, compared with the previous forecast of 1.6 billion euros, the Portuguese oil company now estimates.
In operational terms, the average production of oil and natural gas for the year is expected to be between 105,000 and 110,000 barrels per day, whereas the previous estimate was 105,000 barrels per day, it adds.
Galp reported a profit of 565 million euros in the first half, a 9% decrease compared to the same period in the previous year, impacted by the concentration of maintenance shutdowns in the first quarter, the company announced today.
In the second quarter of the year, Galp’s adjusted net income rose by 25% to 373 million euros, “supported by increased oil and gas production in Brazil and strong performance in the trading of products in international markets,” the company highlights.
