In the second quarter of the year, Galp’s adjusted net income rose by 25% to 373 million euros. The company highlights this increase was “supported by higher production of oil and natural gas in Brazil and a strong performance in trading activities on international markets.”
In a statement to the Securities Market Commission (CMVM), the oil company reported that EBITDA fell by 16% in the first half to 1.5 billion euros, “due to more challenging macroeconomic conditions.”
Of this amount, about 80% was generated in international markets, with emphasis on ‘upstream’ (exploration) and trading activities, as well as product exports from Portugal.
Between April and June, the oil company improved results “in all business areas,” compensating for “the drop in crude oil prices that negatively impacted the financial performance of ‘Upstream,’ traditionally the main driver of the company’s results,” they explain.
Galp announced that the improvements recorded this quarter allowed for an upward revision of some operational (production) and financial projections for the rest of the year, despite the dollar’s depreciation.
In the second quarter, the company invested 190 million euros, with the primary focus – totaling 81 million euros (43%) – on exploration and research in Brazil, mainly in the Bacalhau project, according to their market communication.
About 74 million euros were allocated to Sines for “the construction of the 100MW electrolyzer for green hydrogen production, one of the largest in Europe, and the new unit for advanced biofuel production (HVO/SAF), two projects expected to become operational next year,” the company adds.
The conversion and modernization of the service station network, the expansion of the electric mobility charging infrastructure – which totaled 7,700 points by the end of June, a 52% increase over the end of June 2024 – and renewables absorbed approximately 30 million euros.
Total investments amounted to 484 million euros in the first half.
In the area of renewables, two new photovoltaic parks in Spain became operational in the second quarter, adding 115 MW of installed capacity to the total, which now stands at 1.7 GW.
[News updated at 07h34]
