Galp increases from 101 million profits to 23 million losses in the third quarter

André Cabrita-Mendes 26 October 2020, 07:40

In the third quarter, production rose 6% to 132 barrels per day: in Angola it dropped 7% to 11,8 barrels per day, in Brazil it rose 8% to 120,2 barrels per day

Galp recorded a loss of 23 million euros in the third quarter, a figure that contrasts with the 101 million profits recorded in the same period, the company announced today.

In the first nine months of the year, it went from a profit of 403 million euros in the same period to a loss of 45 million.

Adjusted EBITDA (RCA) decreased 33% to 1,16 billion euros, "reflecting the most adverse market conditions during the period," according to the oil company.

Cash flow generated by operating activities (CFFO) decreased 45% to 794 million euros until September, while free cash flow was 299 million euros, excluding the acquisition of solar energy projects.

In the third quarter, production rose 6% to 132 barrels per day: in Angola it dropped 7% to 11,8 barrels per day, in Brazil it rose 8% to 120,2 barrels per day

The investment reached 724 million euros, with the renewable energy and new business area weighing 46% in total, after the payment of 325 million euros to ACS in the third quarter to purchase 2,9 gigawatts of photovoltaic solar energy projects in Spain.

The production of oil and natural gas reached 35% of the total investment, "mostly allocated to the further development of the Tupi and Berbigão / Sururu projects in Brazil, as well as the Area 4 projects in Mozambique".

The net debt of energy increased to 2,1 billion euros, "considering the dividends paid to shareholders and minority interests, as well as the payment of the transaction for solar projects".

“Galp's operational resilience and the competitiveness of its portfolio were fundamental to our robust performance in the quarter. We continued to develop our projects according to strategic guidelines, despite unprecedented market conditions, positioning Galp as a leading solar player in the Iberian Peninsula and promoting our sustainable growth ”, said the company's president, Carlos Gomes da Silva

The company says that “Galp's strategic plan provides for the gradual decarbonization of its portfolio. The company has set long-term goals for reducing carbon intensity, aligning the portfolio with the vision of carbon neutrality in Europe by 2050 and committing to reduce the intensity of its activities by at least 15% by 2030 (2017 as the year of reference)".

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