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ENERGY SECTOR: Galp Trading Update; Production Beat, Refining Margin Miss

ENERGY SECTOR
BulletCredit Bullets

Strong upstream performance albeit accompanied by a downstream margin miss. Only bond is their EUR 26s which won’t move on this given short maturity. Main story around the name remains their USD >20bn Mopane discovery in Namibia in which they hold an 80% stake. 

  • Upstream production (2/3 of business) was +6% QoQ/-10% YoY and 2.6% ahead of BBG consensus (just five estimates).
  • Refining margin of USD 4.7/boe was down from USD 7.7 in Q2 and USD 14.6 in Q324 and notably below the USD 5.23 consensus (consensus low estimate was USD 4.5) while raw materials processed was -5% QoQ but flat YoY.
  • Limited other commentary. Full results 28 Oct.
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Strong upstream performance albeit accompanied by a downstream margin miss. Only bond is their EUR 26s which won’t move on this given short maturity. Main story around the name remains their USD >20bn Mopane discovery in Namibia in which they hold an 80% stake. 

  • Upstream production (2/3 of business) was +6% QoQ/-10% YoY and 2.6% ahead of BBG consensus (just five estimates).
  • Refining margin of USD 4.7/boe was down from USD 7.7 in Q2 and USD 14.6 in Q324 and notably below the USD 5.23 consensus (consensus low estimate was USD 4.5) while raw materials processed was -5% QoQ but flat YoY.
  • Limited other commentary. Full results 28 Oct.