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Galp Energia - Key takeaways from 3Q18 results

29 Oct 2018

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Galp Energia: 3Q18 RCA EBITDA reached €642mn (+1.6% above consensus compiled by the group), +38%y/y. 3Q18 RCA net income stood at €212mn (+35%y/y), broadly in line with expectations. The group sees FY18 EBITDA reaching c.€2.3bn (vs. consensus €2.374bn) and FY18 capex c.€1.0bn (vs. consensus €1.003bn).

Exploration and Production: RCA EBITDA reached €396mn (+94%y/y), in line with consensus expectations. Average working interest production rose by 10%y/y to 103.8kboepd. Average net entitlement production rose 11%y/y to 102.3kboepd, with Brazil up by 9%y/y to 94.9kboepd. Oil and gas average sale price rose by 44%y/y to USD65.3/boe, while production costs increased by 21%y/y to USD9.0/boe.

Refining & Marketing: RCA EBITDA fell 9%y/y to €195mn (+1.6% above consensus expectations). Galp refining margin fell by 21%y/y to USD5.8/boe. Refining costs rose by 20%y/y to USD2.0/boe. Raw materials processed fell by 7%y/y to 27.7mmboe. Total oil product sales fell 7%y/y to 4.5mton. Sales to direct clients declined by 1%y/y to 2.4mton.

Gas & Power: RCA EBITDA rose 9%y/y to €44mn (+16% vs. consensus expectations) .NG/LNG total sales volumes increased by 18%y/y to 2,024mm3, with sales to direct clients up by 13%y/y to 1,201mm3 and trading up by 26%y/y to 823mm3.

Capex increased by 8%y/y to €234mn in 3Q18. Net debt rose by €162mn q/q (+9.3%q/q) to €1,899mn (0.9x LTM EBITDA RCA, unchanged vs. June 2018). (Galp Energia’s filing on CMVM)

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