Q3 2024 Galp Energia SGPS SA Earnings Call Transcript
Key Points
- Galp Energia SGPS SA (GLPEF) reported a robust performance despite a challenging refining and commodities price environment.
- The company is confident in exceeding its full-year guidance, with key projects progressing well.
- Strong contributions from the midstream division, particularly due to rising gas prices, have been noted.
- The Bacalhau project is on track, with sail away from Singapore to Brazil expected in December.
- Galp Energia SGPS SA (GLPEF) is making significant progress in Namibia, with multiple wells planned and high-resolution seismic work underway.
- The company is facing challenges in meeting its capex guidance, with less than EUR1 billion per annum on average proving difficult to achieve.
- There are delays in the lithium joint venture with Aurora, with the project timeline pushed back due to regulatory and technical issues.
- Galp Energia SGPS SA (GLPEF) has not yet received any cargoes from Venture Global under the long-term contract, impacting midstream expectations.
- The refining margins have come down from earlier levels, with uncertainty in the global economy, particularly in China, affecting future outlooks.
- The company is cautious about taking FID on the Aurora project due to market challenges and the delay in lithium mining in Portugal.
Bom dia and welcome to Galp third quarter, 2024 analyst Q&A session.
As usual, we will start with a brief introduction from Filipe before diving right into Q&A where our executive team will be happy to tackle your questions. Now, the also usual disclaimer during today's session, we may make forward-looking statements based on our current estimates, actual results could differ due to various factors outlined in our cautionary statement within the materials we released this morning over to you, Filipe.
Thank you. Hello. Hey, good morning, all of you.
Otelo this is going to be our last call as some of, you know Otelo will be starting a new position within Galp. He's going to be our CFO of the renewables division working with Ys many thanks Otelo, this was a really great fun working together for the last 10 years. You've always acted brilliantly as
| Access to All Earning Calls and Stock Analysis | |
| 30-Year Financial on one screen | |
| All-in-one Stock Screener with unlimited filters | |
| Customizable Stock Dashboard | |
| Real Time Insider Trading Transactions | |
| 8,000+ Institutional investors’ 13F holdings | |
| Powerful Excel Add-in and Google sheets Add-on | |
| All data downloadable | |
| Quick customer support | |
| And much more... |
Trustpilot
We'd love to learn more about your experiences on GuruFocus.com and how we can improve!
Take Survey
