Q2 2024 Galp Energia SGPS SA Earnings Call Transcript
Key Points
- Galp Energia SGPS SA (GLPEF) reported a strong Q2 2024 with solid execution from teams and assets.
- The company completed the Angolan farm-down and announced the divestment from Area Four in Mozambique, reinforcing its financial position.
- Upstream Opex was lower than expected, with production costs expected to be below $3 per barrel.
- Strong contribution from industrial and midstream sectors, particularly in refining and trading.
- Galp Energia SGPS SA (GLPEF) has unprecedented financial muscle to deliver long-term growth from high-return projects.
- CapEx guidance of EUR1 billion is challenging to meet, with uncertainties around Namibia and Mozambique divestments.
- The pace of decarbonization through renewables has been slower than expected, leading to a suspension of short-term guidance.
- Refining margins have been impacted by lower demand and additional refinery capacities coming online.
- Solar investment has slowed due to permitting challenges and lower-than-expected returns.
- The company faces uncertainties in the timing and execution of the Namibia exploration campaign and potential farm-down.
Welcome to the analyst Q&A session, where we will delve into Galp second quarter 2024 results. Earlier today, we distributed All relevant materials pertaining to these results, including a brief video in which our CFO, Maria Joao Carioca, highlighted the key points of this quarter. As such, and following the format of recent earnings calls, we will begin with a short introduction from Filipe and then probably move to Q&A where our executive team will be available to address your questions.
Please note that during this session we will make forward-looking statements based on current estimates. Actual results may vary due to factors which are detailed in the cautionary statement included in our materials. Filipe the party is yours.
Thank you, Taylor. Good morning. Our Q2 was another good quarter for Galp. We continue to see solid execution from the teams and of course, from our assets. Our
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