Galp Energia, the Portuguese energy company, has revised its production guidance for the year. The company now anticipates a full-year production of approximately 120,000 barrels of oil equivalent per day, surpassing its previous forecast of over 115,000 barrels.
During the third quarter, Galp reported a net entitlement production of 124,700 barrels of oil equivalent per day. This represents a 1% decrease compared to the same period last year but a notable 7% increase from the second quarter.
Of the total working interest production of 125,000 barrels of oil equivalent per day, 82% was oil. In comparison, during the same period last year, oil production accounted for 90% of the company's achieved production volume of 127,700 barrels of oil equivalent per day.
Despite the decline in year-on-year production, the working interest production saw a significant 7% surge from the second quarter. This growth can be attributed to improved operational efficiencies in Brazil and the successful integration of the Coral Floating Liquefied Natural Gas unit in Mozambique.
Galp Energia also reported a substantial increase in refining margin. The margin grew by 90% compared to the previous year and 89% compared to the previous quarter, reaching $14.6 per barrel of oil equivalent. This surge can be attributed to a rise in international oil products' cracks.
The company is scheduled to release its third-quarter results on October 30th, providing further insights into its performance.
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