Galp Reports Increase in Profits and EBITDA in First Half of 2022, Driven by Rising Oil Prices and Refining

Written by Ruth Rodrigues

Published on 26/07/2022 at 07:00

Fonte: Galp/Divulgação

Seja o primeiro a reagir!

The Strong Growth in Oil Barrel Prices and the Increase in Fuel Refining Were the Main Factors That Led to the Increase in Galp’s Adjusted Profits and Adjusted EBITDA During the First Half of This Year.

On last Monday, (07/25), the oil and natural gas company Galp announced an increase in its adjusted profit to €420 million during the first half of 2022. In addition, the company also reported an increase in adjusted EBITDA, due to rising oil prices and growth in fuel refining operations by the oil company.

Adjusted Profits and Adjusted EBITDA Rise Significantly During the First Half of 2022 with Rising Oil Prices and Refining, Announces Galp

Galp has become one of the largest companies in the world in the oil and natural gas sector. And, on last Monday, it announced the main results for revenue collection in the year 2022 so far.

Thus, the company reported adjusted profits in the second quarter of 2022 of €265 million. An increase of 90% compared to the same period in 2021, when the oil company did not exceed €140 million.

ARTICLE CONTINUES BELOW

Great Results in Profits and EBITDA of the Portuguese Company Are Due to the Increase in Oil Prices and Refining Operations

The adjusted profits and adjusted EBITDA figures collected in 2022 by the oil and gas company Galp are significantly attributed to the increase in oil prices, which nearly doubled in 2022.

Additionally, there was also a strong increase in refining margins in Europe, following several refineries being shut down due to geopolitical conflicts involving the Russian nation.

“During the second quarter, Galp’s strong performance across all business segments supported a robust set of results. Our free cash flow reached €488 million, due to rising commodity prices. This allowed us to strengthen our financial position. We made good progress in executing the key projects that support the remodeling of our portfolio. The macroeconomic environment remains extremely volatile, but we are well positioned. Both in our established businesses and in renewables, to meet our investment proposal,” commented CEO Andy Brown in a statement.

Now, Galp continues its race for expansion in oil refining and exploration worldwide. And it will leverage the significant jump in adjusted profits and EBITDA to invest in improvements in its operations.

Galp Reports Increase in Profits and EBITDA in First Half of 2022, Driven by Rising Oil Prices and Refining

The Strong Growth in Oil Barrel Prices and the Increase in Fuel Refining Were the Main Factors That Led to the Increase in Galp’s Adjusted Profits and Adjusted EBITDA During the First Half of This Year.

Adjusted Profits and Adjusted EBITDA Rise Significantly During the First Half of 2022 with Rising Oil Prices and Refining, Announces Galp

Great Results in Profits and EBITDA of the Portuguese Company Are Due to the Increase in Oil Prices and Refining Operations

Family without running water in the interior of Ceará takes out a loan to drill an artesian well and discovers possible oil, but cannot use it, cannot sell it, and is left with a debt of R$ 15,000.

On the Greek island of Ithaca, archaeologists have found what may be a sanctuary dedicated to the legendary Odysseus, with inscriptions bearing his name and votive offerings that span from the Mycenaean to the Hellenistic era.

Is a smart plug worth it in a regular home? What does it offer: turns on and off via smartphone, creates routines by schedule, prevents forgotten devices, sometimes monitors consumption, and improves habits without renovation or miracles.

Spain surprises the world by erecting 62 artificial dunes, mixing sand with natural remains of posidonia, and causing the structure to lose only 1.4% of its volume in 1 year.

Geographers redefine the Brazilian relief and confirm the presence of mountains in 14 states with a new system that changes historical criteria and alters the way the territory is classified.

There is a city in China right next to Hong Kong where people speak Portuguese, the streets have names in Portuguese, and the architecture looks like it came straight out of a historic city in Brazil.

An analysis by NASA highlighted that the Great Wall of China and the Pyramids of Egypt are not visible to the naked eye from the International Space Station, and only one man-made structure is visible in this way.

Giant silos with a capacity of 300,000 tons have been erected outside the Strait of Hormuz to safeguard the supply of the Gulf; this megainfrastructure transforms Fujairah into one of the most strategic food vaults on the planet in times of crisis.

Little known, the Veryovkina cave is considered the deepest in the world, with over 2,200 meters, defying any comparison.

Famous singer and Chinese manufacturer enter the dirty list of slave labor; operation rescues 14 employees on a farm in Goiás and 220 workers at a construction site in Bahia; punishment is a fine.

35 medical entities criticize the MP that automatically renews driver’s licenses without fitness exams: they say that diseases do not show up in fines; Congress analyzes RNPC after 38,253 deaths and a cost of R$ 400 million directly to SUS.

Brazil secures a foothold in one of the largest markets in Africa, gaining authorization to sell 17 products to Ethiopia, including beef, pork, and chicken, as well as sugar, grains, and ethanol.

Galp Reports Increase in Profits and EBITDA in First Half of 2022, Driven by Rising Oil Prices and Refining

The Strong Growth in Oil Barrel Prices and the Increase in Fuel Refining Were the Main Factors That Led to the Increase in Galp’s Adjusted Profits and Adjusted EBITDA During the First Half of This Year.

Adjusted Profits and Adjusted EBITDA Rise Significantly During the First Half of 2022 with Rising Oil Prices and Refining, Announces Galp

Great Results in Profits and EBITDA of the Portuguese Company Are Due to the Increase in Oil Prices and Refining Operations

Family without running water in the interior of Ceará takes out a loan to drill an artesian well and discovers possible oil, but cannot use it, cannot sell it, and is left with a debt of R$ 15,000.

On the Greek island of Ithaca, archaeologists have found what may be a sanctuary dedicated to the legendary Odysseus, with inscriptions bearing his name and votive offerings that span from the Mycenaean to the Hellenistic era.

Is a smart plug worth it in a regular home? What does it offer: turns on and off via smartphone, creates routines by schedule, prevents forgotten devices, sometimes monitors consumption, and improves habits without renovation or miracles.

Spain surprises the world by erecting 62 artificial dunes, mixing sand with natural remains of posidonia, and causing the structure to lose only 1.4% of its volume in 1 year.

Geographers redefine the Brazilian relief and confirm the presence of mountains in 14 states with a new system that changes historical criteria and alters the way the territory is classified.

There is a city in China right next to Hong Kong where people speak Portuguese, the streets have names in Portuguese, and the architecture looks like it came straight out of a historic city in Brazil.

An analysis by NASA highlighted that the Great Wall of China and the Pyramids of Egypt are not visible to the naked eye from the International Space Station, and only one man-made structure is visible in this way.

Giant reservoirs with a capacity of 18 million cubic meters have turned Fujairah into one of the largest energy vaults on the planet. This facility, located outside the Strait of Hormuz, stores oil on a colossal scale and has become a silent piece that supports the global flow of fuels.

The next exploration auction in the pre-salt will offer 23 blocks in the Campos and Santos basins and may change the interest of oil companies in Brazil.

The next exploration auction in the pre-salt will offer 23 blocks in the Campos and Santos basins and could change the interest of oil companies in Brazil.

Red Sea, from biblical site to oil hope: South Korea reveals ambitious plan to create new oil routes through the Red Sea with the dispatch of 5 ships, agreements with 3 countries, and a focus on the strategic port of Yanbu.

SISTAC expands contract with Petrobras for maintenance of platforms in the Santos, Campos, and Espírito Santo basins using ROV and specialized underwater operations.

Giant silos with a capacity of 300,000 tons have been erected outside the Strait of Hormuz to safeguard the supply of the Gulf; this megainfrastructure transforms Fujairah into one of the most strategic food vaults on the planet in times of crisis.

Little known, the Veryovkina cave is considered the deepest in the world, with over 2,200 meters, defying any comparison.

Famous singer and Chinese manufacturer enter the dirty list of slave labor; operation rescues 14 employees on a farm in Goiás and 220 workers at a construction site in Bahia; punishment is a fine.

35 medical entities criticize the MP that automatically renews driver’s licenses without fitness exams: they say that diseases do not show up in fines; Congress analyzes RNPC after 38,253 deaths and a cost of R$ 400 million directly to SUS.

Brazil secures a foothold in one of the largest markets in Africa, gaining authorization to sell 17 products to Ethiopia, including beef, pork, and chicken, as well as sugar, grains, and ethanol.