Profits of Galp fell 7 million euros in the first quarter – Express

The fall in oil prices – comparing the first quarter 2016 to the same period of 2015 the average price fell $ 20 a barrel – was the main argument that Galp presented to explain the annual reduction of 6.1% in quarterly results. During the first three months of 2016, oil group chaired by the richest man in Portugal – Américo Amorim – and managed by Carlos Gomes da Silva gave least 7 million profit euros in the same period of 2015, resulting in a result net of 114 million euros.

for this underperformed the early 2015 fairly weighed the effect of oil stocks Galp, whose market value has fallen and also the reduction of refining margin with Galp worked from January to March this year

Among the market analysts that track the performance of Galp, the Haitong anticipated dissemination of results of Galp. – reported on Friday – explaining at the beginning of week had set “our numbers before the presentation of the results of the first quarter, particularly to include new targets for 2016-20 released by Galp on ‘Capital Markets Day’, both in terms of exploration and production (reflecting the delay in the fields Lula West and Atapu North to after 2020) and investment plan (with a cut of 15%), “explains the analysis made to Galp.

But it was not all bad for the oil group Américo Amorim during the first quarter of 2016. the production of oil and natural gas continued to increase, growing 36% compared to the production of the first quarter of 2015.

Still, natural gas sales fell 15%, reflecting the decline in volumes traded by the trading sector, which results in decrease of 37% in operating income for this business area – unlike what happened in 2015, when it was one of the “stars” in Galp more . contributed to earnings growth

Excluding the effect of stocks, refining and distribution, increased 19%, even with a 4% reduction in processed volumes – which is due to technical stop already scheduled the Sines refinery to review hydrocraker production unit. Also the volume of the Galp investment made has been reduced 22% over the amount invested in the same period of 2015, getting up by 343 million euros.

For market analysts, the performance of Galp does not was penalized with negative comments because even managed to exceed the threshold of 100.2 million euros that had been planned and announced in the financial market by a number of analyst firms.