Galp reported a significant increase in profits in the second quarter, driven by higher oil prices, increased production at the Bacalhau field off the coast of Brazil, and stable performance in the refining segment.

Main Growth Drivers

During the second quarter, the company’s pre-salt fields off the Brazilian coast made a greater contribution. Production at the Bacalhau field continued to grow, while existing fields maintained steady operational efficiency.

High availability at the Sines refinery supported higher margins on oil products, especially middle distillates. Trading in gas and liquefied natural gas remained an important source of profit amid volatile commodity markets.

Galp’s Financial Results for the Second Quarter

• Net profit (RCA): €540 million, up 45% compared to the same period last year
• Revenue: €6.8 billion, a 35% year-on-year increase
• Consensus forecast exceeded: Yes
• Total production volume: 127,000 barrels of oil equivalent per day, up 12% year-on-year
• Share buyback: €179 million as part of the current €250 million program
• Dividends: The Board of Directors plans to increase dividends by 10% to €0.70 per share in 2026

Outlook and Forecasts

The company continues to ramp up production at Bacalhau and is developing its partnership with TotalEnergies in Namibia. A new exploration and appraisal campaign is scheduled to begin in the Mopane area in the fourth quarter.

Galp has raised its forecast for 2026, expecting around €4 billion in EBITDA and daily production of approximately 130,000 barrels of oil equivalent. Management noted that production growth at Bacalhau is ongoing, and drilling in Namibia will resume in the fourth quarter.