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Yahoo
21-07-2025
- Business
- Yahoo
Portugal's Galp core profit beats expectations with a 1% contraction
LISBON (Reuters) -Portugal's Galp Energia on Monday said its adjusted second-quarter core profit beat expectations with a scant 1% contraction as higher oil output and more profitable gas trading nearly offset falling crude prices and narrower refining margin. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped to 840 million euros ($977.76 million), surpassing the 724 million euro consensus provided by the company. Galp, whose main business is extracting crude from rich fields offshore Brazil, said its share of oil and gas production from its projects in the second quarter increased by 6% to 113,000 barrels per day. It said Brent oil prices fell 20% to an average of $67.9 a barrel in the second quarter, down from $85 a year ago, while its refining margin stood at $6.1, much lower than $7.7 in the same quarter of 2024. Galp's second-quarter adjusted net profit rose 25% to 373 million euros, also beating the 220 million euros forecast by analysts, as the company benefited from lower taxes. ($1 = 0.8591 euros) Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Reuters
21-07-2025
- Business
- Reuters
Portugal's Galp core profit beats expectations with a 1% contraction
LISBON, July 21 (Reuters) - Portugal's Galp Energia ( opens new tab on Monday said its adjusted second-quarter core profit beat expectations with a scant 1% contraction as higher oil output and more profitable gas trading nearly offset falling crude prices and narrower refining margin. Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped to 840 million euros ($977.76 million), surpassing the 724 million euro consensus provided by the company. Galp, whose main business is extracting crude from rich fields offshore Brazil, said its share of oil and gas production from its projects in the second quarter increased by 6% to 113,000 barrels per day. It said Brent oil prices fell 20% to an average of $67.9 a barrel in the second quarter, down from $85 a year ago, while its refining margin stood at $6.1, much lower than $7.7 in the same quarter of 2024. Galp's second-quarter adjusted net profit rose 25% to 373 million euros, also beating the 220 million euros forecast by analysts, as the company benefited from lower taxes. ($1 = 0.8591 euros)
Times
07-07-2025
- Business
- Times
Shell warns that its gas trading business has weakened
The performance of Shell's gas trading business has weakened during the second quarter, hampered by geopolitical uncertainty. The FTSE 100 group said that its trading business would be 'significantly lower' and reduced the top end of its production guidance for the integrated gas division to 940,000 barrels of oil equivalent a day (boe/d) from the 950,000 boe/d previously expected. The lower end of its guidance range was raised to 900,000 boe/d, from 890,000 boe/d. The outlook for volumes at its liquefied natural gas business also shifted to between 6.4 million and 6.8 million tonnes (mt), from the 6.3 mt to 6.9 mt previously expected. The downbeat update breaks a streak of positive quarterly numbers, which has also led to the group buying back billions in shares. In May it said it would repurchase another $3.5 billion of its shares after reporting better-than-expected profits of $5.6 billion for the first quarter of the year. The investment bank RBC Capital cut its net profit forecast to $3.6 billion, from $4.8 billion, for the second quarter. The shares were 64p, or 2.4 per cent, lower at £25.64 in afternoon trading. Shell is one of the largest traders of gas in Europe and has forecast a rise of 60 per cent in LNG demand by 2040, largely driven by Asia and a shift away from coal as a fuel source. At its capital markets day in March, Shell said it would grow LNG sales at a compound annual rate of between 4 and 5 per cent by 2030, in addition to an existing target to grow liquefaction capacity by 25 to 30 per cent by the same date. The group has, however, faced a backlash from some shareholders over its plans to grow its LNG business. In May a special resolution filed by three British local authority pension schemes and the Australasian Centre for Corporate Responsibility calling on Shell to give more information on its LNG business and spending plans and explain how its targets were compatible with its climate goals, won the support of 20.6 per cent of shareholders. Shell has global operations that range from drilling for oil and gas to retailing petrol. Wael Sawan, who became chief executive at the start of 2023, is attempting to close a valuation gap with its American rivals such as Exxon and Chevron. He has scaled back its investment in green energy and doubled down on fossil fuels. The group, which is due to release its second-quarter results on July 31, said that overall upstream production was expected to come in at 1.66 million to 1.76 million boe/d for the three months. Over the weekend Opec+, the group of the biggest oil-producing nations, announced a higher-than-expected increase in output for August of 0.55 million barrels a day. The markets shrugged off the impact of the cartel unwinding its production cuts, however, and Brent crude, the international benchmark, was up $0.82, or 1.2 per cent, to $69.1 in afternoon trading.
Reuters
17-06-2025
- Business
- Reuters
Equinor picks CEO of energy trader as new head of gas and power division
COPENHAGEN, June 17 (Reuters) - Danske Commodities CEO Helle Ostergaard Kristiansen will step down to become head of the gas and power unit of parent group Equinor ( opens new tab, the trading house said on Tuesday. Danske Commodities' Chief Financial Officer Jakob Sorensen, who joined the company 20 years ago as a power trader, will take over as new CEO as of September 1, it said in a statement. Kristiansen replaces Helge Haugane who in April was named head of a new Equinor business area formed by the group's power assets. Danske Commodities, which specialises in power and gas trading, is active in more than 40 countries, including Australia, the United States, Brazil, Japan and all major European markets.
RNZ News
18-05-2025
- Business
- RNZ News
Transpower u-turns on sale of NZ's only gas trading platform
Transpower does u-turn to keep gas trading platform emsTradepoint. Photo: 123RF Transpower has done an about-face and decided to keep and expand the country's only gas trading platform, emsTradepoint, as the country's gas supplies dwindle. Last year, the national grid operator put the platform up for sale because it was a non-core asset, and when it could not find a buyer said it would shut it down in September this year, prompting industry criticism. However, rapidly dwindling gas supplies appear to have triggered a change of mind. "emsTradepoint plays an important role in New Zealand's gas and carbon markets through delivering price and trading transparency," chief executive James Kilty said. "This has become increasingly important given the accelerated decline in gas availability over the last 12-18 months." Transpower had previously said the platform was trading only small amounts and its closure would make little or no difference to the overall gas market. However, for some commercial users the platform has become increasingly important to find supplies at viable prices. Leading power companies Contact and Genesis have recently cut deals to buy gas from the country's biggest gas user, Methanex, to shore up reserves if needed for electricity generation this winter. Kilty said Transpower accepted that it was best placed to retain and operate the platform, which would be expanded with new products and prices later in the year. Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.
