Galp Energia SGPS SA (GLPEF) Q2 2025 Earnings Call

Investor webinar replay

Replay transcript excerpt

Good morning, ladies and gentlemen. Welcome to GALP's second quarter 2025 results presentation. I will now pass the floor to Joao Gonvalves Pereira, Head of Investor Relations. Good morning, everyone, and welcome to GALP's second quarter of 2025 Q&A session. In the room with me, I have both our co-CEOs, Maria João and João Diogo, as well as the executive team. But before passing the mic for some quick opening remarks, let me start by our usual disclaimer. During today's session, we will be making forward-looking statements that are based on our current estimates. Actual results could differ due to factors outlined in our cautionary statements within the published materials. Jean-Dioc, the mic is yours. Thank you, João, and good morning, everyone. The second quarter of 2025 was another strong quarter for GALP. Being resilient and having a strong asset base in a volatile macro context give us comfort to execute our strategy. During the quarter, we saw strong performance with higher than anticipated upstream production, increased LNG trading flexibility, a good rebound in the Spanish oil products market, and new renewables capacity coming online. Production stood at 113,000 barrels per day, reflecting limited maintenance performed in the period. And while remaining conscious of the coming turnarounds, we upgrade our full year production guidance to a range of 105,000 to 110,000 barrels. And we are now fully including LNG volumes from Venture Global on our guidance, following the successful lifting all on schedule of three cargoes in the quarter. The leadership team is focused on execution, and I see sound momentum ahead for GALT. Now I'll let Maria João comment more on the financial guidance update. Thank you, João Diogo. Indeed, a strong quarter across the board, with ...