Portuguese integrated oil and gas company Galp Energia SGPS SA reported consolidated replacement cost adjusted earnings before interest, taxes, depreciation, and amortization was up 38% on the year during the second quarter to €628 million.
The results were driven by stronger results from its exploration and production business, which spiked 140% on the year to €628 million during the second quarter, the company said in a July 30 earnings release.
On an International Financial Reporting Standards basis, Galp Energia's net income during the second quarter was €330 million, up from €102 million in the same period of 2017.
The company's second-quarter cash flow from operations was €604 million, up 13% from €533 million during the same quarter of 2017.
"Considering the operating performance during the first half of 2018 and the higher oil prices, the Ebitda guidance for the full year 2018 is now expected to be over €2.1 billion. Capex guidance is maintained at €1.0 [billion to] €1.1 billion now, including the signature bonuses from the exploration blocks acquired in the recent bidding rounds in Brazil," the company said.
For the first six months of the year, Galp Energia's capital expenditures were €364 million.
In the second quarter, the company's total net entitlement production was about 106,700 barrels of oil equivalent per day, up 21% from the same period a year earlier.