Galp doubles profits in 2022

Portugal’s petroleum and gas company Galp practically doubled its profits in 2022, in part thanks to the instability in oil and gas prices that sent energy costs soaring after Russia’s invasion of Ukraine.

The energy company’s net result was €881 million, the best result in its history, with a growth of 93% on the previous year. The company’s performance in the fourth quarter alone saw a growth of 143% like-for-like to €273 million.
Given the result, Galp suggested it would distribute an gross dividend of €0.52 per share compared to the €0.50 it paid out in 2022. It also proposed that it would undertake a share buyback programme worth €500 million throughout 2023. In September it had distributed an interim dividend of €0.26.
Galp informed the Portuguese stock market commission that it would divest its upstream production and exploration assets in Angola. The company said it had signed an agreement with SOMOIL – Angolan Petroleum Company to which it will sell these assets in exchange for around US$830 million net. The transaction will be reflected in the accounts for the second half of 2023.
The company has also announced that it will triple is renewables business by 2030, investing €1Bn a year by 2025 “profoundly changing its energy production operations”.