2024-04-06 10:40:00 ET
Summary
- Galp Energia released its full-year results and made a significant new discovery in Namibia.
- The company's share price has only increased by 15% in the past seven months, creating a potential opportunity.
- Galp's production rate and refining margin remained stable, but its EBITDA decreased by 40% in Q4.
Introduction
As it has been more than six months since I last discussed Galp Energia ( OTCPK:GLPEF ) ( OTCPK:GLPEY ) here on Seeking Alpha, it’s perhaps time for an update. Not only has the company released its full-year results, it also made what appears to be a sizable new discovery in Namibia while the Brent oil price is now trading above $90/barrel. Plenty of tailwinds for Galp but the share price is currently just 15% higher than where it was trading seven months ago, so I wanted to check if this perhaps created an interesting opportunity....
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For further details see:
Galp Energia: Producing Oil At $2.10/Barrel While Discovering New Oilfields