Galp Energia posts mixed Q4 performance as refining volumes drop sharply

Investing.com -- Galp Energia reported a mixed operational performance in its fourth-quarter 2025 trading update, with solid upstream production offset by a steep fall in refining activity.

Working-interest production averaged 113,000 barrels of oil equivalent per day, up 2% from a year earlier but slightly below the previous quarter. Oil continued to account for 87% of output.

The biggest swing came in the Industrial & Midstream division, where raw materials processed fell 56% year on year to 9.9 million barrels, reflecting a significant reduction in refinery activity.

Galp’s refining margin improved 32% year on year to $6.9 per barrel, though it dropped 27% from the third quarter. Oil product supply declined 21% year on year, while natural gas and LNG supply and trading volumes rose sharply, up 54% to 18.1 TWh.

In the Commercial segment, oil product client sales slipped 4% from a year earlier, whereas natural gas client sales increased 18% quarter on quarter to 4.3 TWh. Electricity sales were broadly stable at 1.8 TWh.

Renewable generation fell 51% from the third quarter to 356 GWh, though installed capacity rose 11% year on year to 1.7 GW. Realised renewable prices improved to €50/MWh but remained well below levels seen a year earlier.

Galp will publish full fourth-quarter and FY25 results on March 2.

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