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Galp Hydrocarbon Output Climbs in Q2; Renewable Installations Rise

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Integrated energy company Galp Monday reported a 12% year-over-year increase in Q2 hydrocarbon production to 127,000 barrels of oil equivalent per day, driven by the ramp-up of the Bacalhau floating, production, storage, and offloading unit, and strong production levels in Brazil.

Of the total output, oil accounted for 112,000 barrels per day, which represents a 14% rise from a year earlier. Gas production totaled 15,000 boe/d, declining 4% from the year-ago period, data showed.

In the industrial and midstream segment, Galp noted a 7% year-over-year rise in raw materials processed to 22.6 million barrels of oil equivalent. "Strong availability" of the Sines refining system contributed to higher processing, according to the company.

Total oil products supplied were down 5% to 3.9 million tons, "primarily reflecting lower exports amid heightened volatility in international markets following the Middle East conflict," the company said.

Supply and trading volumes of natural gas and liquefied natural gas totaled 19.7 terawatt-hours, up 6% from a year earlier, driven by higher volumes from African supply contracts.

Galp's commercial segment sold 1.8 million tons of oil products in Q2, a 5% drop from the same quarter of 2025, according to the report. The decline was attributed to weaker sales in Portugal and Africa.

Natural gas sales, on the other hand, climbed 11% year over year to 4.3 TWh, and electricity sales jumped 21% to 2.4 TWh, results showed.

The company's installed renewable capacity grew 39% year-over-year to 2.3 gigawatts in Q2, according to the report. Wind installations accounted for 16% of the total capacity.

Galp said it had acquired wind assets, brought 238 megawatts of solar capacity into operation in June, and added 55 MW of battery capacity during the period.

Higher installed capacity resulted in a 13% increase in renewable energy sold, which totaled 890 gigawatt-hours in Q2, the company said.

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