Galp Energia(US:GLPEY) Seeking Alphaยท2025-10-28 00:57Core Insights - Galp demonstrated strong operational performance in Q3 2025, with Group EBITDA reaching EUR 911 million, driven by sustained upstream production and favorable refining margins [1]. Upstream Performance - Upstream production averaged 115,000 barrels per day, slightly higher than Q2, benefiting from high fleet availability and limited unplanned events [2]. - Upstream RCA EBITDA was EUR 464 million, showing a quarter-on-quarter increase [2]. - Adjustments were made to past earnings from the Tupi field in Brazil, reflecting a new tract participation of 9.06%, with a net cash payment of approximately EUR 80 million expected in Q1 2026 [3]. Refining Operations - The refining segment capitalized on a supportive light and middle distillates environment, achieving a strong realized margin of $9.5 [4]. - A large planned turnaround commenced earlier this month and is expected to last until mid-November, with safety being a top priority as over 5,000 workers are on-site [5]. - The company is also accelerating the execution of low carbon projects during this turnaround period, having received the first electrolyzer module [5]. Midstream Activities - Trading activities in the midstream segment continued to be a strong contributor to overall performance [5].