BRUSSELS (dpa-AFX) - Galp Energia, SGPS, S.A. (GZ5.F) said that discussions with the shareholders of Moeve on a proposed combination of their downstream businesses continue to advance constructively.
Given the scale of the deal, the companies now expect a potential agreement to be signed in the second half of 2026.
Galp also reported higher upstream production and stronger refining performance in the second quarter of 2026.
Upstream working interest production rose 12% year-over-year to 127,000 barrels of oil equivalent per day (kboepd), with oil accounting for 88% of total production, up from 86% a year earlier.
In the Industrial & Midstream segment, raw materials processed rose 7% from a year ago to 22.6 million barrels of oil equivalent. Galp's refining margin climbed to $16.8 per barrel of oil equivalent from $6.1 a year earlier.
Oil products client sales fell 5% year over year to 1.8 million tonnes, while natural gas client sales increased 11% to 4.3 TWh. Electricity client sales rose 21% to 2.4 TWh.
Installed renewable capacity jumped 39% from a year earlier to 2.3 GW at the end of the quarter, while renewable energy sold increased 12% to 888 GWh.
Galp is scheduled to report its second-quarter results on July 27.
Galp shares closed 1% higher at €19.73 in Frankfurt on Monday.
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