JPM prefers Galp over Repsol citing long-life oil assets

Galp Energia SGPS SA

03/02/2026 10:19

** J.P. Morgan prefers Galp GALP.LS over Repsol REP.MC as it values more highly low-cost oil assets that can keep producing longer

** It upgrades Galp to "overweight" as it is now less dependent on oil price swings than in the past; it has easy access to low-cost, long-life oil resources through its assets in Brazil and Namibia

** The Bacalhau field in Brazil should significantly increase Galp's FCF and reduce debt, JPM adds

** It cuts Repsol to "neutral" as its performance advantage has already played out, thus it is offering less upside than peers

(Reporting by Gemma Guasch)

((Gemma.guasch@thomsonreuters.com; +48 58 746 90 08))