LISBON, March 10 (Reuters) - Portuguese oil company Galp Energia on Tuesday cut its spending target for the next five years by around 20 percent amid low oil prices, also trimming its ambitious output and earnings growth forecast.
Galp put annual average capital expenditure until 2019 at between 1.2 billion euros ($1.29 billion) and 1.4 billion euros, down from 1.5 billion to 1.7 billion euros under its previous plan for 2014-2018. It still expects to invest between 1.3 billion and 1.5 billion euros this year.
In a statement, the company said it expected to increase working interest output at an average annual compound rate of 25-30 percent until 2020.
The company expected core earnings (EBITDA) compound annual growth rate until 2019 to be around 20 percent, down from over 25 percent under its previous plan. Galp expected 2015 EBITDA in a range of 1.1 billion to 1.3 billion euros, compared to 1.14 billion euros last year.
$1 = 0.9301 euros Reporting By Andrei Khalip, editing by Shrikesh Laxmidas