Galp’s Quarterly Earnings Increased 16% in Portugal Due to Higher Oil Prices and Stronger Margins.
Due to rising oil prices and an almost doubling of its refining margin, Portuguese oil and gas company Galp Energia (GALP. LS) announced a 16% increase in adjusted third-quarter earnings.
Galp’s adjusted net profit for the period of July through September was 187 million euros, up from 161 million euros a year earlier and higher than the 177 million euros predicted by the company’s 21 polled analysts.
Although it fell short of the consensus estimate of 830 million euros; adjusted profits before interest, taxes, depreciation, and amortization (EBITDA) increased 29% to 784 million euros.
According to Galp, Brent oil prices increased to an average of $110. 8 per barrel in the third quarter from $73.4 in the prior quarter. Galp warned last week that more sourcing issues could arise; as a result of Nigeria LNG, the company’s primary source of supply.