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.
