Portugal's Galp Q3 Profit Rises 12% on Stronger Refining Margins

Sergio Goncalves
Monday, October 30, 2023

Portuguese oil company Galp Energia said on Monday that its adjusted third-quarter profit rose 12% on year as refining margins almost doubled, offsetting a decline in crude output following the sale of its Angolan fields and lower oil prices.

It reported a net profit of 210 million euros ($221.84 million), less than the 241 million euros expected by 20 analysts polled by the company, but adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) jumped 35% to 1.06 billion euros, in line with estimates thanks to a 90% increase in refining margins. 

The "robust contribution" from the mid-stream business offset lower oil prices and the sale of Angolan assets, the company said. As a result, the company lifted its EBITDA target for the full year to "more than 3.5 billion euros" up from a previous target of 3.2 billion euros. 

The company booked 2.84 billion euros in EBITDA in the first nine months. It said that the rise in quarterly EBITDA reflected a "robust contribution" from the midstream business, with a 90% increase in refining margins, despite the disposal of Angolan upstream assets and a less favorable oil price environment.

(Reuters - Reporting by Sergio Goncalves; editing by Inti Landauro and Louise Heavens)

Categories: People & Company News Industry News Activity Europe

Related Stories

Orlen Gets Permit for Norwegian Sea Drilling Ops

UK Ups Windfall Tax on North Sea Oil Producers

TotalEnergies’ Income Hits Three-Year Low

Current News

First Steel Cut for ExxonMobil’s Guyana Field-Bound FPSO Jaguar

Santos Hires McDermott for Harriet Alpha Decom Work Off Australia

EnerMech Lands Services Contract with North Sea Oil and Gas Operator

Global OTEC Presents OTEC Power Module for Remote Offshore Platforms

Subscribe for OE Digital E‑News