Galp Energia Q1 Profit Jumps 41% on Brazil Output Surge and Strong Oil Prices
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Lisbon: Galp Energia on Monday reported a 41 percent rise in adjusted net profit for the first quarter, driven by higher oil production in Brazil and firm global crude prices.
Net profit climbed to 272 million euros, while oil and gas output increased 23 percent year-on-year to 129,000 barrels of oil equivalent per day, supported by a sharp ramp-up at the Bacalhau oilfield offshore Brazil.
Refining margins rose significantly, jumping from $5.60 to $14.80 per barrel of oil equivalent, as global market conditions tightened amid the ongoing Middle East conflict, the company said.
Adjusted EBITDA rose 41 percent from a year earlier to 943 million euros, reflecting stronger core operating performance.
Meanwhile, Galp’s net debt reached 1.35 billion euros at the end of March, marking a 10 percent increase compared to the same period last year.
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