Galp Q1 profit increases to €155 million
The Portuguese company boosted profits to €155 million in adjusted first-quarter profit, a result fuelled by the rise in oil prices.
Galp boosted profits to €155 million in adjusted first-quarter profit, a result fuelled by the rise in oil prices, which made the extraction business perform excellently.
The company’s upstream adjusted EBITDA increased 83% to €803 million, explained by “high cash contribution from improved performance and macro,” the Portuguese oil company stated in a statement sent to CMVM. Galp is targeting an upstream result of €2.2 billion for this year.
The oil company’s EBITDA increased 74% to €869 million, due to “strong upstream performance, supported by higher oil prices, and refining performance, following the favourable international environment for refining.”
Its refining margin also rose to $6.8 a barrel in the first quarter of 2022, from $1.9 in the same period last year and $5.50 in the previous three months.
The company led by Andy Brown closed the January-March period with a net debt of €2.4 billion, up 35% compared to same period last year.
