Copyright Reuters
The energy firm reported adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) of 911 million euros ($1.06 billion), surpassing the company-provided consensus of 865 million euros. Sign up here. The adjusted EBITDA of its refining and gas trading business soared to 315 million euros in the reported quarter from 165 million a year earlier, as the refining margin nearly doubled to $9.5 per barrel from year-ago $4.7, Galp said in a statement. EBITDA from extracting crude oil from rich fields offshore Brazil, its main business, fell 14% to 464 million euros, despite the company flagging "good operational performance." Its share of oil and gas production from its projects in the third quarter increased by 2% to 115,000 barrels per day, but Brent crude prices fell to an average of $69.1 per barrel in the quarter from $80.3 last year. Galp's adjusted net profit climbed 53% to 407 million euros in the quarter, beating the 321 million-euro estimate. ($1 = 0.8575 euros) Reporting by Sergio Goncalves; Editing by Sumana Nandy
