Portugal’s Galp posted record profits in 2022 on rising oil prices and wider refining margins. | – #Portugals #Galp #posted #record #profits #rising #oil #prices #wider #refining #margins

LISBON, February 13 (Reuters) – Portugal’s oil and gas company Galp Energia (GALP.LS) increased oil in the fourth quarter on Monday prices and posted record adjusted net profit for 2022 due to wider processing margins.

Galp nearly doubled its adjusted profit to 881 million euros (940.03 million dollars) reached and 2018It surpassed the previous record of 707 million euros set in , he said.

In the fourth quarter, its revenue more than doubled to 273 million euros, compared to 130 million euros a year earlier.

Requested by the company 20 the analyst’s average forecast was 225 million euros.

The adjustments reflect changes in the company’s raw material inventories.

Galp’s main operations are located in the rich offshore part of Brazil, and the company also operates renewable energy plants.

interest, tax, adjusted earnings before depreciation and amortization (EBITDA) rose 48% to 951 million euros in the fourth quarter, in line with the average forecast. Full-year adjusted EBITDA increased 66% to 3.85 billion reached the euro.

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The company’s upstream-adjusted EBITDA rose 33% to €791 million, reflecting an 11% rise in Brent crude prices. for 88.9 dollars per quarter, oil and gas and its share in production, mainly in Brazil, increased by 4% and reached 115,300 barrels of oil equivalent per day.

The company said its refining margin rose to $13.5 a barrel in the quarter from $5.5 a year ago.

Separately, Galp said it has signed an agreement to sell its upstream assets in Angola to SOMOIL, with proceeds expected to reach $830 million, net of capital gains taxes. Of this, $175 million is contingent payments due in 2024 and 2025, depending on the price of Brent crude oil.

($1 = 0.9372 euros)

Reporting by Sergio Goncalves; Edited by Inti Landauro and Subhranshu Sahu

Our standards: Thomson Reuters Trust Principles.

2023-02-13 11:38:31
Source – reuters

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