Galp’s profit margin up

Galp’s refining margin has shot up from US$6.9 to US$22.3 a barrel in the second quarter of 2022.

This was despite the energy company producing less petrol according to the company which posted the quarterly results via the stock market commission CMVM on Wednesday.
The company’s enhanced performance has occurred when the market is being affected by the war in Ukraine.
According to trading update, which sheds light on the main comercial and operational indicators of the Portuguese petroleum company, as well as macroeconomic conditions in the market, the production of Galp petroleum between April and June fell 6% in like-for-like terms and 8% month-on-month with an average production of 107,000 barrels a day.
In total, Galp’s production working interest shrank by 7% like-for-like and 9% month-on-month to 119,000 barrels a day of refined petrol and equivalents. The net entitlement (production) stood at 118,000 barrels.
At a commercial level, the company saw the sale of its petrol products climb 22% in like-for-like terms. Natural gas sales climbed 12% on the same period, but fell 10% on the first quarter of 2022.
In electricity, sales grew 7% on Q2 2021 but fell 4% month-on-month. Galp also expects a “robust cashflow operational output”. The results will be announced to the market on 25 July.