Galp profits up 86% to September

Portugal’s oil and gas giant Galp has posted a net profit of €608 million to September, 2022, up 86% on the same period in 2021.

All segments of the business showed “a strong performance” but the increase in petroleum prices and the refining business help to explain the results”.
To September the margins on refining increased to US$12.4 per barrel compared to US$2.8 per barrel a year ago.
According to the financial accounts presented to the market by the company led by Andy Brown, EBITDA increased 73% to €2,897 million in the first nine months of the year. In the third quarter EBITDA was €784 million which compares to €607 million the previous year, and €1,244 million in the second quarter.
However, these results fell short of the expectations of analysts and the markets reflected this disappointment with share values falling just over 5% today. (Monday)
Looking at profits per quarter, July-September were €187 million (compared to €265 million (April-June), This fall of 29% was in part caused by the introduction of the Iberian mechanism that helped to contain gas prices.