Galp refining margin falls by 62%

Portugal’s energy giant Galp Energia saw petroleum production tumble in the second quarter of the year and its oil refining margins fall by over 50% on the same period because of the falling prices of petroleum products over last year.

In the second quarter of 2022, following the Russian invasion of Ukraine, Galp’s margin was US$20.1 per barrel. One year later in the second quarter of 2023 Galp posted a margin of US$7.7 which is a fall of 62% like-for-like and 46% on Q1 of 2023.
The information was released by the company today (Monday, July 17 ) on its investor information trading update for the second quarter and has been issued in the run-up to the publication of the company’s results on July 31.
According to the company’s bulletin, Galp’s working interest production fell slightly for the quarter by less than 2% in like-for-like terms to 117.1 thousand barrels per day.
Most of Galp’s production is centred in Brazil with an improvement in output of 4% in like-for-like terms, but a fall of 3% on the first quarter of 2023 because of the cost of maintenance operations during the period.