Galp’s refining margin up 89% in Q3

Portugal’s oil and gas giant Galp posted an increase in its oil refining margin of 89% giving it a margin of US$ 14.60 per barrel in the third quarter of 2023.

It was a significant increase on the previous quarter when Galp’s oil refining margin was US$ 7.7 according to a communiqué sent by the company to the stock market regulator CMVM on Monday.
The margin exceeded estimates from Bloomberg analysts that had suggested US$ 10.66. In an annual comparison with the third quarter of 2022, the refining margin grew 90%. In a nutshell, the increase in refining margins in the 3rd quarter was 89% and 90% in like-for-like terms.
Galp’s production in Brazil remained the same (0% increase) in like-for-like terms but had grown 3% on the period between April and June.
The company’s fuel sales fell 8% in like-for-like terms after having grown 4% in the second quarter.