Portugal's Galp Energia reported a 68 per cent rise in third-quarter adjusted net profit on Monday, beating expectations as record refining margins and higher oil prices amid Middle East conflict boosted earnings.
Galp said adjusted net income rose to €682 million ($765.34 million) in the July-September period from €407 million, above the €634 million consensus forecast compiled by the company from 18 analysts.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 67 per cent year-on-year to €1.52 billion in the third quarter.
The Portuguese oil company joined a string of global peers reporting bumper earnings as fuel supply disruptions pushed diesel, gasoline and other refined-product prices higher relative to crude, boosting refining margins worldwide.
Galp said refining margins more than tripled year-on-year to $33.8 per barrel in the third quarter from $9.5, and doubled from $16.8 in the preceding quarter.
It also said its share of oil and gas production from its prolific offshore fields in Brazil, where the bulk of its crude comes from, rose 14 per cent year-on-year to 131,000 barrels of oil equivalent per day.
Average Brent crude prices rose to $97.0 per barrel in the quarter from $69.1 a year earlier, after the war in Iran disrupted oil flows through the Strait of Hormuz.
(Reporting by Sergio Goncalves; Editing by Rashmi Aich)
