By David Sachs
Galp Energia’s net profit fell in the fourth quarter on limited refining activities due to an overhaul at its Sines plant in Portugal.
The Portuguese oil and gas company posted a fourth-quarter net profit of 336 million euros ($362.3 million), down from EUR455 million for the same period in 2022.
Fourth-quarter adjusted earnings before interest, taxes, depreciation and amortization came in at EUR720 million compared with EUR951 million a year prior, Galp said. Galp’s adjusted Ebitda for 2023 was EUR3.56 billion, beating its target of EUR3.2 billion.
Adjusted earnings before interest and taxes for the quarter fell to EUR411 million from EUR411 million.
Galp said the quarter included solid results from its upstream activities, with the midstream business supportive of results, but that refining was limited due to renovations at its Sines site aimed at producing cleaner energy.
Looking ahead, the company said it expects 2024 adjusted Ebitda of EUR3.1 billion, with the upstream segment totaling around EUR2.1 billion.
Write to David Sachs at email@example.com
Corrections & Amplifications
This article was corrected at 0817 GMT to reflect that Galp’s adjusted earnings before interest and taxes for the fourth quarter fell to EUR411 million from EUR475 million. The original article incorrectly said adjusted EBIT fell from EUR181 million.
Galp’s adjusted earnings before interest and taxes for the fourth quarter fell to EUR411 million from EUR475 million. “Galp Earnings Drop on Planned Refining Limitations,” at 0732 GMT, incorrectly said adjusted EBIT fell from EUR181 million.