GALP ENERGIA-NOM : Galp Adjusted Net Profit Up On Higher Oil Output, Prices
04/27/2012| 02:29am US/Eastern
MADRID-(Dow Jones)- Portuguese oil company Galp Energia SGPS SA (GALP.LB) said Friday its first-quarter adjusted net profit rose 17%, helped by an increase in oil output and prices.
-- First-quarter replacement-cost-adjusted net profit (the figure most closely watched by analysts, which excludes volatile inventory effects) climbed to EUR50 million in the first three months of the year, from EUR43 million a year earlier.
-- A Dow Jones Newswires survey of four analysts had estimated an average RCA net profit of EUR57.6 million in the period.
-- Replacement-cost-adjusted operating profit in the first quarter grew to EUR95 million, from EUR54 million a year earlier.
-- Net profit in the quarter was EUR172 million from EUR192 million a year ago.
-- Refining margins worsened to $0.8 a barrel in the first quarter, from $1.3 a barrel in the same quarter last year.
-- Oil output increased 72% on the year to 16,500 barrels a day.
-- The average Brent crude price increased to $118.5 per barrel from $105 per barrel.
-Contributed by Carla Canivete of Webtexto to Dow Jones Newswires; +34-91-395 8120; email@example.com