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Galp Energia reports higher earnings YOY in Q2

Portugal-based energy company Galp Energia SGPS SA reported net income of €330 million in the second quarter of 2018, up from €102 million in the same quarter of 2017.

Replacement cost-adjusted net income, which excludes non-recurrent events, totaled €251 million for the quarter, up from €154 million in the year-ago quarter.

EBITDA jumped 38% year over year to €628 million from €456 million, driven by a 140% increase in exploration and production EBITDA due to increased production and higher oil and gas prices. This more than offset a 25% decline in refining and marketing and a 24% decrease in gas and power divisions.

Capital expenditure was up 27% to €218 million, compared with €171 million in the year-ago quarter.

Average working interest production increased to 108,100 barrels per day from 89,900 barrels per day in the year-ago quarter. Average net entitlement production was up 21% year over year to 106,700 daily barrels from 88,100 barrels per day in the prior-year quarter.

IFRS net income totaled €462 million for the first half of 2018, up from €215 million in the year-ago half. Adjusted net income rose to €387 million in the period from €231 million in the prior-year period.

Galp expects its oil and gas production to continue to increase in 2019 as two new production units will start operations in Brazil at the end of this year.

The company expects EBITDA to be more than €2.1 billion for full year 2018. Capital expenditure is projected to be in the range of €1.0 billion to €1.1 billion for the year.