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Galp Energia's Q3 net income pulled down by refining segment

Galp Energia SGPS SAs adjusted net income was €60 million for the third quarter, down from €235 million a year earlier, it reported Oct. 22.

Based on International Financial Reporting Standards, EBIT for the exploration and production segment reached €324 million, while EBIT for gas and power totaled €32 million.

The company's refining and marketing business posted negative EBIT of €23 million.

The Portuguese integrated oil and gas company said the operational results of its exploration and production segment offset the constraints in its refining system, especially in the third quarter, due to implementing energy efficiency projects and maintenance work.

For the third quarter, average working interest production increased to 125,500 barrels of oil equivalent per day from 103,800 boe/d a year ago.

Adjusted net income for the first nine months of 2019 totaled €283 million, down from €697 million a year earlier.

Capital expenditures for the nine-month period totaled €573 million, down from €597 million in the prior-year period. The recent spending was mostly allocated to exploration and production projects, where 73% of spending was directed.

Net debt stood at €1.65 billion as of Sept. 30, down from 1.9 billion in the prior-year period.