July 21, 2025 [Reuters]- Portugal’s Galp Energia on Monday said its adjusted second-quarter core profit beat expectations with a scant 1% contraction as higher oil output and more profitable gas trading nearly offset falling crude prices and narrower refining margin.

Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) dropped to 840 million euros ($977.76 million), surpassing the 724 million euro consensus provided by the company.

Galp, whose main business is extracting crude from rich fields offshore Brazil, said its share of oil and gas production from its projects in the second quarter increased by 6% to 113,000 barrels per day.

It said Brent oil prices fell 20% to an average of $67.9 a barrel in the second quarter, down from $85 a year ago, while its refining margin stood at $6.1, much lower than $7.7 in the same quarter of 2024.

Galp’s second-quarter adjusted net profit rose 25% to 373 million euros, also beating the 220 million euros forecast by analysts, as the company benefited from lower taxes.