($1 = 0.9058 euros) (Reporting by Sergio Goncalves; editing by Andri Khalip)
Messaging: sergio.goncalves.reuters.com@reuters.net)) LISBON, May 5 (Reuters) - Portuguese oil and gas company
Galp Energia reported on Friday a 62% increase in
adjusted first-quarter profit as refining margins nearly
tripled from a year ago, despite a drop in crude production and
lower oil prices.
It netted 250 million euros ($276 million), still below the
294 million euros expected on average by 21 analysts polled by
the company, while adjusted earnings before interest, taxes,
depreciation and amortization (EBITDA), which slipped 1% to 864
million euros, were in line with predictions.
Galp said in a statement the EBITDA drop reflected the sale
of Angolan upstream assets, a less favourable oil price
environment, as well as a negative contribution from Coral Sul
field in Brazil.
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