LISBON, July 22 Reuters Portugal39;s Galp Energia on Monday reported its second quarter adjusted net profit jumped 16 and beat expectations as higher oil price and lower cost of production offset lower production and stable refining margin.

It booked an adjusted net profit of 299 million euros 325.34 million, more than the 236 million euros expected by 18 analysts polled by the company.

Adjusted earnings before interest, taxes, depreciation and amortisation EBITDA fell 7 to 849 million euros, also above the 821 million euro consensus.

Chief Executive Filipe Silva said in a statement that Galp continued to deliver a robust performance during the second quarter of 2024, despite the still volatile commodity price environment.

Galp39;s share of oil and gas production from upstream projects in Brazil fell 5 on the year to 106,000 barrels of oil equivalent per day boepd.

Following the agreement in May to sell its 10 stake in a natural gas project in Mozambique, Galp did not book any production from the African country in the second quarter. A year ago, it produced 5,000 barrels there.

However, it said that Brent oil prices rose 9 to an average of 85 a barrel in the quarter from 78.1 a year earlier.

Galp said its refining margin stood at 7.7 in the second quarter, the same as a year ago, but 36 lower than the 12 in the previous three months.

1 0.9190 euros

Reporting by Sergio Goncalves; editing by Inti Landauro and Louise Heavens

Source Reuters