Galp reported a 44% year-on-year increase in first-half net profit, reaching €812 million, driven by higher oil production in Brazil and elevated Brent crude prices.
The Portuguese energy group’s results highlight the continued resilience of its integrated business model amid fluctuating global energy markets.
This follows a second quarter where the company’s refining margin expanded by 175%, reflecting the sustained impact of geopolitical tensions on global energy supply chains.
The profit jump was underpinned by strong performance in both upstream and downstream segments.
Increased output from Galp’s Brazilian assets contributed significantly to the top line, while higher Brent prices supported refining margins.
This follows a second quarter where the company’s refining margin expanded by 175%, reflecting the sustained impact of geopolitical tensions on global energy supply chains.
The results come as Brent crude has retreated from two-month highs, with shipping routes through the Strait of Hormuz normalizing following a ceasefire agreement.
Despite the softer benchmark price, Galp’s diversified portfolio and operational efficiency have allowed it to maintain robust profitability.