GALP’s net profit leaps 18% in first nine months to €718 million

Portugal’s largest oil company, GALP, has announced today that it achieved net profits of €718 million in the first nine months – 18% more than in the same period of 2022, driven by a “solid performance” in all business units. In a statement sent to the Portuguese Securities Market Commission (CMVM) the group has raised its outlook for 2023 and expects to close the year with an average oil production of 120,000 barrels per day (compared to the 115,000 barrels per day forecast) and to make a total investment of €1.1 billion.