Galp Energia said that its fourth quarter earning before taxes amounted to €399 million, up 5% quarter on quarter against a backdrop of falling oil prices.
In fact, the improved refining margin in the refining and marketing business and the higher volumes sold of liquefied natural gas in the gas & power business contributed to the group’s improved operating performance in the period, the company said in a statement.

On the other hand, the exploration & production business was impacted by the lower oil and gas average sale price, despite the 18% increase in net entitlement production. Net profit in the fourth quarter of 2014 was €137 million, an increase of 13% QoQ.