Global Markets: Galp Energia profit boosted by higher LNG sales

Galp Energia profit boosted by higher LNG sales
Galp Energia profit boosted by higher LNG sales

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.

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