What were the key drivers behind Galp's 41% increase in first-quarter adjusted core profit?

Galp's 41% jump in first-quarter adjusted core profit was driven by higher oil output from its offshore Brazilian fields—where its share of production rose 23% to 129,000 barrels per day, supported by the start-up of a floating production, storage and offloading vessel at the Bacalhau field in October—and stronger crude prices, with Brent averaging $81.1 per barrel in the quarter versus $75.7 per barrel a year earlier.

How did Galp's earnings from Brazilian crude extraction perform in the first quarter, and what factors contributed to that result?

Earnings from extracting crude from Galp's offshore Brazilian fields rose 78% to 685 million euros in the first quarter, 'benefiting from the combined effect of increased oil output and a higher average Brent price,' as stated in the company's release.

Galp core profit jumps 41% on higher output and crude prices

Apr 26, 2026

Portugal's Galp Energia reported a 41% surge in first-quarter core profit to €943 million EBITDA, driven by a 23% increase in Brazilian oil output and higher Brent crude prices averaging $81.1 per barrel.

reuters

2026-04-26

Galp core profit jumps 41% on higher output and crude prices

Galp core profit jumps 41% on higher output and crude prices

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