Galp’s refining margin doubles in the third quarter of 2025

Portuguese petrol giant Galp saw its crude oil refining margin increase 54% to US$9.5 per barrel in the third quarter of the year compared to the previous quarter and has doubled compared to the US$4.7 achieved in the same period in 2024.

This is according to the company’s latest trading update sent to Portugal’s securities market commission CMVM.

Production was 115,000 barrels a day (BOE – Barrel of Oil Equivalent, above the 113,000 daily barrels posted for the previous quarter and 2% more when compared to the 112,000 daily barrels posted for the like-for-like period.

The volume of refined crude oil rose 1% compared to the like-for-like period to 22.7 million barrels, and was 7% up on the previous quarter.

The company’s sale of petrol products increased to 2 million tonnes, slightly above the 1.9 million posted for the previous quarter of 2024.

Sales of natural gas have fallen 10% on a year ago, and 8% compared to June. Electricity turnover was up 11% in like-for-like terms but was down 6% on the previous quarter, settling at 1.8TWh.

Galp’s results regarding the third quarter of 2025 will be published on October 27. The company closed the first half of 2025 with an adjusted net result of €565 million, down 9% on the €624 million posted for the same period in 2024, but between April and June the company made €373 million or a 25% increase.