By David Sachs

Galp Energia, the Portuguese oil and gas company, experienced a decline in net profit during the fourth quarter of 2023. This drop can be attributed to limited refining activities caused by an ongoing renovation project at its Sines plant in Portugal.

During this period, Galp Energia achieved a net profit of €336 million ($362.3 million), down from €455 million in the same period of 2022. The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for the fourth quarter stood at €720 million, compared to €951 million in the previous year. For the entirety of 2023, Galp Energia's adjusted EBITDA reached €3.56 billion, exceeding its initial target of €3.2 billion.

Moreover, the adjusted earnings before interest and taxes (EBIT) for the quarter decreased to €411 million from €181 million. Galp Energia acknowledged that while it experienced promising results in its upstream activities and received support from its midstream business, refining was limited due to the ongoing renovations at the Sines plant. These renovations aim to enhance the production of cleaner energy.

Looking ahead, Galp Energia projected an adjusted EBITDA of €3.1 billion for 2024, with the upstream segment contributing approximately €2.1 billion to this figure.

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