Portugal's Galp Energia reported a 29% drop in adjusted first-quarter core profit on Monday, hit by falling oil output and a decline in refining margins to less than half the levels booked a year ago.
Adjusted earnings before interest, taxes, depreciation and amortisation (EBITDA) fell to 669 million euros, slightly above the average of 666 million euros expected by 17 analysts polled by the company.
Its working interest in oil and gas production in deepwater fields off Brazil's coast dropped 5% to 104,000 barrels per day, while refining margins fell to $5.6 a barrel in the quarter from $12 a year ago.
Quarterly adjusted net profit decreased 41% to 192 million euros, also above the 185 million euros forecast by analysts, as the company benefited from lower taxes.
(Reuters - Reporting by Sergio Goncalves; editing by David Latona)