Galp Third-Quarter Oil Refining Dips, Exports Up

Portuguese energy company Galp's crude output rose 28.7 percent in the third quarter from a year earlier while the amount of oil it processed slipped 5.1 percent, it said on Monday.

It said sales of refined products to direct clients fell 4.4 percent in the third quarter from a year earlier to 2.4 million tonnes.

But its refining margin rose to $2.3 per barrel in the third quarter, up from minus $0.20 in the second quarter and $0.50 in the same period a year earlier.

Meanwhile, exports surged 32.9 percent to 1.1 million tonnes.

The company refined a total of 21.2 million barrels at its two refineries in Portugal in the third quarter, down 5.1 percent from a year earlier and 22.3 percent more than in the preceding quarter.

Its "net entitlement" production -- from overseas projects where it has stakes -- rose 28.7 percent to 28,200 barrels per day from a year ago and rose 28.9 percent from the previous quarter.

Galp's natural gas sales fell 14.7 percent from a year ago to 1.682 billion cubic metres.

Shares in Galp traded 1.47 percent higher.

Galp will announced third-quarter results on Oct. 27.

(Reporting By Axel Bugge, editing by David Evans)