Portugal's Galp says Q1 Profit slumps 13% as oil production fell

LISBON, April 26 (Reuters) - Portugal’s Galp Energia said on Monday its adjusted first-quarter net profit slumped 13% as its oil production declined. Galp’s adjusted net profit fell to 26 million euros ($31.49 million) from 29 million a year earlier, while earnings before interest, tax, depreciation and amortisation (EBITDA) increased 6% to 499 million euros, the company said.

Oil and gas production in the first quarter fell 5% to 125,200 barrels of oil equivalent per day on a working interest basis, compared to 131,400 barrels a year earlier, despite having increased 2% compared to the last three months of 2020.

The effect of the output decline was partly offset by an increase of oil prices and a recovery of refining margins.

$1 = 0.8257 euros Reporting by Sergio Goncalves; Editing by Inti Landauro