(Updates with outlook.)
By Giulia Petroni
Galp Energia SGPS SA said Tuesday that fourth-quarter profit more than doubled and that increased production offset a lower price environment.
The Portuguese energy company said net profit rose to 106 million euros ($114.8 million) from EUR44 million in the year-earlier period.
Sales decreased 1.5% to EUR3.99 billion from EUR4.05 billion a year earlier, the company said.
Galp said that adjusted earnings before interest, tax, depreciation and amortization from its exploration-and-production unit in the fourth quarter rose 47% on year, buoyed by production increases which more than offset lower oil prices. Working interest production increased 21% to 136,900 barrels of oil equivalent a day.
For the full year, Galp's net profit rose to EUR741 million from EUR479 million the year before, while sales for 2019 totaled EUR16.54 billion.
Looking ahead, Galp said it expects annual cash flow from operations to exceed EUR3 billion from 2025, with more than 75% generated outside of Spain and Portugal.
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