Portuguese energy company ‎Galp Energia reported a 53% year-on-year increase in net income for the third quarter, surging to €407 million. The result was driven by improved refining margins—approximately $9.5 per barrel—and robust downstream performance at its Sines refinery.

Refining and mid-stream earnings rose significantly thanks to high utilization and seasonal demand. The company also reduced net debt to €1.17 billion and logged free cash flow of €548 million. Galp’s results highlight how refinery operators with flexibility, strong margins and disciplined capital management are performing well despite global upstream headwinds.