Galp shares climbed 2.5 percent to close at 10.89 euros, the highest since July 4, giving the company a market value of 9 billion euros ($11 billion).
“The rise has to do with the fact that the company announced an increase in oil production in the second quarter,” said Pedro Oliveira, a trader at Go Bulling in Lisbon.
Galp’s oil output increased in the second quarter and the company processed 2.7 percent more crude at its refineries, the Lisbon-based company said today in a regulatory filing.
Average working-interest production rose 18 percent from a year earlier to 25,800 barrels a day and average net entitlement output climbed 37 percent to 18,800 barrels a day, Galp said. Galp in April said it was targeting working-interest production of about 25,000 barrels a day in the second quarter.
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