Galp Energia SGPS SA rose to a one-week high in Lisbon trading after Portugal’s biggest oil company increased output in the second quarter and processed more crude at its refineries.
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.