LISBON, (Reuters) – Galp Energia, a Portuguese oil-and-gas company reported Tuesday a sixfold increase in its adjusted first quarter profit. This was due to higher global crude prices as well as increased production.

Galp reported that its adjusted net profit rose from 26 million to 155million euros ($162.77m) last year, but was still below the expected 185 million euros by the 19 company analysts.

It stated that adjusted earnings before interest tax, amortization, and depreciation (EBITDA), increased 74% to 869 millions euros in line with average forecasts.

Global crude oil prices rose to the highest level in almost 14 years in the first quarter, as concerns over tight supply were sparked by sanctions against Russia.

The company stated that it had “captured the stronger macro conditions, specifically in the upstream segment and the industrial segment”, even though high commodity volatility was putting pressure on downstream activities.

Galp’s adjusted upstream EBITDA rose 83%, to 803million euros. This reflects a 67% increase in oil prices to $102.2 during the quarter. Meanwhile, its share in oil and gas production, mostly from Brazil, increased 5%, to 129.500 barrels per day.

Galp stated that the refining margin climbed to $6.8 per barrel during the January-March period from $1.9 last year when it was severely affected by COVID-19 and $5.50 the three previous months.

Galp is also the owner of renewable energy plants. It said that sales of refined products to its direct customers rose 25% to 1.75 million tonnes, as demand rebounded, but fell 10% in comparison to three months ago.

EBITDA (net profit) and Net Profit were adjusted for crude stock changes.

($1 = 0.9523 euros)