Portuguese oil & gas company Galp Energia said this Monday that its adjusted net profit increased in the third quarter of the year, after it registered an improvement in refining margins and produced more oil in the three-month period.

Galp said in a regulatory filing its replacement-cost-adjusted net profit rose 58% to €98m, compared to the €62m booked a year earlier. RCA net profit is the figure that most analysts use as reference, as it strips out the effect of swings in the prices of oil on inventory.

Unadjusted, the net profit was up from €95m in the third quarter last year to €173m.

The Portuguese oil & gas company benefited from an improvement in refining margins, which spiked from a narrow $0.9 per barrel to $4.4 per barrel in the current period. That, coupled with an increase of 60% in oil output net of exploration right paid to states – which stood at 19,500 barrels a day – helped drive Galp’s profits.

In the first nine months of the year, Galp’s RCA net profit rose 57% to €277m from €176m a year ago.