By Patricia Kowsmann

LISBON--Portuguese oil company Galp Energia SGPS SA (GALP.LB) said Monday that its second-quarter adjusted net profit fell 33% due to higher depreciation costs.

MAIN FACTS:

-Second-quarter replacement-cost-adjusted net profit--the figure most closely watched by analysts because it excludes volatile inventory effects--fell to 86 million euros ($114 million) from EUR129 million a year earlier.

-Amortization and depreciation costs rose 45% to EUR139 million, while turnover increased 1.5% to EUR4.62 billion.

-Galp's net loss in the quarter widened to EUR36 million from EUR15 million.

-Refining margins improved to $3.40 a barrel in the second quarter from $2.50 a year earlier.

Write to Patricia Kowsmann at patricia.kowsmann@wsj.com

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