Portuguese energy player Galp Energia saw its earnings increase over 50% in the first quarter of the year, as the company offset lower oil and gas market prices through higher refining margins and trading.

In its latest earnings report on Friday, Galp posted €250 million ($276 million) net income in the January-March period, a 62% increase against €155 million at the same period last year.

This was lower than a company-provided analysts’ consensus of €294 million for the quarter, though divisional performances polled mostly above consensus.