Cepsa’s profit reaches 168 million in the first half of the year
The company’s energy division continues to record its highest profits
Chepsa net profit was recorded in the amount of 168 million Euro from January to June this year, compared with a loss of 393 million recorded a year earlier due to changes in reserve estimates and the impact of an emergency tax on energy companies in Spain.
As the energy company reported on Monday, net profit on adjusted terms has reached 398 millionwhich is more than double the 145 million received a year earlier. On the other hand, gross operating profit was 1.099 million, which is 48% higher than the figure obtained in the first half of 2023.
attachments They climbed up 545 million euros, with sustainable investment weighting at 45% compared to organic investment in the first half of the year, to continue advancing its strategy. Positive movement.
Taxes
Sepsa paid 2.077 million euros in taxes in Spain in the first half of 2024, of which 1.199 million was paid and 878 million was collected on behalf of the country’s Treasury. The total contribution includes the payment of 122 million euros for the first tranche of the emergency tax on energy companies.
net debt He stood on 2.493 million euros, slightly below the 2.522 million euros it closed the first half of 2023 with.
The company maintains a liquidity position of EUR 5,412 million, supported by a EUR 750 million 7-year bond issue completed in April, which covers maturities in the coming years.
Results by region
Energywhich is the largest division, recorded EBITDA of 875 million in the first six months – by 169%, and in the second quarter alone – by 249%, mainly due to refining margins of $7.7 per barrel and stable production, which amounted to 5.3 million tonnes (Mt) compared to 5.1 Mt in the previous year.
In turn, the division’s EBITDA Chemistry increased to EUR 76 million from EUR 60 million in Q2 2023, driven by a strong recovery in volumes in Europe (LAB, phenol and solvents) and lower natural gas prices.
IN Exploration and production Ebitda was €83 million (€58 million in Q2 2023), reflecting stable production of 34,400 barrels per day and good crude oil prices during the period.
Operating cash flow amounted to €735 million in the first half of 2024, compared to €416 million in the first half of 2023, demonstrating solid cash generation capacity even after the sale of the Abu Dhabi exploration and production assets in the previous year.