Cepsa earned 841 million more by June, 150% more than a year ago

Snow record. cesa earning 841 million € Between January and June, almost three times the 338 million recorded in the first half of 2021 and the 842 million recorded in the same period a year ago. The figure is higher than the profit for the whole of 2021. 661 million €, and is motivated by the rise in oil prices and the higher margins of refineries. In the first quarter, the company made a profit of 265 million euros, which doubled between April and June, reaching 576 million euros.

CEO of the oil company, Maarten Wetselaar, rated these results as “robust” in the context of “volatility in the international energy sector and an uncertain regulatory situation”. in Wetselaar, Spain” editorial pressure” affected its business already in the second quarter. fuel discount which the company partially undertakes — adds 30 cents to the 20 cents announced by the government — which is he had no profit in the gas station business.

“It may continue to have an impact in the future,” the company’s CEO added, referring to the 1.2% tax on sales in the energy sector presented to the Congress of MPs by coalition government parties this Thursday. The company advances a contribution of € 2,232 million on taxes in Spain in the first six months of the year (€ 1,685 million in the first half of 2021), of which 1.153 million was paid and 1.079 million was collected on behalf of the Spanish people of the Treasury. (mainly in relation to special taxes on hydrocarbons).

The company has grown almost tenfold treatment margins in the second quarter of the year, compared to the previous quarter. Thus, a profit of $2.3 per barrel between January and March they went to $19.1 per barrel in the second half of the term this year. Compared to the same period of the previous year, the difference is smaller. In the second quarter of 2021, the barrel price was $ 4.5.

The oil company used these margins as “significant shortage of supply In addition to the sanctions against Russia reduction in treatment capacity Europe in recent years”. And they were the main reason for this. results of energy business tripled the oil company’s (includes refining, but also renewables and customers) adjusted gross operating profit €620 million in the second quarter (€190 million in the second quarter of 2021 and €143 million in the first quarter of 2022).

this commercial sales increased by 8% Compared to the first quarter of 2022, “thanks to the improvement in fuel demand in post-pandemic Spain and the reductions in gas stations promoted by the Government”. But the company adds that: fuel discounts “a negative impact on business The number of service stations in the second quarter caused a lack of profit in this business during this period”, but does not give the figures. The commercial business is included in the energy field and is therefore offset by higher refinery margins.

On the other hand, business exploration and production Achieved an adjusted gross operating result (CCS EBITDA) of €438 million (EUR 217 million in the second quarter of 2021 and €384 million in the first quarter of 2022). increase in oil prices (65% compared to the second quarter of 2021 and 12% compared to the first quarter of 2022). Despite improved results, this area had a modest cash conversion rate during the quarter due to “extraordinarily high tax environment due to high oil price scenario”.

Growth was less high chemical field Achieved an adjusted gross operating result of €106 million (€132 million in the second quarter of 2021 and €110 million in the first quarter of 2022) with “solid” demand for both product applications. home and personal care.

Source: Informacion

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