Cepsa, the second largest oil company in Spain, achieved until September an adjusted net profit (CCS) of 534 million euros, for which it almost doubled the profits achieved in the same period of the previous year -295 million-. The company highlights the context of "great volatility" in the energy markets, which has caused a slowdown in its growth due to the decrease in crude oil prices in the last quarter.
The consequence is that from July to September, Cepsa's adjusted net profit fell to 71 million, a result that contrasts with the 112 million registered in the same period of the previous year and the 405 million achieved in the second quarter of this year. According to the oil company, this evolution is a reflection of "the slowdown in world economic growth, the high prices of natural gas and the decrease in refining margins compared to the second quarter of 2022."
The company's CEO, Maarten Wetselaar, explained that, despite the volatility of the market, Cepsa's results are "robust". In the third quarter, he adds, "refining margins returned to more normal levels, while the economic slowdown in Europe has started to affect our margins and volumes in the Chemicals business."
All in all, the gross operating result was 2,492 million in the first nine months of the year, 46% more than in the same period of the previous year. Likewise, the Ebitda generated in the country was around 100 million, which contrasts with the 650 million contributed by the company's business abroad. The cash flow before working capital of the company also improved until September, standing at 1,476 million, compared to 1,155 million registered in the same period of 2021.
The oil company has highlighted that it currently continues to offer its customers special discounts on fuel of up to 50 cents per liter, which includes the government bonus of 20 cents per liter.
On the other hand, the CEO of Cepsa has highlighted the company's commitment to the energy transition. In this regard, he signed an agreement in October with the port of Rotterdam to create the first green hydrogen corridor between northern and southern Europe. A project that would be operational in 2027.
