cepsa achieves a record profit of 1,100 million euros during the year 2022, 66% more that the 661 million that it obtained during 2021 thanks to the increase in energy prices in the context of the Ukrainian war. The oil company, which obtained results in line with the rest of the companies in the sector, has announced that will pay about 325 million euros during this year for the tax of 1.2% on the income of energy companies designed by the Government with the aim of penalizing the ‘profits fallen from heaven’ of this sector.
The gross operating result (Ebitda) was 2,939 million euros compared to 1,815 million euros the previous year, which represents a 62% increase, driven by improving market conditions and significantly higher raw material prices and refining margins stemming from limited supply and the war. Crude registered a price of 101.2 dollars per barrel, 43% more; while natural gas shot up 90% (120.5 euros per megawatt-hour). For its part, the refining margin stood at an average of 9.6 dollars per barrel, 160% more than in 2021, due to the “acute” supply shortage due to sanctions imposed on Russia and a general decline in refining capacity in recent years in Europe.
These high prices of raw materials and margins triggered the gross operating result of the Exploration and Production area, which almost doubled to 1,868 million euros (106% compared to 2021), due to the rise in crude oil prices. ; while refineries (Energy Parks) led the increase of more than 40% (up to 828 million euros) in the area of Commercial & Clean Energies, Mobility & New Commerce, Energy Parks and Trading. Meanwhile, the chemical business registered weaker results compared to 2021, with an adjusted gross operating result (CCS EBITDA) of 382 million euros, 17% lower than in 2021, due to the 15% decrease in product sales. compared to 2021.
Las Investments increased to 743 million euros in 2022, 57% more than in 2021, and sustainable investments represented 185 million euros of the total. Free cash flow decreased slightly to €901 million, compared to €915 million in 2021, with net debt of €2,756 million at the end of 2022, a level similar to that at the end of 2021 (net debt of €2,759 million). euros in 2021).
The company has just sold its Exploration and Production business in the United Arab Emirates as “one more step” within its Positive Motion strategy, by monetizing the value of this business and at the same time advancing its strategy towards decarbonization. “In my first year as CEO of Cepsa, I am pleasantly surprised by how far we have advanced in our ‘Positive Motion’ strategy in such a short time. we committed to transform the company into a leading producer of green energy for 2030, investing between 7,000 and 8,000 million euros, and I am convinced that we will achieve this goal. To do this, we must be able to finance our strategy and our 2022 results lay the foundations to achieve this,” the company’s CEO, Maarten Wetselaar, said in a statement.