Cepsa recorded some losses of 116 million euros in the first nine months of the year, compared to profits of 982 million euros in the same period of the previous year, weighed down by the extraordinary tax with which the Government taxes energy companies in Spain, the company reported.
He net profit company’s adjusted performance, which specifically measures business performance, reached 252 million of euros in the period from January to September after the sale of the Abu Dhabi assets, with a drop of 53% more compared to the 534 million registered in the same period of 2022.
For its part, the gross operating result Adjusted (Ebitda) was 1,165 million euros in the first nine months of the year, compared to 2,492 million in the same period of the previous year, driven by lower volumes of the Exploration and Production business, after the sale of assets in Abu Dhabi.
Meanwhile, refining margins remained high, with an average margin for the group of $14.4/barrel, almost double that of the second quarter of this year, driven mainly by the better performance of light and medium distillates. However, the group expects that in the fourth quarter of 2023 they will fall to levels similar to those of the second quarter of the year.
The CEO of Cepsa, Maarten Wetselaar, considered that the group’s results have experienced an improvement in the third quarter thanks to increased refining marginsalthough he stressed that “they continue to reflect the impact of the extraordinary tax, which we consider poorly designed; as well as the volatility of the energy markets observed throughout Europe so far this year.”