Cepsa obtained a profit of 183 million euros in the first half of the year, compared to losses of 8 million in the same period of the previous year. Ebitda was 842 million euros, 33% more. In the second quarter, Ebitda has increased 60% compared to the previous quarter, as reported by the oil company.
The results of exploration and production were “substantially more solid” than in the same period of the previous year, with an Ebitda of 388 million euros, 71% more than in the first six months of 2020, thanks to the rise in crude oil prices (+57% compared to the first half of 2020) and lower operating costs, as production in low-cost regions increased due to the partial abolition of OPEC quotas, the company explains.
In refinementDespite the lower average utilization rates in refineries in the first half of the year compared to the same period in 2020, Ebitda increased by 4%, to 87 million euros, as a result of the improvement in margins and the « successful implementation of efficiency measures ». Furthermore, utilization levels have gradually increased throughout the first half of the year, reaching an average of 84% in June.
The Ebitda of commercial area It was 191 million euros, 8% higher. This activity continues to be affected by the consequences of Covid-19 and mobility restrictions, reaching levels similar to those of the first half of 2020 but still below those of the same period of 2019.
The chemical business continues to achieve record results, with an Ebitda of 231 million euros, 40% more than in the first half of 2020, thanks to a combination of “robust margins, due to a tight supply environment, and a renewed commercial strategy in all segments”.
The investments in this period they decreased by 35%, to 212 million euros.
At the end of the second quarter the company had a liquidity of approximately 4,500 million euros and an average debt maturity of 4.1 years. Net debt during the quarter fell by € 600 million to € 2.4 billion.