The company admits that its still high refining margins are “normalizing” and recalls its 3.522 million tax contribution through September during the processing of the new energy tax
Cepsa posted a net profit of 982 million euros until September, which is practically double the result in the same period last year, when it earned 498 million. The energy company’s bills show dynamism in a context marked by price volatility and an increase in the price of oil, which reached its peak price in the second quarter and stood at around $100 a barrel of Brent in the summer, compared to $75 for the same. period in 2021.
The company admits that refining margins also declined during the third quarter “returning to more normal levels” with an average margin in Cepsa of $7.6 a barrel, compared to more than $19 in the first quarter of this year, or versus $4.2 12 months. earlier. This quarter-on-quarter decline is explained by the increase in natural gas prices and lower production of middle distillates in a still highly volatile environment.
Adjusted net profit (CCS) reached EUR 534 million in the first nine months of the year, compared to EUR 295 million in the same period of 2021, in a context of high volatility in world energy markets.
In the third quarter, adjusted net profit was €71 million, compared to €112 million in the same period of 2021 and €405 million in the previous quarter, reflecting slower global economic growth, high natural gas prices and the decline in refining margins compared to the second quarter of 2022.
Adjusted gross operating income through September amounted to 2,492 million euros, compared to 1,346 million euros in the same period last year, of which 38% was generated nationally. During the third quarter, the Ebitda generated in Spain amounted to approximately 100 million euros, compared to the 650 million euros contributed by companies abroad, due to the decline in refining and chemical margins, the negative impact of fuel discounts for corporate customers and the general economic slowdown .
The presentation of these results comes just as the new extraordinary profit tax for energy companies, as well as for banks, is being processed, which will apply in 2023 and 2024. In this regard, Cepsa recalled that it contributed EUR 3,522 million in taxes in Spain during the first nine months of the year (2,901 million euros in the same period of 2021), of which 1,766 million was paid by the company and 1,756 million collected on behalf of the Treasury.
Cepsa will continue to offer its customers special discounts on fuel up to 50 cents per litre, including the 20 cents the government is offering, and will continue to do so until the end of the year. Until September, the total amount of discounts that Cepsa offered to its customers was 88 million euros, which is added to the discount offered by the government.
Maarten Wetselaar, CEO of Cepsa, believes that the company has “achieved robust results in a volatile market environment with significant fluctuations in gas prices. In the third quarter, refining margins returned to more normal levels, while the economic slowdown in Europe reduced volumes. and margins of our Chemicals business began to affect regulatory uncertainty continues to cloud the near-term outlook, with significant uncertainty over the nature and volume of extraordinary taxes under consideration.
Source: La Verdad
I’m Wayne Wickman, a professional journalist and author for Today Times Live. My specialty is covering global news and current events, offering readers a unique perspective on the world’s most pressing issues. I’m passionate about storytelling and helping people stay informed on the goings-on of our planet.
