Cepsa swings back to profit in 2Q on higher prices, wider refinery margins
Spain's second largest oil company Cepsa said on Monday it returned to profit in the second quarter thanks to higher oil and gas prices, lower costs and wider refining margins.
The company booked a net profit of €172 MM ($186.74 MM) in the quarter, up from a net loss of €31 MM in the same period a year ago.
The company said its oil and gas extraction business benefited from higher prices, its refining unit was lifted by wider margins that averaged $7.7/bbl and higher production volumes at its petrochemical business.
During the first half of the year, Cepsa generated €735 MM in cash up from €416 MM, an important indicator for a company, which is shifting its business model from an oil company to a green energy one.
Owned by Abu Dhabi fund Mubadala and the Carlyle Group, Cepsa is investing up to €8 B to shift to low carbon energy, mainly into the production of green hydrogen fuel.
($1 = €0.9211)
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