Cepsa earns 337 million and exceeds pre-COVID levels due to the rebound in crude prices.

Cepsa has managed to recover the profit levels prior to the Covid-19 pandemic. The company led by Philippe Boisseau, has obtained a profit of 337 million euros in the first half of the year, which contrasts with the red numbers of 841 million registered during the first half of 2020. Even so, this profit is to exceed that obtained in the first half of 2019, when it obtained a net result of 273 million.

During the second quarter of 2021, Cepsa has been favored by the recovery in demand thanks to the lifting of restrictions on mobility and the strong rise in the price of raw materials. It has also benefited from the positive impact of its active optimization policies.

Among the key business figures, an adjusted EBITDA of 842 million stands out, which is 33% more. Net debt during the quarter fell by € 600 million to € 2.4 billion.

By business area, Production and Exploration registered an ebitda of 217 million euros, 26% more than in the first quarter, as a result of a slight increase in production due to the partial lifting of OPEC quotas and the increase in oil prices (+ 10%).

For its part, the Refining area multiplied its ebitda tenfold to 79 million euros, thanks to the fact that refining margins shot up during the quarter, due to the strong prices of petrochemical products.

Finally, the ebitda of the Commercial area increased by 38% compared to the previous first quarter, reaching 111 million euros, with a sales volume that increased by 8%. And, although the demand for fuels is still affected by the pandemic, in the second quarter it experienced a slight improvement, with an increase of 6%.


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