Cepsa lost 297 million euros up to March by including 323 million from the 2022 tax

The refining margin amounted to 11.1 dollars per barrel, compared to 2.2 dollars in the first quarter of last year

Group headquarters in Madrid abc

Cepsa recorded losses amounting to 297 million euros in the first quarter of this year, compared to profits amounting to 265 million euros a year ago, and attributed this to the unusual tax on energy companies.

The company paid €164 million of the extraordinary tax in the first quarter and took a total of €323 million corresponding to 2022. This factor, along with lower inventories, caused the result to shift from showing profits to losses, according to the company.

Cepsa CEO Martin Wetselaar stated, “The fact that the extraordinary tax imposed on Spanish energy companies caused Cepsa IFRS losses in the first quarter illustrates its poor design and disproportionate impact – more than twice that of our main competitors in proportion to Net profit – in a company that is investing heavily in Spain’s energy future.”

Adjusted net profit amounted to $176 million, three times what it was in the past year, due to the improvement in refining margins, which rose for Cepsa from $2.2 per barrel in the first quarter of 2022 to $11.1 in the first quarter of this year.

Adjusted gross operating profit (Ebitda) decreased by 8%, to 556 million, due to lower crude oil prices. Regarding net debt, it decreased by 22% to 2,269 million.

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