Cepsa joins the "feast" of profits from the oil companies by earning 1,100 million, 66% more

Cepsa joins the profit

of the big oil companies after shooting its profits by more than

in 2022 to

, compared to the 661 million it earned in 2021, as the group reported to the market this Friday. .

The good trajectory of the business is explained by the rise in the prices of crude oil and natural gas, within the framework of the recovery of global demand after the stoppage of the pandemic and the supply tensions derived from the war in Ukraine.

With this scenario as a backdrop, the company led by

increased its investments by 57% to 743 million, compared to 473 million in 2021.

In 2022, the group's total tax contribution reached

, the highest in the company's history.

71% of the total, 4,721 million, were taxes paid in Spain.

The energy company estimates the impact of the new temporary government tax on the income of energy companies at around

, a rate that Cepsa will have to face in 2023 and that the group has not yet provisioned in its latest financial statements.

Cepsa closes a golden year in which it has managed to take a significant

out of its financial debt.

The company's leverage has gone from a ratio of 1.6 times net debt to EBITDA at the end of 2021, to below 1.0 times at the end of 2022. The energy giant maintains a solid liquidity position of 4,000 million euros, enough to cover liability maturities until 2027.

One year after Wetselaar landed in the company controlled by the

and

funds , the group has managed to accelerate its commitment to clean energy, under the umbrella of its 2030 strategy dubbed

.

The company has set itself the goal of developing projects with a total investment of more than

in the next three years.

Of the total, more than

will go to sustainable businesses.

The figure represents an increase of 93% compared to the investments made in the three previous years.

Earlier this week, Cepsa announced an agreement to transfer all of its oil wells in Abu Dhabi to France's

.

A movement that consolidates in the eyes of the market the transformation of the hydrocarbons group into a multi-energy company.

activity

(as the oil and gas business is known in jargon) of the entire group.

According to market sources, Cepsa would have received around

for this transaction, an injection of liquidity that the company will allocate to accelerate its commitment to new energies such as biofuels or green hydrogen.

"In a year of enormous geopolitical and economic uncertainty, high prices and growing concerns about energy supply and climate targets in Europe, we have cushioned the impact of the energy crisis on our customers and remain focused on our strategy," Wetselaar said.

Cepsa's first sword has highlighted the "fruitful and ambitious alliances" that the group sealed throughout 2022 to develop decarbonisation solutions aligned with international requirements.

The CEO of Cepsa has ratified his commitment to "transform the company into a leading producer of green energy by 2030, investing between 7,000 and 8,000 million euros, and I am convinced of reaching this goal", and has qualified that in order to achieve this milestone The company

.

According to the criteria of The Trust Project

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