March 3, 2023

Cepsa to nearly double investments over next 3 years as profit soars

MADRID, March 3 (Reuters) – Spanish oil and gas company Cepsa plans to nearly double its investments over the next three years to a total of 3.6 billion euros ($3.82 billion), with more than half of that amount devoted to sustainable businesses, it said on Friday.

It also posted a full-year net profit at current cost of supplies (CCS) of 790 million euros for 2022, up sharply from the 310 million euros reported in 2021.

Adjusted CCS earnings before interest, tax, depreciation and amortisation (EBITDA), excluding one-offs, jumped 62% last year to 2.94 billion euros.

($1 = 0.9422 euros)

Reporting by David Latona; Editing by Andrei Khalip

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