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

by Staff GBAF Publications Ltd
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MADRID (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 going to sustainable energy and mobility, 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.

The planned investment increase of 93% for 2023-25 is from the previous three years, Cepsa said.

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

Cepsa said the improved core earnings were driven by better market conditions, higher underlying commodity prices and increased refining margins.

In 2022, Cepsa paid a total of 6.65 billion euros in taxes, which it said was an all-time record. Over two-thirds were paid in Spain.

The company said it will pay about 325 million euros in Spain’s temporary energy windfall tax based on 2022 revenues, though the charge was not reflected in last year’s results. Chief Executive Maarten Wetselaar has vowed to challenge the tax in court.

Cepsa’s net debt as of end-December remained unchanged year-on-year at 2.76 billion euros.

($1 = 0.9422 euros)

(Reporting by David Latona; Editing by Andrei Khalip)