Spanish oil company Moeve's profit falls on blackout impact
Spain's second-largest oil refiner Moeve, formerly known as Cepsa, said on Monday its adjusted net profit fell 19% in the first half of the year, mainly due to the impact of a massive power blackout in April in Spain and Portugal on its refineries.
Adjusted net income dropped to €324 MM ($378 MM), while earnings before interest, taxes, amortization and depreciation fell 33% from a year ago to €733 MM.
Both figures exclude one-off revenues and losses such as asset sales.
The company attributed the core profit decline mainly to the cost of halting and restarting its two oil refineries during and after the April 28 blackout, which cost it about €50 MM, according to preliminary estimates.
Rival Repsol, which operates five refineries in Spain, said the blackout and other smaller power-supply issues cost it €175 MM in the second quarter.
It can take one or two weeks for such plants to be fully operational after shutdowns.
The Moeve refineries also halted for scheduled maintenance during the first six months of this year, which further reduced utilization ratios, while refining margins narrowed to $6 a barrel in the first half from $9.2 a barrel in the same period a year ago.
Owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm the Carlyle Group CG.O, Moeve rebranded last year to reflect its shift towards low-carbon businesses under an €8-B plan. It has sold 70% of its oil production assets since 2022, including operations in Abu Dhabi and South America.
($1 = €0.8570)
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