30 Apr 2021Cepsa, the global energy company, today announced its Q1 results for 2021, reporting EBITDA of €324 million, up 17% vs Q4 2020 and continuing the improving trend in results seen in Q3 and Q4 2020. This represents a reduction of 28% vs Q1 2020, reflecting the impact of the global pandemic on the energy industry.
The ongoing successful execution of Cepsa's optimization plan positions the Group strongly for 2021. This will enable Cepsa to capture opportunities as markets continue to improve.
Upstream delivered stronger results with EBITDA of €171 million (up 41% vs Q4 2020), helped by a stronger oil price.
Chemicals registered another quarter at record levels, with EBITDA of €100 million and strong performance across all market segments.
Refining was impacted by continued pressure on refining margins, partially offset by strong trading results and Commercial suffered weaker volumes impacted by travel restrictions and abnormal adverse weather.
The successful execution of Cepsa's contingency plan during 2020 delivered accumulated savings of over €500 million and included a reduction of 20% in the capital investment program compared to pre-Covid-19 levels. In Q1 2021 this program of management actions limited the impact of weak European and Spanish market conditions. It also ensures Cepsa is well positioned for the future and will benefit from any improvement in market conditions in 2021.
Capex in Q1 2021 was €104 million, a 45% decrease QoQ. Capex for the year will be closely monitored for optimization opportunities.
In March, Fitch affirmed Cepsa’s BBB- rating with a stable outlook, highlighting the company’s business diversification and management actions taken to preserve cash flow generation.