Press release

January-September 2019 results

08 Nov 2019

  • Cepsa registered Clean CCS EBITDA of €1.551 billion, as a result of the positive performance of the Exploration and Production and Marketing business units
  • Clean CCS Net Income was €424 million, during a period of low refining margins, and crude oil prices which were down on those in the first nine months of 2018
  • Investments in this period amounted to €634 million, and free cash flow before dividend payments was €731 million

Clean CCS EBITDA rose to €1.551 billion in 9M 2019, an increase of 26% compared to €1.229 billion in 9M 2018. 

The increase of 26% in 9M 2019 Clean CCS EBITDA was mainly due to the positive performance of Cepsa’s Exploration and Production and Marketing business units (60% vs 9M 2018, and 47% vs 9M 2018, respectively).

Cepsa's Clean CCS Net Income for 9M 2019 was €424 million, compared to €530 million for the same period in 2018. This decrease is attributable to an environment of low market refining margins in the first half of the year, which improved slightly in the third quarter; and the narrowing margins of some petrochemical products.

Applying International Financial Reporting Standards (IFRS) and calculating inventory movements at average unit cost, accumulated net income for 9M 2019 was €380 million, compared to €660 million for the same period in 2018.

Over this period, Cepsa optimized its capital structure, extending the average term of its debt to over five years. The Company’s net debt is also 4% lower year on year, despite the US dollar having appreciated. The Net Debt/EBITDA ratio stood at 1.4x, four tenths lower than at the end of 2018 (1.8x). 

Investments during the period amounted to €634 million, and free cash flow before dividend payments was €731 million. The growth in investments is connected with the development of the Abu Dhabi fields, as well as refinery optimization projects in the Refining business unit.

During the first nine months of 2019, Brent crude prices averaged $64.7/bbl, 10% lower than the $72.1/bbl average registered in 9M 2018. Cepsa refining margin (VAR) fell to $4.5/bbl year to date September 2019 from $5.8/bbl in the same period of the previous year.


In terms of safety, the Lost Workday Injury Frequency (LWIF) rate, which measures the number of accidents resulting in absence from work, was 0.93 accidents per million hours worked at September 2019, in line with the results from 2018. Greenhouse gas emissions (CO2 per ton produced) remained at levels similar to those of the prior year.

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