Chile’s state-run ENAP posts $319m net loss in 2012

29 March 2013 15:19  [Source: ICIS news]

MEDELLIN, Colombia (ICIS)--Chile’s Empresa Nacional del Petroleo (ENAP) recorded a net loss of $319m (€249m) last year, compared with a loss of $67m in 2011, the state-run oil company said on Friday.

Revenues were up by about 7.4% last year to $11.6bn from $10.8 in 2011, while earnings before interest, taxes, depreciation and amortization (EBITDA) sank to $57m, compared with $372m in the previous year.

 The net loss was attributed to higher crude, natural gas and energy prices during the year. Higher prices led to a 16.9% drop in refinery margins, the company said.

Profits were also hit as a result of a production dip during scheduled maintenance at the Aconcagua refinery during August and September, ENAP said.

The company said it was more optimistic about 2013, mainly due to the negotiation of a new LNG supply contract with UK-based BG Group and ongoing exploration and production (E&P) investment in the Magallanes region of Chile.

“We expect a substantially higher EBITDA in 2013,” the company said.

ENAP operates three refineries in Chile – Aconcagua, Bio Bio and Gregorio.

According to the company, the refineries have a combined processing capacity of 230,000 bbl/day and supply 85% of Chile’s domestic fuel requirement.

ENAP also supplies fuels to Peru, Ecuador and Central America.

($1 = €0.78)

By: Simon West

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