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[SITUATION] · [ACTIVE] · [BUSINESS]

3 clusters · 18 sources · 9 days · First seen · Last updated

Moeve energy transition and financial performance

Overview

Moeve, the energy company formerly known as Cepsa, reported a 481% increase in net profit for the first nine months of 2026, reaching 1.43 billion euros. This growth was driven by higher oil prices and improved refining margins, with adjusted EBITDA nearly doubling to 2.409 billion euros. The company reached a record investment level of 885 million euros, directing 612 million euros toward energy transition projects, including the Andalusian Green Hydrogen Valley.

Following these financial results, Moeve completed its exit from the oil and gas exploration and production business. This transition involved selling its final hydrocarbon assets, including an agreement with Indonesia’s Pertamina to sell interests in three onshore fields in Algeria’s Berkine Basin: Rhourde el Khrouf, Bir el Msana, and Ourhoud. The transaction, which involves assets producing approximately 21,000 barrels per day, has an estimated market value between 500 million and 1 billion euros, pending regulatory approvals from the Algerian government and Sonatrach.

This move concludes a multi-year divestment process of assets in various countries, including Suriname, Colombia, Peru, and Abu Dhabi, and aligns with the company’s “Positive Motion” strategic plan. Moeve aims to target a portfolio where green molecules represent one third of its energy mix by 2050.

Entities

Moeve · Pertamina · Cepsa · Mubadala · Galp

Timeline

  1. [BUSINESS] 2 sources
    Moeve completes exit from oil and gas production with Algeria asset sale

    Moeve has sold its Algerian oil and gas assets to Indonesia’s Pertamina, marking the end of its upstream production business as it pivots toward biofuels and renewable energy.

  2. [BUSINESS] 7 sources
    Moeve exits oil and gas exploration and production

    Moeve, formerly Cepsa, has exited the oil and gas exploration and production sector by selling its final Algerian assets to Indonesia's Pertamina as part of a broader shift toward sustainable energy.

  3. [BUSINESS] 11 sources
    Moeve reports 481% increase in net profit to 1.43 billion euros

    Moeve reported a 481% surge in net profit to 1.43 billion euros through September 2026, driven by high refining margins and increased oil prices, while hitting record investment levels in Spain.

Sources

cnbcindonesia.com · cronicadecantabria.com · diarioestrategia.cl · economiadigital.es · elcorreoweb.es · elinmobiliariomesames.com · elplural.com · empresaexterior.com · estoenlinea.oem.com.mx · europasur.es · katadata.co.id · merca2.es · negocios.com · ocio.diarioinformacion.com · ocio.farodevigo.es · okdiario.com · tokenpost.kr · viagemegastronomia.com.br

This summary has been updated 1 time: see revision history