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Moeve energy transition and financial performance
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2026-11-04 09:25 UTC → 2026-11-08 04:53 UTC ·
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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 attributed to driven by higher oil prices and improved refining margins. margins, with adjusted EBITDA nearly doubling to 2.409 billion euros. The company directed reached a significant portion of its record investment level of 885 million euro investment euros, directing 612 million euros toward energy transition projects, such as green hydrogen in Andalusia. 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 exploration interests in Algeria. 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 countries, including Suriname, Colombia, Peru, and Abu Dhabi, and aligns with the company’s strategy “Positive Motion” strategic plan. Moeve aims to target a portfolio where green molecules represent one third of its energy mix by 2050.
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- 2026-11-08 04:53 UTC Moeve energy transition and financial performance
- 2026-11-04 09:25 UTC Moeve energy transition and financial performance
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