The company attributed this result to an increase in valuable self-produced sales, logistics cost optimization, and lower financial costs, among other factors.
Enap today reported its consolidated financial results for the first half of 2025, during which it achieved profits of US$318.4 million. This represents an 84% increase over the first half of last year, when it reported profits of US$172.7 million. As of June 30, 2025, the company recorded consolidated EBITDA of US$681.8 million, which is higher than the US$474.4 million reached in the same period of 2024, representing a 43.7% increase.
A significant part of these results is due to increased sales of valuable self-produced output, totaling US$113 million (13% more than in the same period of 2024), along with optimized logistics costs and reduced net financial costs resulting from the debt reduction process. These gains offset the decline in international refining margins, among other factors.
During the first half of this year, Enap achieved historically high production levels of gasoline (up 11%, equivalent to 240 million additional liters), kerosene (up 12%), and diesel (up 2%).
Enap also noted that the international context remains shaped by volatility and uncertainty due to ongoing armed conflicts, in addition to the challenges of the energy transition.
“This is a pivotal moment for Enap. This year, as we approach the 80th anniversary of the discovery of oil, we do so with our eyes on the future—ensuring the country’s energy supply and building a robust and sustainable company. These financial results show that, despite a complex global environment, we are managing the company in the right direction thanks to a strategy focused on cost optimization and operational efficiency, income diversification, debt reduction, and financial strengthening, all with clear and tangible goals,” said Enap’s CEO, Julio Friedmann.
To date, Enap has recorded its lowest debt level in the past 15 years, four consecutive years of profitability, and a Business Development Plan that includes investments of US$700 million in 2025 and nearly US$3.8 billion through 2029.
“In recent years, we said it was urgent to adopt deep changes to face the complex context of our industry. Today, the operational and financial results we present allow us to affirm that we made the right decisions to ensure the present and future sustainability of our company,” Friedmann added.
Other Notable Developments
One key milestone of the semester was the closing of the sale of Enap's subsidiary in Argentina in June, completing the transaction announced at the beginning of the year as part of a strategy to strengthen the company’s financial sustainability.
Operationally, the Bío Bío Refinery, which just celebrated its 59th anniversary, recorded historic production figures in May, reaching record volumes in gasoline output.
In terms of energy transition, this semester Enap launched its Renewable Diesel, made from used cooking oil; began training teams who will operate Chile’s first green hydrogen plant (to be located at the Cabo Negro industrial complex in Magallanes); added a new fleet of trucks powered by Liquefied Natural Gas (LNG); and brought Latin America’s first 100% electric tugboat to Chile (the result of a contract with SAAM Towage).
“Our priorities to guarantee the company’s long-term sustainability are to accelerate new revenue sources, ensure operational excellence in everything we do, and implement active cost management,” Friedmann concluded.