The CEO, Julio Friedmann, highlighted the impact of the operational, financial and management measures implemented.
For the fourth consecutive year, Empresa Nacional del Petróleo (Enap) reported profits. As part of the delivery of its 2024 financial results, the state-owned company reported profits of US$408.2 million and an EBITDA of US$1.0661 billion.
Enap’s CEO, Julio Friedmann, emphasized that “the operational, financial, and management measures implemented allowed us to meet our targets, improve the company’s performance, and partially offset the sharp decline in international margins, as we had anticipated.”
The company’s achievements come in the context of a challenging industry environment, marked by a drop in average international refining margins throughout the year. Gasoline margins fell from US$ 22.4 per barrel to US$ 14.7 per barrel, while diesel margins declined from US$ 32.9 per barrel to US$ 20.2 per barrel.
Friedmann explained that among the actions with the greatest impact were those aimed at optimizing and increasing the production of valuable products in the Refining and Commercialization area, as well as oil and gas production in the Exploration and Production area, to maintain the company's commitment to responsibility and financial sustainability in the future.
Along the same lines, Enap also announced a reduction in its financial debt by US$297.4 million. “In 2024, we took proactive measures to reduce our debt and, thus, strengthen the financial position of the company,” said the CEO.
After regaining its Investment Grade rating from S&P in the first half of the year, Enap issued a 10-year, US$ 600 million bond in July 2024 and refinanced future maturities totaling US$ 860 million. Additionally, the company signed an agreement to sell its assets in Argentina as part of a strategy to concentrate resources on higher-margin operations and key business areas.
The company also reported that in December 2024, the State of Chile, with resources from the Budget Law of that year, made a contribution for future capitalizations of US$150 million. This first return is part of the withdrawal of profits for US$ 400 million made by the tax authorities to ENAP in 2023.
Positive results in International Operations
Breaking down results by business unit, the Refining and Commercialization (R&C) line obtained pre-tax earnings (RAI) of US$ 487.2 million, while the Exploration and Production (E&P) line reported a RAI of US$ 195.1 million. Of these, US$188.5 million correspond to ENAP's international operations in Ecuador and Egypt and US$ 6.6 million to Magallanes.
The RAI of ENAP's international operations in Ecuador and Egypt had a positive variation of 14%, due to an increase in crude oil revenues, driven by a higher production volume in Ecuador, as well as good results from drilling and intervention operations carried out in Egypt.
These advances are in line with Enap’s progress over the past two years, during which the company increased the production of high-value products by 28%, reduced maintenance days from 87 to 57 while maintaining safety standards, lowered logistics costs by US$ 70 million, and adapted its refineries to import crude oil directly from Vaca Muerta—an essential adaptation for Chile, a country reliant on hydrocarbon imports. In 2024, Enap also made strides in the energy transition by producing its first batch of Renewable Diesel using used cooking oil and beginning construction of the first green hydrogen plant in Magallanes.
The 2024 financial year reflects a long-term plan (Enap 2040), developed through in-depth deliberations by its Board of Directors, a Five-Year Business Plan, an Annual Management Plan with clear and tangible goals and the commitment and technical and professional knowledge of its workers, all aligned with strengthening the company and improving its performance.