The state-owned company, which in 2025 will commemorate 80 years since the discovery of oil in Magallanes, highlighted among its main achievements for 2024 a profit of over $400 million and a reduction of its debt by nearly $300 million.
As part of its Annual General Shareholders’ Meeting, the National Petroleum Company (ENAP) presented its 2024 management report and announced its 2025–2029 Business Development Plan, which includes an investment of US$3.788 billion.
Of the total investment amount, ENAP will allocate 70% to the development of projects necessary to ensure operational continuity, increase efficiency, and advance energy diversification. The remaining 30% will be for maintenance activities.The company reported that it reached its lowest debt level since 2010, with a figure of US$3.533 billion in 2024.
The Meeting — attended by the Ministers of Energy, Diego Pardow, and Finance, Mario Marcel — confirmed that the 2025 Budget Law includes capital contribution resources of US$250 million, committed after the 2023 profit withdrawal.
At the same time, it announced that it has decided to withdraw 50% of the profits corresponding to 2024 operations (US$204 million).
ENAP’s executives highlighted the milestones achieved during the 2024 fiscal year, such as profits of more than US$400 million, a reduction in debt of nearly US$300 million, increased production of valuable products at refineries, the production of the first batch of renewable diesel in Chile using used cooking oil (350,000 liters), an increase in crude supply from Argentina’s Vaca Muerta, and the beginning of construction of the green hydrogen (H2V) plant that will be located in Cabo Negro (Magallanes).
ENAP Board Chairwoman Gloria Maldonado stated that “the financial results of recent years reflect our unwavering commitment to responsibility and efficiency as a company. For 80 years we have been the energy that moves Chile and guarantors of the country’s energy security. Today, aware of the profound changes the world is experiencing, and the demanding challenges imposed by the global market, the Board has decided to update ENAP’s strategy toward 2040, with a vision that centers on the safety of people and assets, innovation, environmental sustainability, and care for the communities in which we are present. We will focus on diversifying our sources of income, strengthening operational excellence, and carrying out active and responsible cost management. All of this, guided by a culture based on ethics and integrity, convinced that ENAP’s future must be built sustainably and in ongoing dialogue with society.”
The state company’s CEO, Julio Friedmann, particularly valued the financial progress, adding that “the reduction of our debt during 2024 is a clear sign of rigorous and sustained financial management, which allows us to move forward on a stronger footing with our investment plan and consolidate a more efficient company, prepared for future challenges. These achievements are the result of the commitment of the workers who make up a solid and highly trained team to face the challenges we are experiencing as a company and a country.”
Meanwhile, Minister Marcel emphasized that “for the fourth consecutive year, ENAP posted profits, thus debunking the idea that state-owned companies lose money. This strong performance, along with the Government’s fulfillment of its commitments as a shareholder, has allowed the company to reduce its debt to its lowest level since 2010, enabling it to face the challenges of moving toward 2040 in good shape, aiming for cleaner, safer, and more sustainable solutions.”
“I want to highlight the good results reported by ENAP, with four consecutive years of positive earnings. This will allow the state-owned company to continue financing its investment plan, ensuring operational excellence in its strategic functions, as well as improving compliance with environmental and safety standards for its workers. ENAP’s sound administrative management allows it to look toward a more sustainable future, diversifying its productive activities toward other energy sources such as green hydrogen, leveraging its installed infrastructure and the technical experience of its workforce,” said Minister Pardow.
Regarding the ENAP 2040 Plan, the roadmap presented by the company at the Annual General Shareholders’ Meeting, Friedmann stated that “we have the responsibility to contribute cleaner, safer, and more sustainable energy solutions. That demands technical excellence, commitment to our surroundings, and a long-term strategic vision to guide our decisions and our impact on the country. Doing the same is no longer enough. That’s why the deep reflection we’ve had as a company for updating our ENAP 2040 Plan, the Five-Year Business Plan, and the Annual Plan — with clear and tangible goals — is so important.”