Despite the international decline in refining margins and the interruption of electricity supply in February, the operational and commercial measures adopted by the company helped offset these effects.
Empresa Nacional del Petróleo announced today its consolidated financial results as of March 31, 2025, highlighting a profit of US$ 129.4 million. This figure exceeds the US$ 110.5 million obtained in the first quarter of the previous year, representing a 17.1% increase, equivalent to US$ 18.9 million.
The company reported consolidated EBITDA of US$ 296.3 million at the end of the first quarter of 2025. This result is US$ 48.3 million (20%) higher than the US$ 247.9 million achieved in the same period in 2024.
The improved financial performance is linked to an increase in consolidated gross margin, which reached US$ 293.6 million in Q1 2025, compared to US$ 229.2 million in Q1 2024. This increase was largely due to greater sales of high-value own production from the Refining and Marketing (R&C) division, which contributed an increase equivalent to US$ 82 million. This operational management helped offset the reduction in international refining margins and the higher cost of the crude oil basket.
"The excellent results obtained in the first quarter of 2025 reflect our operational and strategic management, with improvements in the production of high-margin products, reduction in imports, and optimization of logistics costs, among others. Despite a challenging market environment, with lower international refining margins and fluctuations in crude prices, we have managed to improve our results. We will remain focused on optimizing our operations and maintaining financial sustainability to strengthen Enap in the long term," stated CEO Julio Friedmann.
In terms of business lines, Refining and Marketing (R&C) achieved an operating income (RAI) of US$ 143.3 million, up from US$ 123.3 million the previous year. This increase was mainly due to higher sales of high-value own production, driven by a change in the sales mix and optimization of logistics costs.
“For 80 years, we have been the energy that moves Chile, and we will continue to be in the future. We know that, as Enap, we are part of an industry that faces complexities worldwide, but we are also aware that we are indispensable, strategic, and that without us the country cannot function,” Friedmann added.
Company Progress
The positive first-quarter results add to those reported by Enap last week during its Annual Shareholders' Meeting, where it presented its 2024 management report and unveiled its 2025–2029 Business Development Plan, which includes an investment of US$ 3.788 billion.
At that time, the company stated that 70% of the total investment would go toward developing projects necessary to ensure operational continuity, increase efficiency, and advance energy diversification. The remaining 30% will be allocated to maintenance activities. It also reported reaching its lowest debt level since 2010, which stood at US$ 3.533 billion in 2024.
Among the milestones achieved in 2024, the company highlighted profits of over US$ 400 million, a nearly US$ 300 million reduction in debt, increased production of high-value products at its refineries, the production of the first batch of renewable diesel in Chile using used cooking oil (350,000 liters), increased crude oil supply from Argentina’s Vaca Muerta, and the start of construction of the green hydrogen (H2V) plant to be located in Cabo Negro (Magallanes).
Following the meeting, Finance Minister Mario Marcel emphasized that “for the fourth consecutive year, Enap posted profits, thereby dispelling the notion that state-owned companies lose money. This strong performance, along with the fulfillment of the Government's commitments as a shareholder, has allowed the company to reduce its debt to its lowest level since 2010, positioning it well to meet the challenges ahead as it moves toward cleaner, safer, and more sustainable solutions by 2040.