July 25, 2016 12:30 PM ET

Oil, Gas and Consumable Fuels

Company Overview of Empresa Nacional del Petróleo

Company Overview

Empresa Nacional del Petróleo explores for, produces, refines, and markets hydrocarbons and its by-products in Chile and internationally. It’s Exploration and Production segment conducts gas exploration activities in the Coirón, Caupolicán, Lenga, and Dorado-Riquelme blocks located in the Magellan region. The company’s Refining and Marketing segment purchases crude oil; and refines and sells the finished products. Its Gas & Energy segment engages in the gas marketing processes and activities through pipelines, virtual pipelines, and GNL Móvil; and management of new electric energy projects. The company also refines, transports, stores, and markets petroleum-based products consisting of fuel ...

Avienida Vitacura 2736

10th Floor

Las Condes

Santiago,  7550000

Chile

Founded in 1950

Phone:

56 2 280 3000

Key Executives for Empresa Nacional del Petróleo

Chief Executive Officer
Administration & Finance Manager
Chief Executive Officer of Bío Bío Refi Nery
Chief Executive Officer of Enap Refi Nerías S A
Chief Executive Officer of Aconcagua Refinery
Compensation as of Fiscal Year 2016.

Empresa Nacional del Petróleo Key Developments

Empresa Nacional del Petróleo Announces Commencement of an Offer to Purchase for Outstanding 6.25% Notes Due 2019, 5.25% Notes Due 2020 and 4.75% Notes Due 2021

Empresa Nacional del Petróleo ("ENAP" or the "Issuer") and Citigroup Global Markets Inc. (the "Offeror" or "Dealer Manager") announced the commencement of an offer by the offeror on behalf of ENAP to purchase for cash up to a maximum amount of USD 600,000,000 of the outstanding 6.25% notes due 2019, 5.25% notes due 2020 and 4.75% Notes due 2021 issued by ENAP. The tender offer is being made pursuant to the offer to purchase dated July 19, 2016.  The principal purpose of the tender offer is for ENAP to manage its liabilities. The tender offer will expire at 11:59 p.m.New York City time, on August 15, 2016, unless extended or earlier terminated. The early tender deadline for the tender offer will be 5:00 p.m., New York City time, on August 1, 2016. Registered holders of the notes must validly tender their notes at or before the early tender date in order to be eligible to receive the early tender payment in addition to the tender offer consideration. Notes tendered may be withdrawn prior to 5:00 p.m., New York City time, on August 1, 2016, but not thereafter, except as required by applicable law. The notes will be purchased in accordance with the "Acceptance Priority Level" (in numerical priority order) (the "Acceptance Priority Level"), with Acceptance Priority Level 1 being the highest priority, and possible proration of the notes on the early settlement date or the final settlement date will be determined in accordance with the terms of the tender offer.  Accordingly, 2019 notes validly tendered will be accepted before any 2020 notes validly tendered are accepted, and 2020 notes validly tendered will be accepted before any 2021 notes validly tendered are accepted.  However, notes validly tendered on or prior to the early tender date will be accepted for purchase in priority to other notes tendered after the early tender date, even if such notes tendered after the early tender date have a higher acceptance priority level than notes tendered on or prior to the early tender date.  If the aggregate total consideration payable (including the early tender payment, if applicable, and accrued and unpaid interest) for the notes validly tendered exceeds the aggregate maximum tender consideration, only the aggregate maximum tender consideration of notes validly tendered will be accepted for purchase.  Accordingly, if the aggregate total consideration payable for the notes validly tendered and not validly withdrawn on or prior to the early tender date exceeds the aggregate maximum tender consideration, the holders who validly tender notes after the early tender date will not have any such notes accepted for payment regardless of the acceptance priority level of such notes. If, on the early settlement date or final settlement date, as applicable, only a portion of a series of notes may be accepted for purchase, the aggregate principal amount of such series of notes accepted for purchase will be prorated based upon the aggregate principal amount of that series of notes that have been validly tendered and not yet accepted for purchase in the tender offer, such that the aggregate maximum tender consideration will not be exceeded. The total consideration for the notes of each series is: (i) USD 1,130.00 for each USD 1,000 principal amount of the 2019 Notes, (ii) USD 1,115.00 for each USD 1,000 principal amount of the 2020 notes, and (iii) USD 1,087.50 for each USD 1,000 principal amount of the 2021 notes, which includes, in each case, an early tender payment of USD 30.00 per USD 1,000 principal amount of the notes, and in addition, in each case, the applicable tender offer consideration.  Subject to purchase in accordance with the acceptance priority level and possible proration, holders that validly tender and do not withdraw notes at or before the early tender date will be eligible to receive the total consideration. Subject to purchase in accordance with the acceptance priority level and possible proration, holders that validly tender their notes after the early tender date and prior to or at the expiration date will be eligible to: (i) USD 1,100.00 per USD 1,000 principal amount of the 2019 notes, (ii) USD 1,085.00 per USD 1,000 principal amount of the 2020 notes and (iii) USD 1,057.50 per USD 1,000 principal amount of the 2021 notes, namely an amount, in each case, equal to the applicable total consideration less the early tender payment, on a date promptly following the expiration date. In addition, holders whose notes are purchased in the tender offer will receive accrued and unpaid interest in respect of their purchased notes from the last interest payment date to, but not including, (i) in the case of any notes tendered at or before the early tender date, the early settlement date and (ii) in the case of any remaining notes tendered after the early tender date, the final settlement date, as the case may be. ENAP has consented to the offeror making the tender offer.  It is intended that the notes validly tendered at or prior to the early tender date and purchased by the offeror in the tender offer will be exchanged by the offeror with ENAP for a decrease in the proceeds of certain new notes to be issued in a new offering proposed to be launched by ENAP.

Empresa Nacional Del Petróleo Announces Earnings Results for the First Quarter of 2016

Empresa Nacional del Petróleo announced earnings results for the first quarter of 2016. For the period the company announced profit of USD 39 million and an EBITDA of USD 192 million, which represents an increase in the EBITDA margin (percent of revenues) of 17.1%, compared with the 12.7% reached in the same previous period.

Enap, AES Gener Reach LNG Supply Deal

Enap will supply LNG to the 379MW Nueva Renca combined-cycle gas turbine power station owned by AES Gener under a contract that will take effect in 2016. Gas supplies will come from the Quintero LNG import terminal, in which Enap owns a 20% stake.

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