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May 05, 2015 5:15 AM 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 geothermal resources in Chile and internationally. The company is also involved in refining, transporting, storing, and marketing petroleum-based products consisting of fuel products, such as liquefied gas, gasoline, kerosene, petroleum diesel, fuel oil, and coke; petrochemical products comprising ethylene and propylene; and special products, such as solvents and asphalt-bases. It has operations in Argentina, Ecuador, and Egypt, as well as in the Region of Magallanes in Chile. Empresa Nacional del Petróleo was founded in 1950 and is based in Santiago, Chile.

Avienida Vitacura 2736

Piso 10

Las Condes

Santiago,  7550000

Chile

Founded in 1950

Phone:

56 2 280 3000

Key Executives for Empresa Nacional del Petróleo

Chief Executive Officer
Finance Manager
Chief Executive Officer of Bío Bío Refi Nery
Chief Executive Officer of Enap Refi Nerías S A
Compensation as of Fiscal Year 2014.

Empresa Nacional del Petróleo Key Developments

ENAP Announces Earnings Results for the Year Ended December 31, 2014

ENAP announced earnings results for the year ended December 31, 2014. For the period, the company reported net income of $157 million, 14.6% higher than the profits earned in 2013, of $134 million. The good results are the product of a better management in the non-operating result and positive effects on taxes. EBITDA was $621 million, which is in line with the $678 million achieved in the previous year, despite a series of events that affected the financial performance of the year, about $80 million in the case of EBITDA and $90 million for the result. In 2014 increased revenues were due to good results in Argentina, Egypt and Magallanes.

Empresa Nacional del Petróleo Reports Earnings Results for the First Half Ended June 30, 2014; Reaffirms Earnings Guidance for the Year Ending December 2014

Empresa Nacional del Petróleo reported earnings results for the first half ended June 30, 2014. For the first half, the company reported a profit of USD 59 million and EBITDA of USD 311 million, results that are compared to a profit of USD 77 million and EBITDA of USD 399 million obtained the first half of 2013. These results are explained by a variation in the gross margin, which went from USD 346 million in the first half of 2013 to USD 236 million the same period in 2014 (a variation of USD 110 million). Lower margins are due, as in the first quarter of 2014, to the evolution of the international market with unusually low margins for petroleum products. In the first half of 2014, the prices of the different fuels decreased in the international market of the U.S. Gulf Coast. In addition, it revealed a significantly lower margin on the sale of natural gas compared to the same period in 2013, due mainly to a higher cost of liquefied natural gas. Notwithstanding the foregoing, the company’s perspective of final results to December 2014 is in line with the budget expected for the year.

Empresa Nacional del Petróleo Reports Earnings Results for the First Quarter of 2014

Empresa Nacional del Petroleo recorded a first quarter 2014 net income of $16 million, down by about 69% from $52 million in the year-earlier period. Earnings before interest, taxes, depreciation and amortisation (EBITDA) in the quarter ended 31 March reached $162 million, down by about 24% from $212 million. ENAP attributed the results to a 38% decline in its quarterly gross margin to $127 million, driven by lower revenues amid a drop in international margins for refined products and natural gas. Lower revenues were offset by higher exploration and production (E&P) sales in Argentina due to a spike in prices for crude oil and gas, and in Egypt amid a 54% increase in output from the company's East Ras Qattara concession.

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