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Spain-based refining group Cepsa said Friday it distilled 118.4 million barrels of crude oil (1.29 million b/d) in the third quarter, an increase of 2 million barrels from the same period last year.
The company said that a recovery in national demand provided solid results for refining and marketing in the period, although warm weather and a strong result the previous year meant a general fall in margins.
The company, which is 100% privately owned by Abu Dhabi’s International Petroleum Investment Company did not elaborate on the margins it achieved in the period.
For the first nine months of the year, Cepsa said crude oil sales were over 13 million barrels, or 6% higher than the same period a year ago.
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In terms of results, the company said that cost savings and investment discipline, particularly in exploration and production had partially compensated for the negative effect of low crude oil prices.
Cepsa reported net income on a clean current cost of supplies basis which values inventories at replacement cost, of Eur373 million ($407 million) in the first nine months of the year, down 18% from the same period in 2015.
The E&P segment made a net loss in both the first nine months this year and last year, according to the company.
In the gas and power business, income was boosted by Cepsa’s stake in the Medgaz gas pipeline between Algeria and Spain, but this was partly offset by high competition and excess supply in the national natural gas and power markets, it said.
–Gianluca Baratti, newsdesk@spglobal.com
–Edited by Maurice Geller, maurice.geller@spglobal.com
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