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Moeve's profit soars in Q3 on strong refining margins

By Reuters News

MADRID, Oct 30 (Reuters) - Spanish energy firm Moeve posted a 12-fold increase in third-quarter net profit on Friday on the back of strong refining margins and higher utilisation of its refineries to churn out sought-after refined products such as diesel and kerosene.

The wars in Iran and Ukraine that have disrupted energy markets have provided a major boost for refining margins at oil companies, with Spain's Repsol REP.MC posting record profit and Shell SHEL.L and TotalEnergies TTEF.PA reporting their highest quarterly profits since 2022.

  • Moeve's third-quarter net profit rose to €789 million ($883.52 million) from €64 million in the same period last year.

  • The refining margin reached $26.8 a barrel in the quarter. This compares with $11.3 in the previous quarter and $9.2 a year earlier.

  • Moeve, formerly known as Cepsa, said it is fully focused on its strategic transformation towards low-carbon businesses after talks with Portugal's Galp GALP.LS over a potential combination of downstream businesses collapsed.

  • Moeve is owned by Abu Dhabi fund Mubadala and US-based private equity firm the Carlyle Group CG.O.

($1 = 0.8930 euros)

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