# Cepsa to nearly double investments over next 3 years as profit soars
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2023-03-03
Category: INVESTING
Category URL: https://financedigest.com/category/investing
Meta Title: Cepsa plans to double investments in sustainable energy
Meta Description: Spanish oil and gas company Cepsa to nearly double investments to €3.6 billion over 3 years, with focus on sustainable energy and mobility. Strong earnings
URL: https://financedigest.com/cepsa-to-nearly-double-investments-over-next-3-years-as-profit-soarshtml

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MADRID (Reuters) -Spanish oil and gas company Cepsa plans to nearly double its investments over the next three years to a total of 3.6 billion euros ($3.82 billion), with more than half of that amount going to sustainable energy and mobility, it said on Friday.

It also posted a full-year net profit at current cost of supplies (CCS) of 790 million euros for 2022, up sharply from the 310 million euros reported in 2021.

The planned investment increase of 93% for 2023-25 is from the previous three years, Cepsa said.

Adjusted CCS earnings before interest, tax, depreciation and amortisation (EBITDA), excluding one-offs, [jumped 62% last year to 2.94 billion euros](https://www.financedigest.com/dollar-jumps-euro-dips-before-fed-minutes.html "Dollar jumps, euro dips before Fed minutes").

Cepsa said the improved core earnings were driven by better market conditions, higher underlying commodity [prices and increased](https://www.financedigest.com/syngenta-4q-profit-falls-as-raw-material-prices-increase.html "Syngenta 4Q profit falls as raw material prices increase") refining margins.

In 2022, Cepsa [paid a total of 6.65 billion euros in taxes](https://www.financedigest.com/walmart-paid-most-of-1-billion-tax-for-phonepe-shifting-base-to-india.html "Walmart paid most of  billion tax for PhonePe shifting base to India"), which it said was an all-time record. Over two-thirds were paid in Spain.

The company said it will pay about 325 [million euros](https://www.financedigest.com/germanys-merck-to-invest-300-million-euros-in-us-gas-plant.html "Germany’s Merck to invest 300 million euros in US gas plant") in Spain’s temporary energy windfall tax based on 2022 revenues, though the charge was not reflected in last year’s results. [Chief Executive](https://www.financedigest.com/exotix-draws-sberbanks-us-chief-executive-in-triple-hire-to-extend-global-capabilities.html "Exotix Draws Sberbank’s US Chief Executive in Triple Hire to Extend Global Capabilities") Maarten Wetselaar has vowed to challenge the tax in court.

Cepsa’s net debt as of end-December remained unchanged year-on-year at 2.76 [billion euros](https://www.financedigest.com/mercedes-benz-to-buy-back-up-to-4-billion-euros-in-shares-by-2025.html "Mercedes-Benz to buy back up to 4 billion euros in shares by 2025").

($1 = 0.9422 euros)

(Reporting by David Latona; Editing by Andrei Khalip)


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