Enap profits reach US$1.112 billion through September, up 119% from 2025

Enap's profits totaled US$1.112 billion between January and September 2026, 119% more than the US$506 million of the same period of 2025, according to the financial statements Chile's National Petroleum Company (Enap) filed with the Financial Market Commission (CMF) and announced on October 29 in its press room.

Consolidated EBITDA reached US$1.875 billion, up 83% from US$1.023 billion a year earlier. The state-owned company attributes the result mainly to the international refining price environment and to higher sales of its own production of gasoline, diesel and jet fuel, which carry more added value than imported products.

“These results combine a favorable international cycle for refining” with operational progress in every business unit, said Enap's CEO, Julio Friedmann, who also highlighted lower financial debt and a better sales mix.

Besides profit and EBITDA, La Tercera detailed other lines of the financial statements on October 29: nine-month revenue rose 33% to US$8.679 billion, and revenue from sales of own production in the Refining and Marketing business reached US$7.446 billion, up 41%.

Source: Enap and financial statements filed with the CMF, via La Tercera, October 29, 2026. The change in the average price is an Energía Futura calculation.

Price explains much of the jump. Enap's average sales price rose from US$94.9 to US$130.8 per barrel, while the volume of its own production sold grew only 2.3%, to about 9.05 million cubic meters. In other words, the company sold almost the same amount, but at much higher prices.

The July-September quarter was the strongest of the year. In those three months alone, Enap earned US$533.4 million, 184% more than in the same quarter of 2025, on quarterly revenue of US$3.049 billion (+43%), according to La Tercera. Profit for the quarter almost matched that of the entire first half.

Source: Enap (first quarter and first half reported in May and July 2026, via Emol and CNN Chile). Second-quarter figures and the 2025 third quarter are Energía Futura calculations from the cumulative totals.

Enap also reported its highest production levels. In the first nine months of 2026 it produced 9 million cubic meters of fuels, in line with its annual projection. The series has been rising since 2022, as the following table shows.

Source: Enap, October 29, 2026.

On a monthly basis, September 2026 closed at 1,115,867 m³, the second-best month in the company's history, just 59 m³ below the July 2025 record (1,115,926 m³), as Reporte Minero reported in early October. August output was 1,033,629 m³, the best August on record.

The expansion is not limited to Chile. In October, the state company announced the purchase of Pluspetrol Ecuador for US$207 million, one of its largest investments abroad, which would raise its oil production.

Enap is 100% state-owned, so much of its profit ends up in the treasury. The company said it met the dividend payment schedule requested by its shareholder, equal to 70% of 2025 profits. According to El Dínamo, the Finance Ministry had announced a withdrawal of US$593.5 million. At its April shareholders' meeting, the company also committed to strengthening operational discipline, cutting costs and lowering its financial debt; it did not disclose the size of that reduction.

The profits come in a year of expensive fuel for consumers. Diesel rose for the fifth straight time on October 22 and has climbed 401.4 pesos per liter since late July. The two things should be kept apart: Enap does not set final pump prices; it reports each week the change in its wholesale prices, which are governed by the Fuel Price Stabilization Mechanism (Mepco) and follow international benchmarks.

In the latest report, published on Wednesday, October 28, and effective from Thursday the 29th, 93 and 97 octane gasoline and diesel were unchanged, and kerosene fell 25.7 pesos per liter, according to El Desconcierto. Gasoline and diesel are adjusted every three weeks; kerosene, every week.

Source: Enap weekly report of October 28, 2026, via El Desconcierto.

The strong financial moment coexists with open fronts. In October, Chile's Superintendency of the Environment brought very serious charges against the Aconcagua refinery over the sulfur data of its fuels, a case in which the refinery faces penalties that could go as far as closure.

The other issue is dependence on the international cycle. The company itself attributes most of the 2026 jump to refining margins, which depend on external factors such as the global supply of diesel and gasoline. An analysis published by Diario Estrategia also warned that the company's net operating cash flow had not grown at the same pace as its accounting profit, an indicator worth watching when Enap publishes its annual results.

With these numbers, Enap has posted positive results for six consecutive years, as CNN Chile highlighted. Full-year 2026 results will be released in the first quarter of 2027.

How much did Enap earn in 2026?

Between January and September 2026, Enap earned US$1.112 billion, 119% more than the US$506 million of the same period of 2025. Annual results will be published in 2027.

Why did Enap's profits rise so much?

According to the company, because of the international refining price environment and higher sales of its own gasoline, diesel and jet fuel. Its average sales price rose from US$94.9 to US$130.8 per barrel.

Does Enap set gasoline prices in Chile?

No. Enap reports each week the change in its wholesale prices, which are calculated with Mepco and international benchmarks. Final prices at each station are set by each distributor.

How much does Enap produce per year?

In 2025 it produced 12 million cubic meters of fuels, its annual record. Between January and September 2026 it has produced 9 million.