Chile's National Petroleum Company (Enap) announced on Thursday 12 November, through a material-event filing, the resignation of its CEO, Julio Friedmann, who will leave the post for good on 5 February 2027. Until then he will continue to exercise his duties fully, overseeing the business plan and helping the board find his successor, according to Enap's statement.
Friedmann, a civil engineer from the University of Chile, has led the state company since November 2022. His departure comes two weeks after Enap reported a profit of US$1.112 billion for January to September 2026, 119% more than the US$506 million of the same period of 2025, in a period the company itself describes as one of historic profits.
View the data as a table
| January-September profit | US$1,112 M |
| EBITDA | US$1,875 M |
| Output | 9 million m³ |
| Debt reduction | Over US$1,000 M |
Why Friedmann is leaving Enap
Enap gave no reasons beyond the executive's own. “I am proud to have helped leave a company that is much stronger operationally and financially, and grateful to the Board for its trust and for understanding my reasons for this personal decision,” Friedmann said in the statement. Board chairman Cristián Muga thanked him for his management and said the board will begin the search for a replacement “shortly”.
The resignation comes at an environmentally sensitive time. On 26 October, the Superintendency of the Environment (SMA) brought four charges against Enap Refinerías, two of them preliminarily classified as very serious, over alleged irregularities in the sulfur recovery system and in the recording of sulfur dioxide (SO₂) emissions, according to Electrominería. Enap did not officially link the two events, and the sanction proceedings are ongoing.
- Nov 2022Takes over as CEOAfter a headhunter-led search.
- Jul 2026The new board confirms himChairman Cristián Muga calls for lower costs and full environmental compliance.
- 26 Oct 2026The SMA charges Enap RefineríasFour charges, two preliminarily very serious, over sulfur and SO₂.
- 29 Oct 2026Record profit through SeptemberUS$1.112 billion, up 119% on 2025.
- 12 Nov 2026ResignsDisclosed in a material-event filing; personal reasons.
- 5 Feb 2027Leaves the postThe board is searching for a successor.
In July 2026, under the new government, the board had confirmed Friedmann. At the time Muga warned that the company would face “tighter margins” and that the challenges were cutting costs, stabilizing operations, fully complying with environmental rules and creating new revenue streams, according to Electrominería.
Enap's results under his management
Recent figures explain the board's tone. As of September 2026, Enap's consolidated EBITDA reached US$1.875 billion, 83% above the US$1.023 billion of a year earlier, according to results filed with the Financial Market Commission (CMF). The company attributes it mainly to international refining prices and higher sales of its own gasoline, diesel and jet fuel. That price cycle is also reflected in what drivers pay, as our ranking of gasoline prices in Latin America shows.
| Indicator | Jan-Sep 2025 | Jan-Sep 2026 | Change |
|---|---|---|---|
| Profit | US$506 million | US$1.112 billion | +119% |
| EBITDA | US$1.023 billion | US$1.875 billion | +83% |
| Cumulative output | — | 9 million m³ | — |
Source: Enap, results to 30 September 2026, filed with the CMF.
In 2025 the company earned US$847.8 million, and under Friedmann it cut its debt by more than US$1 billion. Its annual output rose from 9 million m³ in 2022 to 10.4 million in 2023, 11 million in 2024 and 12 million in 2025. In 2026 Enap also met the dividend schedule requested by the State, equal to 70% of 2025 profit, or about US$593 million according to an Energía Futura calculation based on that year's reported profit. At its April 2026 shareholders' meeting the company pledged to stay focused on operational discipline, cost cuts and lower financial debt.
View the data as a table
| Output | |
|---|---|
| 2022 | 9.0 |
| 2023 | 10.4 |
| 2024 | 11.0 |
| 2025 | 12.0 |
| Year | Output (million m³) |
|---|---|
| 2022 | 9.0 |
| 2023 | 10.4 |
| 2024 | 11.0 |
| 2025 | 12.0 |
| 2026 (January to September) | 9.0 |
Source: Enap, third-quarter 2026 results statement.
The challenges Enap's next CEO inherits
Whoever takes over will receive a company with better numbers but several open fronts. The first is environmental: the SMA case against Enap Refinerías and emissions from its Aconcagua refinery in Concón and its Biobío refinery in Hualpén. The second is the refining cycle, which favours the company today but which the board itself expects to tighten. And all this as global fossil emissions are only just beginning to decline, according to the Global Carbon Budget 2026.
The third is international strategy. In 2026 Enap announced that its subsidiary Enap Sipetrol signed an agreement to buy 100% of Pluspetrol Ecuador B.V., with a stake in Block 10 in Pastaza province, for a base price of US$207 million, subject to approvals. With it, its output in Ecuador would rise from 27,000 to 34,000 barrels a day and its proven reserves there from 50 to 67 million barrels, according to the company. Ecuadorian crudes already make up more than 20% of what its refineries process.
| Purchase of Pluspetrol Ecuador | Detail |
|---|---|
| Buyer | Enap Sipetrol S.A. |
| Asset | 100% of Pluspetrol Ecuador B.V. (Block 10, Pastaza) |
| Base price | US$207 million |
| Block area | 1,985 km² |
| Enap's output in Ecuador | From 27,000 to 34,000 barrels a day (+26%) |
| Proven reserves in Ecuador | From 50 to 67 million barrels (+34%) |
| Status | Subject to regulatory approvals |
Source: Enap, statement on the Pluspetrol Ecuador purchase. Enap has operated in Ecuador since 2003, in Blocks 46 and 47, and its cumulative output there exceeds 150 million barrels.
And then there is the energy transition. The company refines much of the fuel consumed in Chile, whose price the country follows closely, as our ranking of diesel prices in Latin America shows. At the same time, the electrification of transport is putting downward pressure on future demand for gasoline and diesel.
Does your company work in fuels, refining or the energy transition? Reach Energía Futura's readers.
See advertising options
Frequently asked questions
Why did Julio Friedmann resign from Enap?
According to Enap and the executive himself, for personal reasons. The company did not link his departure to the SMA charges against Enap Refinerías.
When does he leave?
On 5 February 2027. Until then he will remain in charge while the board looks for a successor.
How much did Enap earn in 2026?
US$1.112 billion between January and September, 119% more than in the same period of 2025, with EBITDA of US$1.875 billion.
Who will replace Friedmann?
It is not yet known. Board chairman Cristián Muga said the search for a successor will begin shortly.
What charges did the SMA bring against Enap?
On 26 October 2026, four charges against Enap Refinerías, two preliminarily very serious, over the sulfur recovery system and the recording of SO₂ emissions. The proceedings are ongoing.
