Bulletin: Capital Injection In Empresa Nacional del Petroleo Is In Line With Expectations

This report does not constitute a rating action. BUENOS AIRES (S&P Global Ratings) March 12, 2025--S&P Global Ratings said today that the capital injection of $150 million that Empresa Nacional del Petroleo (ENAP; BBB-/Stable/--) received from the government is in line with our expectation and has no material impact on the metrics. Still, we believe it confirms the message that the company has conveyed to the financial community in relation to ongoing support from the government. ENAP released its 2024 audited financial statements, incorporating an equity inflow of $150 million received in December, which partially compensates for the $400 million extraordinary dividend that the company paid to the government in 2023. Even though the inflow was lower than the figure

...March 12, 2025 This report does not constitute a rating action. BUENOS AIRES (S&P Global Ratings) March 12, 2025--S&P Global Ratings said today that the capital injection of $150 million that Empresa Nacional del Petroleo (ENAP; ###-/Stable/--) received from the government is in line with our expectation and has no material impact on the metrics. Still, we believe it confirms the message that the company has conveyed to the financial community in relation to ongoing support from the government. ENAP released its 2024 audited financial statements, incorporating an equity inflow of $150 million received in December, which partially compensates for the $400 million extraordinary dividend that the company paid to the government in 2023. Even though the inflow was lower than the figure in the government's budget for 2024, it points to the consistency in government support, as the refund materialized. We have not included any refund in our base-case scenario, so this small upside contributes...

Bulletin