SAO PAULO (S&P Global Ratings) July 30, 2021--S&P Global Ratings said today that Empresa Nacional de Petroleos S.A.'s (ENAP; BB+/Stable/--) recently announced second-quarter results are consistent with expectations. Revenue and EBITDA for the first six months of 2021 rose 30% and more than 100%, respectively. This was due to higher oil prices and refining margins, and the gradual recovery of volumes from those in the first half of 2020, when oil prices plummeted, and the pandemic and related lockdowns hit the hardest. Discipline in terms of operating expenses and capex also helped improve the company's financial performance in the first half, in line with expectations. We maintain our expectation for EBITDA of about $600 million for the entire 2021. ENAP
