SAO PAULO (S&P Global Ratings) Oct. 28, 2022--S&P Global Ratings said today that Empresa Nacional del Petroleos's (ENAP; BB+/Stable/--) third-quarter results are consistent with expectations. Revenue and EBITDA for the nine months jumped about 75% and are poised to surpass our expectation of annual EBITDA of about $1 billion, according to our latest oil price update of $100/bbl for the remainder of 2022. As expected, the company's both business divisions fueled performance, thanks to steady volumes sold, and higher oil prices and refining margins resulting from a more efficient procurement policy. Discipline in terms of operating expenses and capex helped improve the company's metrics in the period, although capital expenditures (capex) of $356 million as of September 30 were well
