...August 12, 2025 This report does not constitute a rating action. Solid operational performance will keep leverage controlled, despite higher capital expenditures (capex). Empresa Nacional del Petr=leo (ENAP) has been investing in the exploration and production (E&P) segment to preserve reserves and sustain production levels, while capex in the refining and marketing (R&M) segment is aimed at operational continuity and safety and existing commitments related to environmental initiatives. We anticipate high capex of $600 million-$750 million per year for the next two years. We continue to believe the company is committed to operational efficiency, considering its cost- control initiatives to improve margins and reduce debt. In the first half of 2025, ENAP reported consolidated EBITDA of $682 million, a 44% increase from the same period last year. This increase is primarily due to higher sales amid lower energy and logistics costs in the R&M segment, as well as a decline in international oil...
