Tear Sheet: Empresa Nacional del Petroleo

S&P Global Ratings believes there is a high degree of unpredictability around the duration and scale of the Middle East war and its potential effect on commodity prices, supply chains, economies, and credit conditions. As a result, our baseline forecasts carry a significant amount of uncertainty. As situations evolve, we will gauge the macro and credit materiality of potential shifts and reassess our guidance accordingly. This report does not constitute a rating action. We think Empresa Nacional del Petroleo (ENAP) remains relatively insulated from direct supply disruptions due to the Middle East war. ENAP is well positioned to withstand the disruptions because of its diversified crude sourcing, including imports from Brazil, Ecuador and under the Vaca Muerta agreement in Argentina,

...This report does not constitute a rating action. We think Empresa Nacional del Petroleo (ENAP) remains relatively insulated from direct supply disruptions due to the Middle East war. ENAP is well positioned to withstand the disruptions because of its diversified crude sourcing, including imports from Brazil, Ecuador and under the Vaca Muerta agreement in Argentina, as well as Chile's fuel price stabilization mechanisms (called 'MEPCO' for its Spanish acronym), which limit the immediate pass-through of higher international prices to end consumers without impacting the company's cash flows. The Middle East war has contributed to higher international oil and refined product prices and higher refining margins, increasing volatility across energy markets. Nevertheless, S&P Global Ratings estimates working capital outflows of about $265 million in 2026 due to higher inventory requirements and receivables. In December 2025, ENAP signed a $12 billion long-term crude supply agreement for Vaca Muerta...

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