Spain's Moeve profit soars as refining offsets weak chemicals

Nov 13 (Reuters) - Spain's second-largest oil refiner Moeve, formerly known as Cepsa, reported a steep 89% rise in quarterly net income on Thursday as stronger refining margins and cash generation helped offset weakness in its chemicals and upstream units.

Its net income jumped to 148 million euros ($172.6 million) in the third quarter, while earnings before interest, taxes, amortisation and depreciation rose 20% to 459 million euros.

Moeve said refining margins nearly doubled from a year earlier, supported by steady demand for transport fuels and lifting cash flow from operations by 52% to 479 million euros.

Its chemicals business, however, continued to face low margins, and upstream results were hit by softer oil prices.

Owned by Abu Dhabi fund Mubadala and U.S.-based private equity firm the Carlyle Group CG.O, Moeve rebranded last year to reflect its shift towards low-carbon businesses.

It has sold 70% of its oil production assets since 2022, including operations in Abu Dhabi and South America.

($1 = 0.8575 euros)