North Atlantic Energies to record asset impairment for 2025
North Atlantic Energies has announced that it expects to recognize an impairment charge on industrial assets of approximately 206 million euros in its 2025 annual accounts, primarily resulting from an increase in its cost of capital, in accordance with IAS 36.
Since the acquisition in late November 2025 of the 82.89% majority stake held by ExxonMobil in Esso SAS, North Atlantic Energies has been operating as an independent refiner and is no longer integrated into a global oil major.
The size of its balance sheet was also significantly reduced following dividend and reserve distributions prior to the acquisition, leading to higher financing costs. Consequently, the company expects to record an impairment of industrial assets amounting to approximately 206 million euros for 2025.
This impairment takes into account assumptions of long-term cash flow improvements related to optimization plans at the Gravenchon refinery, but does not include impacts resulting from the current international market situation and the subsequent extreme volatility.
Despite margin indicators derived from public data, North Atlantic Energies anticipates that more restrictive crude oil supply conditions for independent refiners will persist through the coming months of 2026.
North Atlantic Energies (formerly Esso S.A.F.) specializes in the refining and distribution of petroleum products. Net sales break down by activity as follows:
- crude oil refining and sale of petroleum products (82.1%): 9.2 million metric tons of crude oil refined and 16.1 million cubic meters of petroleum and specialty products sold (diesel and heating oil, kerosene, fuels, heavy fuel oils, liquefied petroleum gas, finished lubricants, white oils, paraffins, bitumen, etc.) in 2025. At the end of 2025, the group operates a refinery located in France;
- crude oil exploration and production (3.9%);
- services (1.9%).
The remaining (12.1%) of net sales comes from the consumption tax on energy products.
France accounts for 80.5% of net sales.
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