Cepsa announced earnings results for first half year of 2013. The company announced a 62% year-on-year drop in net profit to EUR 124.1 million in the first half of 2013 due to weak consumer demand, tight marketing margins and a challenging environment for refining activities in Spain. The company suffered lower production and sales of crude oil, lower refining margins and weak domestic demand for motor fuels, which fell 6%, as well as new energy price regulations in the country.

Pressured by the crisis on the domestic market, Cepsa boosted its activity abroad. Thus, international operations accounted for 63% of the group's net profit, which calculates changes in inventory values at replacement cost and factors out non-recurring items. Capital expenditures in the first half of 2013 came in at EUR 465 million, rising by EUR 60 million from a year earlier. Net debt stood at EUR 1.473 billion, with a net debt-to-equity ratio of 19%.