The head of Chile’s state oil company is leaving after a tenure ENAP calls one of record profits. Julio Friedmann, general manager of the Empresa Nacional del Petróleo (ENAP), resigned on Thursday, 12 November 2026.
Key Facts
—Who. Julio Friedmann, general manager of ENAP, Chile’s state oil company.
—What. He resigned on 12 November and stays until Friday, 5 February 2027.
—Number. ENAP earned US$1.112 billion in nine months to September, up 119% year on year.
—Why it matters. Chile’s state oil company needs a new chief executive.
—Next. The board will start a search soon; no successor has been named.
—Power Index. Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 62.9 points (November 2026 edition).
ENAP has not explained the departure, and the board has yet to name a successor.
What Happened
ENAP announced the resignation in a press release on Thursday, 12 November 2026. It said Friedmann will stay until Friday, 5 February 2027.
Until then he keeps full powers, carries out the business plan and helps with the succession. ENAP did not give reasons, and Friedmann described it as a “personal decision” and said the board understood his reasons.
Friedmann took over in November 2022 after the board chose him to replace Julio Aranis, the previous general manager. He is an engineer from the University of Chile with a master’s degree from the Sloan School of Management at the Massachusetts Institute of Technology (MIT).
He had worked at ENAP from 2002 to 2005 as a division manager, then led its downstream business. He later held posts at the engineering group Alstom and at General Electric, where he became chief executive in Chile.
Why It Matters
ENAP’s release credits his tenure with record profits, a cut in debt of more than US$1 billion and record production volumes. The company reported profit of US$1.112 billion for the first nine months of 2026, up 119% from US$506 million a year earlier.
Its consolidated EBITDA, a measure of operating earnings before interest, tax and depreciation, rose 83% to US$1.875 billion over the same period. Board chair Cristián Muga said Friedmann’s contribution was “fundamental to lay the foundations for a new cycle” for the company.
Friedmann said he was proud to leave a company “much stronger operationally and financially”.
What It Means for You
Bondholders and anyone tracking Chile’s energy sector should watch who the board picks, because the choice signals how the state wants to run the company. For Chilean taxpayers, ENAP’s profits matter because the company is state-owned.
Nothing in the announcement points to a change in strategy before February. The handover period is long enough for an orderly search.
What Is Not Known
ENAP gave no reason beyond a personal decision, and no timetable or candidates for the search. It is also unclear who would act as manager if the search runs past 5 February.
More on the country’s economy is on our Chile news page. Our Chile coverage follows the company search as it develops.
Frequently Asked Questions
Why did Julio Friedmann resign from ENAP?
ENAP gave no reasons. Friedmann called it a personal decision.
Who will replace Julio Friedmann at ENAP?
No successor has been named. The board, chaired by Cristián Muga, will start a search soon.
When does Julio Friedmann leave ENAP?
He remains in office until Friday, 5 February 2027. Until then he keeps full powers and helps the succession.
Sources: ENAP press release, 12 November 2026; ENAP nine-month results, 29 October 2026; Financial Market Commission (CMF) of Chile.
This article was produced by The Rio Times’ automated AI newsroom. Editorial responsibility: Matthias Camenzind, Publisher and Editor-in-Chief. The Rio Times also runs Ask Rio Times, which answers from 100,000+ of our own articles, the daily Latin America Power Map, and prediction-market odds on elections and markets.. How we use AI · Report an error