CHILE · ECONOMY
Key Facts
- The company ENAP is Chile’s state-owned oil company, and the Chilean state is its only shareholder.
- What happened ENAP reported a profit of US$1.112 billion for January to September 2026 on Thursday 29 October 2026.
- The jump That is 119% more than the US$506 million it earned in the same months of 2025.
- Operating earnings EBITDA, earnings before interest, taxes and depreciation, reached US$1.875 billion, up 83%.
- The reason ENAP credits higher international refining margins and larger sales of gasoline, diesel and jet fuel.
- Power Index Chile ranks 3rd of 14 in The Rio Times Latin America Power Index, with 63.6 points (October 2026 edition).
Chile’s state oil company ENAP earned US$1.112 billion in the first nine months of 2026, more than double its profit a year earlier. The company published the result on Thursday 29 October 2026 with Chile’s financial regulator, the Comisión para el Mercado Financiero (CMF).
For US readers, the result shows how well refiners have done in a favorable oil cycle, in a country that has had a free-trade agreement with the United States since 2004. It also matters because the profit flows to the Chilean state, which owns ENAP and takes most of the earnings as dividends.
What Happened
ENAP’s net profit reached US$1.112 billion on 30 September 2026, against US$506 million in the same period of 2025, a rise of 119%. Its EBITDA, a measure of operating earnings before interest, taxes and depreciation, was US$1.875 billion, up 83% from US$1.023 billion.
General Manager Julio Friedmann said the results combine a favorable international refining cycle with steady operating progress in all business units. He added that lower debt and a better mix of sales also helped.
The third quarter alone brought about US$533 million, close to three times the profit of the third quarter of 2025. ENAP says this extends six consecutive years of profit.
In Plain English
- ENAP Empresa Nacional del Petróleo, Chile’s state-owned company that refines crude oil and sells fuels.
- CMF The Comisión para el Mercado Financiero, Chile’s financial regulator, where companies file their accounts.
- Refining margin The gap between what fuels sell for and what the crude oil costs.
Why Refiners Gained
A refining margin is the gap between what a refinery earns from fuels and what it pays for crude oil. When that gap widens, a plant that keeps its output steady earns more on every barrel it processes.
ENAP says its refining margins rose, and that it also reached its highest production levels. Together, wider margins and higher volumes explain the jump in earnings.
The company named gasoline, diesel and aviation kerosene as the products it sold more of. Jet fuel matters for travelers, because airports in Chile depend on it.
What the State Receives
ENAP says it is meeting the dividend calendar for its only shareholder, the Chilean state, which equals 70% of its 2025 profit. The company also promises to cut costs and reduce financial debt, as it committed at its shareholders’ meeting in April 2026.
The release says ENAP lowered its financial debt during the period, but the public summary gives no amount. That leaves the size of the cut unclear.
Why It Matters
ENAP is a large source of money for Chile’s public budget, so a strong year helps the state finances. Our report on the first-half result, a profit of US$579 million, shows how the company’s earnings built up earlier this year.
The profit comes with a legal risk. Chile’s environmental regulator has charged ENAP’s Aconcagua refinery in Concón with four infractions, and our report on that case explains why a fine of about US$19 million is possible.
What It Means for You
If you invest in Chile through US funds, ENAP is wholly owned by the state, so its profit reaches investors only through public finances and the peso. Strong dividends give the government more room in its budget.
If you travel or ship goods through Chile, fuel costs follow international prices, and a state-owned refiner’s profit does not by itself lower pump prices. Do not expect cheaper fuel from this result alone.
What Is Not Known
It is not known how much of the gain came from higher margins and how much from larger volumes, because the short company release does not split them. The size of the debt reduction is also not given.
Whether refining margins stay this high into 2027 is not known, and the company has not published a forecast. The next dividend payment to the state will depend on the full-year result, which ENAP will file after December.
More: Chile news in English, every day from The Rio Times.
Frequently Asked Questions
How Much Did ENAP Earn in 2026?
ENAP earned US$1.112 billion from January to September 2026, up 119% from US$506 million a year earlier. The company reported the result on Thursday 29 October 2026.
What Is ENAP?
ENAP is Chile’s state-owned oil company, which refines crude oil and sells fuels. The Chilean state is its only shareholder and receives dividends equal to 70% of the 2025 profit.
Why Did ENAP’s Profit Rise 119%?
ENAP credits higher international refining margins and larger sales of gasoline, diesel and jet fuel. It also says lower debt and a better sales mix helped.
Sources: ENAP, press release on results to 30 September 2026 (statements by General Manager Julio Friedmann), 29 October 2026; Comisión para el Mercado Financiero (CMF) of Chile, ENAP financial statements to 30 September 2026, 29 October 2026; ENAP, company website.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief