Spanish oil company Moeve's profit rises 7% on strong refining margins

Galp Energia SGPS SA

07/05/2026 11:22

MADRID, May 7 (Reuters) - Spanish energy company Moeve reported a 7% increase in first-quarter earnings on Thursday, citing strong performance across its core businesses and soaring profits at its energy division as the Iran war provoked a surge in global oil and fuel prices.

Among Spain's largest refiners, the company formerly known as Cepsa booked a 147 million euro ($173 million) net profit in the quarter, compared to 138 million euros a year ago.

"Moeve delivered solid results in a quarter shaped by heightened geopolitical uncertainty and volatile energy prices," CEO Maarten Wetselaar said in a statement.

Core profit from Moeve's energy business soared by 40% year-on-year thanks to strong refining margins as a result of the turbulent market environment triggered by the Middle East conflict.

Moeve also said that a potential binding agreement with Portuguese energy firm Galp GALP.LS to combine their refining, chemicals and fuel retail businesses was expected by mid-2026,     a deal which could create one of Europe's biggest refiners.

The two companies said in January they had signed a non-binding agreement.

($1 = 0.8498 euros)

 (Reporting by Javi West Larrañaga; Editing by Joe Bavier)

 ((Javier.West@thomsonreuters.com; +34 918 35 61 12;))