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ENAP´s net income was US$ 52 million during the first quarter of 2013

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ENAPThe net income of the state-owned ENAP was USD $ 52 million in the first quarter of 2013, which compares favorably with the loss of US$110 million on march 31, 2012 (net change of USD $ 162 million from one period to the other).

This change in trend in the results is due to a variation in the gross margin, which increased from –USD $ 31 million in march 2012 to USD $ 204 million in march 2013 (net change of USD $ 235 million). This variation in the margin is the result of higher income (USD $ 122 million) and lower costs (USD $ 113 million). The EBITDA for the first quarter of 2013 was USD $212 million, USD $227 million higher compared to EBITDA of -USD $ 15 million in the first quarter of 2012.

Finally, and from ENAP's positive results, equity increased by USD $ 70 million in March 2013 compared December 2012, reaching US$ 152 million.

Ricardo Cruzat, General Manager of ENAP, explained that "we are obtaining results from the good work done during 2012, which enabled improving the refineries' operation and efficiency by ensuring long-term natural gas at a very competitive price, pursuant the new contract negotiated with BG, and reaching agreements with workers to increase the sustainability of the Company ".

The main reasons for the positive variation of ENAP's gross margin of US$235 million are directly related to the results of its subsidiary ENAP Refineries S. A., which in the first quarter of 2013 obtained a gross margin of US$142 million compared to -US$82 million during the same period in 2012.

On the other hand, gross margin in Exploration and Production Business Line for the first quarter of 2013, was US$17.5 million higher compared to the same period in 2012. This is mainly due to: a) a better result obtained in Argentina by selling oil in the local market, lowering the tax on imports by US$50 million, allowing to compensate lower revenues from sales of crude oil and stock change (MUS$28 million). 

Additionally, a 20% improvement in production of gas is obtained with the launching of platform AM-2. For the rest of the year better results are expected in the subsidiary due to the enactment of the "Stimulus Program for Injection of Natural Gas Surplus," which provides for payment of US$7.5/MMBtu of gas injected to the system above a production base curve. 

The latter would mean an increase of US$20 million in revenue; b) in Egypt a better performance is achieved on the results of the drilling campaign (2012: 2 dry wells, 2013: 1 producer well), which will contribute significantly to the results of 2013; c) in Magallanes a compensation obtained from the state to the sale price of gas to Gasco to cover the supply for the region.

It is expected that these improved results provide an increase in gas production for the region for 2013 and 2014.
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