{{Short description|Spanish multinational oil and gas company}} {{Infobox company | name = Moeve, S.A. | logo = Moeve logo.svg | logo_size = 250px | caption = | image_size = 250px | image = Cuatro_Torres_(11440331913).jpg | image_caption = Torre Moeve in Madrid, Spain, the company's headquarters | type = Sociedad Anónima Unipersonal | genre = <!-- Only used with media and publishing companies --> | fate = | predecessor = | successor = | foundation = {{Start date and age|1929|09|26}} in Madrid, Spain | founder = | defunct = <!-- {{End date|YYYY|MM|DD}} --> | location_city = Madrid | location_country = Spain | location = Torre Cepsa<br/> Paseo de la Castellana 259, Cuatro Torres Business Area | locations = | area_served = Worldwide | key_people = Musabbeh Ali Alkaabi, Chair<br/>Maarten Wetselaar, CEO<ref>{{cite news | last = Jopson | first = Barney | date = 23 Dec 2022 | title = Pipe or cable? Companies split on best way to transport European energy | url = https://on.ft.com/3hNlNNj | newspaper = Financial Times | location = | access-date = 23 Dec 2022 }}</ref> | industry = Electrical energy<br />Petroleum | products = Hydrogen<br />Petroleum<br />Natural gas<br />Motor fuels<br />Aviation fuels | services = Service stations | revenue = {{increase}} €24.868 billion <small>(2024)<ref name="AR2024">{{Cite web|url=https://www.moeveglobal.com/stfls/corporativo/FICHEROS/Moeve_Quarterly-Results-Presentation-Q4-FY-2024.pdf|title=Moeve FY 2024 Results|date=25 February 2025|website=moeveglobal.com|access-date=23 May 2025}}</ref>{{rp|3}}</small> | operating_income = {{increase}} €1.852 billion <small>(2024)<ref name=AR2024/>{{rp|3}}</small> | net_income = {{increase}} €92 million <small>(2024)<ref name=AR2024/>{{rp|3}}</small> | aum = <!-- Only used with financial services companies --> | assets = {{increase}} €12.20 billion <small>(2024)<ref name=AR2024/>{{rp|2}}</small> | equity = {{increase}} €3.13 billion <small>(2024)<ref name=AR2024/>{{rp|2}}</small> | owners = Mubadala Investment Company (61.36%) <br /> The Carlyle Group (38.41%) | num_employees = {{increase}} 11,000 <small>(2024)<ref name=AR2024/>{{rp|69}}</small> | parent = | divisions = | subsid = | homepage = {{URL|https://www.moeveglobal.com/}} | footnotes = | intl = }} '''Moeve, S.A.''', known until October 2024 as '''Cepsa''', ({{lang|es-ES|Compañía Española de Petróleos, Sociedad Anónima}}, "Spanish petroleum company, S.A.")<ref name="Escolar">{{cite news |last1=Escolar |first1=Arsenio |title=El petróleo ahora mancha incluso las marcas y la reputación |url=https://www.eldiario.es/cultura/petroleo-ahora-mancha-marcas-reputacion_129_11796827.html |access-date=7 November 2024 |work=elDiario.es |date=6 November 2024 |language=es-ES}}</ref> is a Spanish multinational integrated energy and petroleum company headquartered at Torre Moeve in the Cuatro Torres Business Area in Madrid.
As of 2024, Moeve produced approximately {{convert|34400|oilbbl/d|m3/d}}, reflecting its strategic shift after divesting upstream assets in Abu Dhabi in 2023.<ref>{{Cite web|url=https://www.moeveglobal.com/stfls/corporativo/FICHEROS/moeve-integrated-management-report-2024.pdf|title=Moeve Integrated Management Report 2024|date=24 February 2025|website=moeveglobal.com|access-date=24 February 2025}}</ref> The company operates three refineries with a combined refining capacity of approximately 21.5 million tonnes per year.<ref>{{Cite web|url=https://www.moeve.es/stfls/CepsaCom/Contenidos_comunes/Documentos/Company_profile.pdf|title=Com[any profile|website=moeve.es|access-date=23 May 2025}}</ref>
As of 31 December 2024, the company’s share capital is primarily held by Cepsa Holding, LLC (61.36%), controlled by Mubadala Investment Company, a sovereign wealth fund of the government of Abu Dhabi, and Matador Bidco S.À.R.L. (38.41%), controlled by The Carlyle Group.<ref>{{Cite web|url=https://www.moeveglobal.com/stfls/corporativo/FICHEROS/consolidated-financial-statement-2024.pdf|title=Consolidated Financial Statement 2024|website=moeveglobal.com|access-date=24 February 2024}}</ref>
Moeve, which rebranded from Cepsa in October 2024, is undergoing a strategic shift toward low-carbon energy, focusing on green hydrogen, biofuels, and electric mobility, supported by an €8 billion investment plan.<ref name="green">{{Cite web|url=https://www.reuters.com/business/energy/spains-moeve-swings-profit-2025-02-25/|title=Spanish oil company Moeve swings to profit|website=reuters.com|access-date=25 February 2025}}</ref>
== History == thumb|Former logo as Cepsa. Cepsa was founded in 1929 as a private company led by Francisco Recasens, with its first refinery located at Tenerife in the Canary Islands. Because of the Campsa state monopoly of fuel distribution, Cepsa sold its production to that company.<ref>{{Cite book |last=Etchemendy |first=Sebastian |url=http://dx.doi.org/10.1017/cbo9780511835223 |title=Models of Economic Liberalization |date=2011 |publisher=Cambridge University Press |isbn=978-0-511-83522-3 |location=New York|doi=10.1017/cbo9780511835223 }}</ref> It expanded to lubricant production in 1950 and petrochemical products in 1955. In 1964 it opened a factory in Portugal, and in 1967 it added a second refinery at San Roque de Cádiz. After relaxations of the state monopoly, Cepsa bought a portion of Campsa petrol stations in 1992.
In 1988, Abu Dhabi's International Petroleum Investment Company (IPIC) bought a 10% stake of Cepsa. Later Elf Aquitaine bought a 20% stake, and Cepsa became a publicly traded company in 1989. Cepsa bought a third refinery in Huelva in 1991, and entered the liquefied petroleum gas market in 1998. The company expanded to the United Kingdom, Netherlands, Canada, Algeria, Brazil, Colombia and Peru. In 2011 IPIC bought the full company for 267 million euros.<ref name=cespa>{{cite web|last=Cespa|title=Cespa company information|url=http://www.cepsa.com/cepsa/Who_we_are/The_Company/Shareholding/|access-date=2012-09-18|archive-url=https://web.archive.org/web/20130610233605/http://www.cepsa.com/cepsa/Who_we_are/The_Company/Shareholding/|archive-date=2013-06-10|url-status=dead}}</ref>
In November 2013, the firm agreed to buy Coastal Energy Co for around $2.21 billion.<ref>{{cite news | url=https://www.reuters.com/article/us-coastalenergy-offer-cepsa-idUSBRE9AI04O20131119 | title=Spain's Cepsa to buy Coastal Energy in deal worth $2.2 billion | author=Sakthi Prasad | publisher=Reuters | date=19 November 2013 | access-date=30 June 2017 | archive-date=24 September 2015 | archive-url=https://web.archive.org/web/20150924190953/http://www.reuters.com/article/2013/11/19/us-coastalenergy-offer-cepsa-idUSBRE9AI04O20131119 | url-status=live }}</ref>
The American private equity firm The Carlyle Group completed the acquisition of a 38.1% stake in Cepsa from Mubadala on 8 April 2019.<ref>{{Cite web|url=https://www.moeveglobal.com/stfls/corporativo/FICHEROS/NOTAS_DE_PRENSA/Mubadala_Carlyle_Completion_Press_Release_ENG.pdf|title=The Carlyle Group completes acquisition of shareholding in Cepsa from Mubadala|website=moeveglobal.com|access-date=8 April 2019}}</ref>
On October 30, 2024, Cepsa officially changed its name to Moeve, a measure destined to reflect its orientation towards sustainable strategies and low-emitting energy projects.<ref>{{Cite web|url=https://www.abc.es/economia/cepsa-pasa-llamarse-moeve-reflejar-apuesta-verde-20241030110430-nt.html|title=Cepsa pasa a llamarse Moeve para reflejar su apuesta por el 'verde'|access-date=30 October 2024|date=30 October 2024|website=Diario ABC|language=es-ES}}</ref>
In 2024 Moeve reported a net profit of €92 million, reversing a €233 million loss in 2023, driven by gains in its energy and chemicals divisions despite a 30% drop in refining margins.<ref name=green/> The company is shifting its focus to low-carbon energy backed by an €8 billion investment plan that includes a €1.2 billion biofuels plant.<ref name=green/> Moeve has divested 70% of its oil production assets since 2022 and aims to become a key player in the green hydrogen industry with a 2-gigawatt target by 2030.<ref name=green/>
== Refineries == Cepsa operates 3 refineries in Spain, with 50% ownership of a fourth. Cepsa operates the largest refinery in Iberia, the Gibraltar-San Roque Refinery, which has received significant international criticism for ongoing air pollution problems and increased cancer rates nearby.<ref>{{cite web |last1=WATSON |first1=Graham |title=Parliamentary question {{!}} Pollution from the Compañía Española De Petróleos (CEPSA) oil refinery {{!}} E-012286/2013 {{!}} European Parliament |url=https://www.europarl.europa.eu/doceo/document/E-7-2013-012286_EN.html?redirect |website=www.europarl.europa.eu |language=en}}</ref><ref>{{cite web |title=Environmental Group to make formal protest against Cepsa Refinery |url=https://www.gbc.gi/news/environmental-group-make-formal-protest-against-cepsa-refinery |website=www.gbc.gi |language=en}}</ref><ref>{{cite web |last1=Smith |first1=Charlie |title=Blowing in the wind: Does pollution on Gibraltar's border with Spain cause increased cancer rates? |url=https://www.theolivepress.es/spain-news/2018/11/24/blowing-in-the-wind-does-pollution-on-gibraltars-border-with-spain-cause-increased-cancer-rates/ |website=Olive Press News Spain |access-date=25 January 2025 |date=24 November 2018}}</ref> Cepsa also operates the Refinería de Santa Cruz de Tenerife, La Rábida Refinery, and a 50% split refinery with ASESA.<ref>{{cite web |url=https://www.moeve.es/stfls/CepsaCom/Contenidos_comunes/Documentos/Activities.pdf |title=Activities |access-date=25 January 2025}}</ref>
== Sponsorship == Cepsa has sponsored the Spanish football club Recreativo de Huelva between 1997 and 2007, Spain national football team since 2007 and since 2011 has been one of the major sponsors of the Toro Rosso Formula One racing team until 2015 but not directly supplying fuels and lubricants.<ref>{{Cite book |url=https://www.cepsa.com/stfls/CepsaCom/Coorp_Comp/Ficheros_corporativo/2012/CEPSA_renews_its_sponsorship_of_the_Spanish_National_Football_Team.pdf |title=CEPSA renews its sponsorship of the Spanish National Football Team |year=2012}}</ref>
==References== {{Reflist}}
== External links == *{{Official website|https://www.moeveglobal.com/}}
{{Petroleum industry}} {{Authority control}}
{{DEFAULTSORT:Compania Espanola de Petroleos}} Category:Spanish companies established in 1929 Category:Energy companies established in 1929 Category:Non-renewable resource companies established in 1929 Category:Companies based in Madrid Category:Natural gas companies of Spain Category:Oil companies of Spain Category:Spanish brands Category:Automotive fuel retailers