Moeve and Cepsa: one corporate history
Moeve, S.A. is the Spanish parent of an international energy group, with tax identifier A28003119 and registered office at Paseo de la Castellana 259A, Madrid. It was incorporated on 26 September 1929 as Compañía Española de Petróleos. The Moeve brand launch, announced in October 2024, should be distinguished from the corporate change: on 30 June 2025, the absorption of wholly owned subsidiary Moeve S.L.U. was approved, after which the parent adopted its current name. The accounts state that the merger had no significant financial or accounting effects. This profile therefore follows Cepsa–Moeve as one continuing business and uses consolidated group figures.
Moeve: 2025 consolidated financial statements · p. 19 · Moeve: legal notice and company details · Moeve: announcement of the 2024 Cepsa rebrand
From Tenerife to Andalusia’s energy parks
The industrial story begins with the Tenerife refinery in 1930. Later expansion added exploration, lubricants, petrochemicals and distribution. San Roque opened in 1969, while La Rábida joined through the Ertoil acquisition in 1991. Portugal became an international base in 1964. These milestones explain the combination of continuous-process facilities with commercial and logistics operations. Positive Motion was introduced in 2022 and the new brand followed in 2024. They represent a transformation of the existing business, rather than a company founded from scratch that year or the immediate disappearance of oil-related operations.
Moeve: company history · Moeve: announcement of the 2024 Cepsa rebrand
What the group produces and sells
The 2025 financial statements distinguish Energy, Chemicals and Exploration and Production. Activities include refining, fuels, gas, electricity, lubricants, bitumen, chemicals and trading, alongside the mobility network. Ballenoil retains its commercial identity within that network while the Moeve name extends across different companies and activities. A brand, a subsidiary and an accounting segment are different concepts. For prevention, the relevant questions concern the entity operating each site and the actual work performed. Changing a plant’s product or feedstock raises different questions from operating a retail outlet or transporting goods.
Moeve: 2025 consolidated financial statements · p. 19 · Moeve: 2025 consolidated financial statements · p. 40 · Moeve: 2025 consolidated management report · p. 97
The chemicals manufacturing network
The 2025 report locates the group’s five chemical plants in Spain—two, alongside its energy parks—Brazil, Canada and China. It also describes participation in linear alkylbenzene sulfonic acid (LABSA) manufacturing in Nigeria and in two oleochemical plants in Indonesia and Germany. These interests are not presented as wholly controlled facilities. The network makes feedstocks used in detergents, resins, fibres, electrical components and pharmaceuticals, connecting Moeve’s processes with downstream industrial chains. The report identifies Puente Mayorga in Spain and Bécancour in Canada as two linear alkylbenzene plants using Detal technology, which the company co-owns.
Ownership and leadership
At 31 December 2025, Cepsa Holding LLC owned 61.36% of the capital and was ultimately controlled by Mubadala Investment Company. Matador Bidco S.À.R.L. owned 38.41% and was ultimately controlled by The Carlyle Group. These are the specific interests reported in the accounts, rather than rounded historical percentages. As checked in November 2026, Luca Molinari is board chairman, Marcel van Poecke vice chairman and Maarten Wetselaar chief executive. Wetselaar took office on 1 January 2022. The distinction helps identify the responsibilities for overseeing strategy and leading its implementation.
Moeve: 2025 consolidated financial statements · p. 69 · Moeve: current board of directors · Moeve: Maarten Wetselaar’s biography and appointment
2025 revenue and earnings on a consistent basis
The latest complete financial year available is 2025, from 1 January to 31 December. The group reported revenue from contracts with customers of €23,381 million, compared with €24,868 million in 2024. Profit attributable to the parent was €341 million; total consolidated profit, before allocating €30 million to non-controlling interests, was €371 million. These are consolidated IFRS figures, not the parent’s separate accounts. Operating profit was €418 million. The company also reports adjusted EBITDA of €1,685 million and adjusted net income of €686 million. These management measures have their own adjustments and do not replace accounting profit or the selected revenue figure.
Moeve: 2025 consolidated financial statements · p. 12 · Moeve: 2025 consolidated management report · p. 95
Workforce and reporting boundaries
The accounts report 10,890 employees at the end of 2025 and an annual average workforce of 11,160. The year-end figure for 2024 was 11,090. The average and year-end snapshot answer different questions and are not presented as full-time equivalents. The report explains that non-financial information generally covers consolidated companies under operational control, while employment data cover employees of group companies. This matters for occupational health and safety: each indicator’s stated scope must be retained, employee hours kept distinct from contractor hours, and external workers not automatically added to employee headcount.
Moeve: 2025 consolidated financial statements · p. 83 · Moeve: 2025 consolidated management report · p. 106
Laboratories and trials for new processes
The company documents four laboratories in Madrid, Andalusia and the Canary Islands for testing, analysis and prototyping, working alongside its Energy Transition Innovation Centre. In 2025 it opened a biomethane laboratory to analyse biogas and the potential of waste used as feedstock. It also reports a pilot-plant demonstration of Metal Organic Frameworks—MOFs—to separate and store CO₂ from industrial processes. The report also records progress in designing an industrial capture facility: the pilot result does not by itself establish a commercial installation in operation. Innovation can change substances, equipment and working conditions. The editorial prevention lesson is to assess those changes without attributing a safety improvement not documented in that trial.
Safety in Motion and contractor involvement
In 2025 Moeve launched Safety in Motion as a plan for the following three years, succeeding its previous excellence programme. Its four areas are contractors and strategic partners, leadership, asset integrity, and competence and risk identification. A specific initiative is Start Strong, Stay Strong—4S—for projects and major scheduled shutdowns involving contractors. The company reports four events to share safety criteria before carrying out these jobs. It also records life-saving-rule sessions involving over 800 professionals and a Safety Week involving over 6,000 employees and contractors across 60 locations in 12 countries. These are company-reported participation figures, rather than stand-alone proof of fewer accidents.
Moeve: 2025 consolidated management report · p. 71 · Moeve: 2025 consolidated management report · p. 72
Before, during and after a contracted service
Contractor prevention goes beyond a statement of principles. The report describes assessment during supplier approval, contractual clauses, a performance questionnaire before awarding work, and a review of indicators afterwards, followed by improvement plans. Employees of service companies must complete training on rules, hazards, emergencies and protective equipment before accessing facilities. This sequence connects contractor selection with actual working conditions. Follow-up is particularly relevant where maintenance, construction and operations coexist. The editorial lesson is to check who authorises each task, what information each team receives and how corrective action is verified, without treating one course as proof that the entire system works.
Asset integrity and learning from incidents
Moeve distinguishes occupational safety from process safety. For the latter, it reports a system incorporating Energy Institute guidance, identification of critical elements, inspection and maintenance, pre-start-up checks and information transfer at shift handovers. In 2025 it reported eight tier 1 and tier 2 process incidents: four in each tier, compared with two and seven respectively in 2024. A decline in the total from nine to eight should not obscure the increase in tier 1 events. The report cites TOP-SET for investigating causes and setting corrective actions, together with immediate reporting of serious or high-potential incidents to the Executive Committee. These events should be considered alongside technical safeguards and kept distinct from occupational injuries.
Moeve: occupational, process and transport safety management · Moeve: 2025 consolidated management report · p. 74 · Moeve: 2025 consolidated management report · p. 125
Reading the published injury figures
Within the declared 2025 reporting scope, there were 12 recordable employee injuries and 23 contractor injuries, against 17,179,151 and 11,966,011 hours respectively. TRIR was 0.70 and 1.92 per million hours, with a combined rate of 1.20. Moeve uses one million here, rather than the 200,000-hour base used in some other reports with the same abbreviation. Lost-time injuries numbered eight among employees and fifteen among contractors, giving LWIF values of 0.47 and 1.25. The occupational-injury table records no fatalities in 2025. Trends must be retained: contractor TRIR increased from 1.51 in 2024, while the combined rate rose from 0.99 to 1.20. No fatalities does not mean no harm or, by itself, demonstrate control of high-potential events.
Moeve: 2025 consolidated management report · p. 125 · Moeve: 2025 consolidated management report · p. 106
Industrial hygiene, health and certification scope
The 2025 report states that 100% of production sites are certified to ISO 45001. This does not amount to certification of every company, office, service station or worker in the group. Health surveillance draws on INSST and Spanish Health Ministry models, with internal protocols for risks not covered by those guidelines. At sites exposed to chemical, carcinogenic, mutagenic or physical agents, the report describes sampling and checks by specialist services; where ionising-radiation risks exist, it describes measurement and dosimetry. Medical services and mental-health support complement these measures. They should be connected to actual exposure: wellbeing activities supplement technical prevention rather than replacing risk assessment or control at source.
Moeve: 2025 consolidated management report · p. 72 · Moeve: 2025 consolidated management report · p. 73
The transition also requires measuring impacts
The move towards renewable hydrogen, biofuels and electric mobility coexists with carbon-intensive operations. The 2025 appendix reports 5.4 million tonnes of CO₂ equivalent for scope 1 plus market-based scope 2, compared with 5.2 million in 2024. Scope 3 totals 77.5 million, versus 71.9 million, across the five relevant categories reported; 56.6 million relates to use of sold products. The report restates 2024 following a change in estimating fugitive emissions from gas transportation and identifies reporting exclusions. These figures prevent investment or a new brand being presented as an emission reduction already achieved. From an occupational-safety perspective, introducing new feedstocks and processes requires reviewing operating and maintenance risks throughout the transition.
Moeve: 2025 consolidated management report · p. 107 · Moeve: 2025 consolidated management report · p. 73
Ballenoil: growth subject to commitments
The Ballenoil acquisition illustrates the regulatory limits accompanying growth. In May 2024, the CNMC cleared the transaction with commitments after identifying competition risks in Barbate, Chipiona and Nerja among the 249 local areas analysed. Measures included divesting four stations and not reacquiring them for ten years, alongside conditions intended to preserve the low-cost model’s competitive pressure. This was conditional merger clearance, not a penalty for an accident or an occupational-safety assessment. Its relevance is to explain how a commercial network joins the group while retaining the specific conditions under which it operates.
CNMC: conditional clearance of the Ballenoil acquisition, May 2024
Galp and announced projects: status in November 2026
Post-year-end developments change the outlook without changing the 2025 figures. On 26 October 2026, Moeve announced the end of talks with Galp about a potential downstream combination because the parties had not reached acceptable final terms. This profile therefore does not present a completed merger. In that announcement, Moeve schedules the start of operations at its new second-generation biofuels complex for 2027; this remains a forecast. For prevention practitioners, the case connects existing industrial operations with construction, commissioning and contractor coordination. Evidence of a plan, construction work or investment must always be distinguished from verification of its controls and results.
Moeve: end of Galp negotiations, 26 October 2026 · Moeve: 2025 consolidated management report · p. 74
Frequently asked questions
Are Cepsa and Moeve two separate companies in this profile?
No. The profile follows the parent incorporated in 1929. The Moeve brand was announced in 2024 and the name changed to Moeve, S.A. following the merger approved in June 2025. [1] · [2]
Which revenue figure is used?
The consolidated group’s €23,381 million of revenue from contracts with customers in 2025. EBITDA and adjusted profit are not used as substitutes. [1]
Does the TRIR use 200,000 hours?
Not in this Moeve table. The 2025 report calculates TRIR and LWIF per million hours and separates employees from contractors. Check the base before comparing companies. [1]
Has Moeve merged with Galp?
No completed merger is documented. Moeve announced on 26 October 2026 that negotiations over a potential downstream combination had ended. [1]
