North Atlantic Energies: A €206 Million Write-Down Following Its Separation from ExxonMobil
North Atlantic Energies, having become independent on November 28, 2025, after North Atlantic France's acquisition of the controlling stake held by ExxonMobil, incorporates an exceptional item in its annual results. The group plans to record an industrial asset impairment of approximately €206 million, reflecting the increase in its cost of capital following its detachment from an integrated oil group. Concurrently, North Atlantic Energies warns of more challenging supply prospects for independent refiners in 2026.
Impairment Details
The €206 million impairment is in accordance with IAS 36 standard and primarily results from the increased cost of capital borne by North Atlantic Energies now that it is detached from ExxonMobil. This restructuring also includes a significant reduction in the size of the balance sheet, following the distributions of dividends and reserves preceding the acquisition. The group's financing cost is thereby strengthened. However, this impairment is partially offset by assumptions of long-term cash flow improvements linked to optimization plans at the Gravenchon refinery, according to the statement.
Accounting Prudence
In line with IAS standards and recommendations from the AMF, the impairment recorded on December 31, 2025, does not take into account the impacts of the current international situation on energy markets, nor the extreme volatility it generates, as these elements are qualified as post-closing events. This accounting caution sets the stage for potential adjustments during the publication of the annual financial report. The impairment test will integrate sensitivities to assess significant impacts that ongoing geopolitical and commercial factors might generate.
Supply Challenges Ahead
Despite the maintenance of favorable margin indicators according to publicly available data, North Atlantic Energies anticipates the continuation of more restrictive crude oil supply conditions for independent refiners in the coming months of 2026. This negative visibility contrasts with the apparent context of margins and highlights the specific challenges faced by non-integrated players in accessing raw materials.
