CHAPTER 5 Solid economic and operational performance

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C) SEGMENT REPORTING

Key indicators 2021 2020

Working interest production (thousands b/d) 73.9 75.8

Mena 65.9 64.0

Latam 8.0 9.7

Other - 2.1

Net entitlement Crude Oil production (thousands b/d) 61.3 66.1

Crude Oil Sales (million of barrels) 18.7 19.2

Average realised crude price in $/b 68.2 41.6

Dated Brent oil price ($/b) 70.7 41.7

Upstream Opex ($/boe) 9.2 10.2

Adjusted EBITDA (million of euros) 905 458

Adjusted NIAT (million of euros) 144 (74)

Investments for the period (million of euros) 140 158

EXPLORATION AND PRODUCTION

OPERATIONS

In 2021, the lifting of mobility restrictions in force since 2020 to control the virus allowed an increase in demand for oil products which, together with the production restriction policies imposed by OPEC+, partially eased during the current year, caused demand to outstrip production leading to a significant increase in crude oil prices since the end of the first quarter, prices having remained high all year.

Investee production for the year totalled 73.9 thousand barrels per day, 3% down on 2020, mainly due to lower production from declining fields in Latin America, while MENA production increased slightly.

Production in MENA grew 3% compared to 2020 up to 65.9 thousand barrels per day due to the OPEC+ production quota increase, which is intensifying in new fields in the ramp-up phase.

RESULTS

Crude oil sales in 2021 totalled 18.7 million barrels, in line with 2020, while the average realised price of crude oil was $68.2/bbl, 64% up on 2020.