CHAPTER 5 Solid economic and operational performance

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Key indicators 2021 2020

Crude oil distilled (million of barrels) 145.2 138.4

Utilisation Rate Refineries 81% 78%

Output (million of tons) 20.3 19.3

Refining margin Indicator in Cepsa ($/bbl) 3.7 2.6

Natural Gas Sales (GWh) 34,374 30,918

Electricity production (GWh) 2,719 2,799

Installed renewable power capacity (MW) 28.9 28.9

Spanish pool price ( /MWh) 111.9 34.0

Dutch TTF Natural Gas price ( /MWh) 45.7 9.3

Trading volumes (million of barrels) 45.7 24.6

Adjusted EBITDA (million of euros) 93 10

Adjusted NIAT (million of euros) (180) (271)

Investments for the period (million of euros) 167 279

REFINING

OPERATIONS

The Refining business includes Refining, Trading, Gas, Power and Renewables activities.

The Refining segment was positively impacted by the significant improvement in refining margins, driven by the good performance and higher margins of light distillates, particularly petrol, as well as the increase in petrochemicals prices thanks mainly to the higher demand for these products. The Refining margin indicator averaged 3.7 $/bbl in 2021, 38% higher than in 2020, closing the year at 7.8 $/bbl.

Refining operations in 2021 improved slightly in relation to 2020. In particular, crude oil distillation averaged 81% of installed capacity, entailing an increase of 3% over 2020. The average annual utilisation was undermined by the closure of the La Rábida Refinery until April 2021. In 2021, 20.3 million tonnes of petroleum products were produced, 5% up on 2020 due primarily to increased demand and despite being unable to maximise the installed capacity of our refineries.

RESULTS

Natural gas sales were 11% above 2020, although they were negatively impacted by the significant increase in gas prices, which could not be passed on to end customers.

Power production, though slightly down compared to 2020, was favoured by a higher electricity pool price (+229% compared to December 2020).