992019 ANNUAL AND CORPORATE RESPONSIBILITY REPORT

Exploration & Production saw a major re- duction in the volume of flaring (36%) and venting (18%) compared to 2018. The in- crease in gas sales volume at a Casanare field reduced flaring by 83% and associa- ted GHG emissions by 65%.

In the chemicals business, scope 2 emissions were reduced by 48% due to

100% renewable energy consumption on a national scale. Scope 1 emissions decreased by 7% in terms of net volume in refining and chemicals, due to energy efficiency measures and the use of fuels with lower carbon content. These mea- sures are also reflected in the observed reduction in emissions intensity.

In relation to the management of the emissions in our value chain, we certified 11 of the 15 categories defined by the protocol to calculate the carbon foot- print GHG Protocol under the ISO 14064 standard. In 2019 we extended certifi- cation of these emissions to include the category of transportation of the pro- ducts downstream of Cepsa. Thus, we are making progress in monitoring our performance in terms of greenhouse gas emissions throughout our value chain.

Our carbon strategy will be defined by the global carbon intensity index, which combines emissions at operational level and from our energy products sold. An initial approximation calculated for 2018 gives a value of 35 tCO2/TJ, including the main energy products in our portfolio. We will continue to work in the coming years to improve the calculation of the global carbon intensity index.

Intensity of GHG emissions (Scopes 1 y 2) by business unit

2017

2018

2019 Refining (Tonnes CO2 / tonne processed)

Chemicals (Tonnes CO2 / tonne produced)

0.17

0.18 0.34

0.17 0.30

0.33