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Counting on our 85 years of experience in Spain, we carry out our activities in all the stages of the petroleum and natural gas value chain.

Employing this integrated business model, we achieve greater stability to offset potential adverse impacts on some of the business areas, allowing us to establish synergies between our va- rious activities and increasing efficiency.

Present today on all continents, we are a dynamic Company with an innovative spirit and a great capacity

to adapt, which in 2011 commenced a far-reaching cultural and strategic change led by our single shareholder: IPIC (International Petroleum Invest- ment Company).

Staying on this path towards interna- tionalisation, we intend to achieve our objective of being a global energy com- pany of preference, remaining faithful to our commitment:

Always providing the energy for each reality.

BUSINESS MODEL

ANNUAL AND CORPORATE RESPONSIBILITY REPORT 2015