Cepsa Q2 Report 2022

Market refining margins increased during the quarter, with Cepsa’s average margin during Q2’22 at 19.1 $/bbl versus 2.3 $/bbl in Q1’22 and despite high energy prices, recovery of global demand and lower stocks pushed distillates prices to historical maximums improving refining margins. Geopolitical situation in Ukraine led to an increase in mid-distillates prices, driven by the reduction of imports from Russia (oil and products) and by constraints and tensions in natural gas markets increasing both natural gas and electricity prices to levels never seen before. Strong demand from the USA helped light distillates. These facts supported an increase of the margin in the quarter.