Obligation PETRO NACIONAL 3.75% ( USP37110AK24 ) en USD

PETRO NACIONAL

100 % ⇌

Chili

USP37110AK24 ( en USD )

3.75% par an ( paiement semestriel )

05/08/2026

Prospectus brochure de l'obligation EMPRESA NACIONAL DEL PETROLEO USP37110AK24 en USD 3.75%, échéance 05/08/2026

05/08/2026 ( Dans 122 jours )

Empresa Nacional del Petróleo (ENAP) est une compagnie pétrolière et gazière d'État chilienne, responsable de l'exploration, de la production, du raffinage et de la distribution de produits pétroliers au Chili.

L'Obligation émise par PETRO NACIONAL ( Chili ) , en USD, avec le code ISIN USP37110AK24, paye un coupon de 3.75% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 05/08/2026

OFFERING MEMORANDUM

Empresa Nacional del Petróleo
U.S.$700,000,000 3.750% Notes due 2026
The notes will mature on August 5, 2026. Interest on the notes will be payable on February 5 and August 5 of each
year, beginning on February 5, 2017. Upon the occurrence of a change of control event, you will have the right to
require us to purchase all or a portion of your notes at a purchase price in cash equal to 100% of the principal
amount of your notes plus accrued and unpaid interest, if any, to the date of purchase.
We may redeem the notes, in whole or in part, at any time, by paying the greater of 100% of the principal amount of
notes being redeemed and a "make-whole" amount, in each case, plus accrued and unpaid interest. Beginning on the
date that is three months prior to the scheduled maturity of the notes, we may redeem the notes in whole or in part, at
any time or from time to time, at our option at a redemption price equal to 100% of the principal amount of the notes
to be redeemed, plus accrued and unpaid interest, if any, on the principal amount of the notes being redeemed to the
date of redemption. In addition, we may redeem the notes at our option in whole (but not in part), at any time, at
100% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of redemption, if the laws
or regulations affecting taxes in the Republic of Chile ("Chile") change in certain respects.
The notes will be our unsecured general obligations and will rank equally with all of our existing and future
unsecured and unsubordinated indebtedness. Although we are wholly owned by the Republic of Chile, Chile is not
liable for our obligations under the notes. This offering memorandum contains additional information regarding the
terms of the notes, including covenants and transfer restrictions.
Price per note: 98.353% plus accrued interest, if any, from August 5, 2016.
See "Risk Factors" beginning on page 16 of this offering memorandum for a discussion of certain risks you
should consider in connection with an investment in the notes.
THE NOTES HAVE NOT BEEN REGISTERED UNDER THE U.S. SECURITIES ACT OF 1933, AS
AMENDED (THE "SECURITIES ACT"), OR THE SECURITIES LAWS OF ANY OTHER JURISDICTION.
WE ARE OFFERING THE NOTES ONLY TO QUALIFIED INSTITUTIONAL BUYERS WITHIN THE
MEANING OF RULE 144A UNDER THE SECURITIES ACT, AND IN OFFSHORE TRANSACTIONS TO
PERSONS PURSUANT OTHER THAN U.S. PERSONS AS DEFINED IN REGULATION S UNDER THE
SECURITIES ACT. PROSPECTIVE PURCHASERS ARE HEREBY NOTIFIED THAT SELLERS OF THE
NOTES MAY BE RELYING ON THE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE
SECURITIES ACT PROVIDED BY RULE 144A OR REGULATION S. FOR A DESCRIPTION OF CERTAIN
RESTRICTIONS ON THE TRANSFER OF THE NOTES, SEE "TRANSFER RESTRICTIONS."
This offering memorandum has been prepared on the basis that any offer of notes in any Member State of the
European Economic Area which has implemented the Prospectus Directive (each, a "Relevant Member State") will
be made pursuant to an exemption under the Prospectus Directive from the requirement to publish a prospectus for
offers of notes. The expression "Prospectus Directive" means Directive 2003/71/EC (and amendments thereto,
including the 2010 PD Amending Directive, to the extent implemented in the Relevant Member State), and includes
any relevant implementing measure in the Relevant Member State and the expression "2010 PD Amending
Directive" means Directive 2010/73/EU.
(continued on following page)

This offering memorandum is for distribution only to persons who (i) have professional experience in matters
relating to investments falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial
Promotion) Order 2005 (as amended, the "Financial Promotion Order"), (ii) are persons falling within Article
49(2)(a) to (d) ("high net worth companies, unincorporated associations etc.") of the Financial Promotion Order, (iii)
are outside the United Kingdom, or (iv) are persons to whom an invitation or inducement to engage in investment
activity (within the meaning of section 21 of the Financial Services and Markets Act 2000) in connection with the
issue or sale of any securities may otherwise lawfully be communicated or caused to be communicated (all such
persons together being referred to as "relevant persons"). This offering memorandum is directed only at relevant
persons and must not be acted on or relied on by persons who are not relevant persons. Any investment or
investment activity to which this offering memorandum relates is available only to relevant persons and will be
engaged in only with relevant persons.
In connection with the offering, the initial purchasers are not acting for anyone other than Empresa Nacional del
Petróleo and will not be responsible to anyone other than Empresa Nacional del Petróleo for providing the
protections afforded to its clients nor for providing advice in relation to the offering.
The notes may not be publicly offered or sold, directly or indirectly, in Chile, or to any resident of Chile. The notes
will not be registered under Law No. 18,045, as amended, (Ley de Mercado de Valores or securities law of Chile)
with the Superintendency of Securities and Insurance (Superintendencia de Valores y Seguros or "SVS") and,
accordingly, the notes cannot and will not be offered or sold to persons in Chile except in circumstances which have
not resulted and will not result in a public offering under Chilean law, and in compliance with Rule No. 336 (Norma
de Carácter General), dated June 27, 2012, issued by the SVS ("Rule No. 336"). Pursuant to Rule No. 336, the
notes may be privately offered in Chile to certain "qualified investors," identified as such therein (which are further
described in Rule No. 216, dated June 12, 2008, of the SVS).
We have applied to admit the notes to listing on the Official List of the Luxembourg Stock Exchange and to trading
on the Euro MTF Market of the Luxembourg Stock Exchange. Currently, there is no public market for the notes.
This offering memorandum constitutes a prospectus for the purposes of Luxembourg law dated July 10, 2005 on
Prospectuses for Securities, as amended.
Neither the U.S. Securities and Exchange Commission nor any U.S. state securities commission has approved or
disapproved of these securities or determined if this offering memorandum is accurate or complete. Any
representation to the contrary is a criminal offense.
The notes will be ready for delivery in book-entry form through The Depository Trust Company ("DTC") and
Euroclear Bank S.A./N.V. ("Euroclear") and Clearstream, Luxembourg ("Clearstream") as DTC participants on or
about August 5, 2016.
Joint Book-Running Managers
Citigroup
J.P. Morgan

The date of this offering memorandum is August 2, 2016.

TABLE OF CONTENTS
Page
NOTICE TO CHILEAN INVESTORS ....................................................................................................................... iii
ENFORCEABILITY OF CIVIL LIABILITIES ........................................................................................................... iv
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS ......................................... v
PRESENTATION OF FINANCIAL AND STATISTICAL INFORMATION ........................................................... vi
SUMMARY .................................................................................................................................................................. 1
RISK FACTORS ......................................................................................................................................................... 16
USE OF PROCEEDS .................................................................................................................................................. 35
EXCHANGE RATE INFORMATION ....................................................................................................................... 36
EXCHANGE CONTROLS ......................................................................................................................................... 37
CAPITALIZATION .................................................................................................................................................... 38
SELECTED CONSOLIDATED FINANCIAL AND OTHER INFORMATION....................................................... 39
MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF
OPERATIONS ................................................................................................................................................ 42
BUSINESS .................................................................................................................................................................. 73
REGULATORY FRAMEWORK ............................................................................................................................. 102
MANAGEMENT ...................................................................................................................................................... 107
RELATED PARTY TRANSACTIONS .................................................................................................................... 112
DESCRIPTION OF THE NOTES ............................................................................................................................. 113
TAXATION .............................................................................................................................................................. 128
PLAN OF DISTRIBUTION ...................................................................................................................................... 133
TRANSFER RESTRICTIONS .................................................................................................................................. 139
LISTING AND GENERAL INFORMATION .......................................................................................................... 142
LEGAL MATTERS .................................................................................................................................................. 143
INDEPENDENT AUDITORS .................................................................................................................................. 143
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS................................................................................ F-1

For the sale of the notes in the United States, we are relying upon an exemption from registration under the
Securities Act for an offer and sale of securities that do not involve a public offering. By purchasing notes, you will
be deemed to have made certain acknowledgments, representations and agreements as set forth under "Transfer
Restrictions." We are not, and the initial purchasers are not, making an offer to sell the notes in any jurisdiction
except where such an offer and sale is permitted. You should understand that you could be required to bear the
financial risks of your investment for an indefinite period of time.
Certain information in this offering memorandum is based on information provided to us by sources that we believe
to be reliable. We and the initial purchasers cannot assure you that such information provided to us is accurate or
complete. This offering memorandum summarizes certain documents and other information and we refer you to
them for a more complete understanding of what we discuss in this offering memorandum. In making an investment
decision, you must rely on your own examination of Empresa Nacional del Petróleo ("ENAP") and the terms of the
offering and the notes, including the merits and risks involved.
We are not making any representation to any purchaser regarding the legality of an investment in the notes by such
purchaser under any legal investment or similar laws or regulations. You should not consider any information in
this offering memorandum to be legal, business or tax advice. You should consult your own counsel, accountant,
business advisor and tax advisor for legal, tax, business and financial advice regarding any investment in the notes.
The notes may not be publicly offered or sold, directly or indirectly, in Chile, or to any resident of Chile except in
circumstances that do not constitute a public offering under Chilean law. We are responsible for the information
contained in this offering memorandum. We have not, and the initial purchasers have not, authorized any person to
provide you with different information or to make any representation not contained in this offering memorandum,
and we take no responsibility for any other information that others may give you. You should assume that the
information contained in this offering memorandum is accurate only as of the date on the front cover of this offering

memorandum. Our business, financial condition, results of operations and prospects may have changed since that
date.
We reserve the right to withdraw this offering of the notes at any time, and we and the initial purchasers reserve the
right to reject any commitment to subscribe for the notes in whole or in part and to allot to any prospective investor
less than the full amount of notes sought by that investor. The initial purchasers and certain related entities may
acquire for their own account a portion of the notes.
You must comply with all applicable laws and regulations in force in your jurisdiction and you must obtain any
consent, approval or permission required by you for the purchase, offer or sale of the notes under the laws and
regulations in force in your jurisdiction to which you are subject or in which you make such purchase, offer or sale,
and neither we nor the initial purchasers will have any responsibility therefor.
______________

ii

NOTICE TO CHILEAN INVESTORS
RULE 336 OF THE CHILEAN SUPERINTENDENCY OF SECURITIES AND INSURANCE
(SUPERINTENDENCIA DE VALORES Y SEGUROS DE CHILE)
This private offering will begin on August 2, 2016 and is governed under the provisions of General Rule No. 336
(Norma de Carácter General No. 336) of the Chilean Superintendency of Securities and Insurance
(Superintendencia de Valores y Seguros, or "SVS"). This offering relates to notes that have not been registered with
the Registry of Securities (Registro de Valores) or the Registry of Foreign Securities (Registro de Valores
Extranjeros) of the SVS and as such are not subject to the oversight of the SVS. Because the notes are not
registered with the Registry of Foreign Securities, there is no obligation of the issuer to deliver public information in
Chile in connection with the notes related to the offering. The notes may not be sold in a public offering in Chile as
long as such securities are not registered in the corresponding Registry of Securities or the Registry of Foreign
Securities.
LA OFERTA PRIVADA DE ESTOS BONOS SE INICIA EL DÍA 2 DE AGOSTO DE 2016 Y SE ACOGE A LAS
DISPOSICIONES DE LA NORMA DE CARÁCTER GENERAL Nº 336 DE LA SUPERINTENDENCIA DE
VALORES Y SEGUROS DE CHILE ("SVS"). ESTA OFERTA VERSA SOBRE VALORES NO INSCRITOS EN
EL REGISTRO DE VALORES O EN EL REGISTRO DE VALORES EXTRANJEROS QUE LLEVA LA SVS,
POR LO QUE TALES VALORES NO ESTÁN SUJETOS A LA FISCALIZACIÓN DE ÉSTA. POR TRATARSE
DE VALORES NO INSCRITOS EN CHILE NO EXISTE LA OBLIGACIÓN POR PARTE DEL EMISOR DE
ENTREGAR EN CHILE INFORMACIÓN PÚBLICA RESPECTO DE LOS MISMOS. ESTOS VALORES NO
PODRÁN SER OBJETO DE OFERTA PÚBLICA EN CHILE MIENTRAS NO SEAN INSCRITOS EN EL
CORRESPONDIENTE REGISTRO DE VALORES O REGISTRO DE VALORES EXTRANJEROS.
__________

iii

ENFORCEABILITY OF CIVIL LIABILITIES
We are a state-owned enterprise organized under the laws of Chile. All of our directors and executive officers and
certain experts named in this offering memorandum reside outside the United States (principally in Chile) and all or
a substantial portion of our assets and the assets of such persons are located outside the United States. As a result,
except as described below, it may not be possible to effect service of process within the United States on, or bring an
action against, or enforce a foreign judgment against us or such persons in a U.S. court. In addition, Chilean courts
may not enforce judgments against us rendered by a U.S. court as no treaty exists between the United States and
Chile for the reciprocal enforcement of foreign judgments. There is also doubt as to the enforceability in Chilean
courts of judgments of U.S. courts obtained in actions predicated upon the civil liability provisions of the U.S.
federal securities laws. Chilean courts, however, have enforced judgments rendered in the United States based upon
principles of comity and reciprocity, subject to the review in Chile of such judgment in order to ascertain whether
certain basic principles of due process and public policy have been respected, without reviewing the merits of the
case. Lastly, there is doubt as to the enforceability in original actions in Chilean courts of liabilities predicated
solely upon U.S. federal securities laws. If a U.S. court grants a final judgment, enforceability of this judgment in
Chile will be subject to obtaining the relevant exequatur (i.e., recognition and enforcement of the foreign judgment)
according to Chilean civil procedure law in force at that time and, consequently, subject to the satisfaction of certain
factors. Currently, the most significant of these factors are:

the existence of reciprocity, absent which the foreign judgment may not be enforced in Chile;

the absence of any conflict between the foreign judgment and Chilean laws (excluding for this purpose the

laws of civil procedure) and Chilean public policy;

the absence of a conflicting judgment by a Chilean court relating to the same parties and arising from the

same facts and circumstances;

a Chilean court's determination that a U.S. court had jurisdiction, that process was appropriately served on

the defendant and that the defendant was afforded a real opportunity to appear before the court and defend
its case; and

the absence of any further means of appeal or review of the judgment in the jurisdiction where judgment

was rendered.
We will appoint the Chilean consul in New York City as our agent for service of process in any action arising out of
or based upon the indenture or the notes. See "Description of the Notes--Governing Law."
iv

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This offering memorandum contains forward-looking statements. Examples of these forward-looking statements
include:

projections of net income (loss), capital expenditures, cash flow, debt service or other financial items,

statements of our plans, objectives or goals, including those relating to anticipated trends, competition and

regulation,

statements about our future economic performance or that of Chile or other countries in which we operate

or have investments,

statements of assumptions underlying these statements,

statements about the current effects or our strategic actions, which we expect to continue,

statements about the Chilean government's proposed role for us as part of its Energy Agenda (as defined

below), and

statements about proposed legislative action for ENAP's corporate governance and ENAP's capitalization

by the Chilean government.
Words such as "believe," "could," "may," "will," "anticipate," "plan," "expect," "intend," "target," "estimate,"
"project," "potential," "predict," "forecast," "guideline," "should" and similar expressions are intended to identify
forward-looking statements, but are not the exclusive means of identifying these statements.
Forward-looking statements involve inherent risks and uncertainties. We caution you that a number of important
factors could cause actual results to differ materially from the plans, objectives, expectations, estimates and
intentions expressed in these forward-looking statements. These factors, some of which are discussed under "Risk
Factors," include economic and political conditions and government policies in Chile or elsewhere, prices for crude
oil and refined products, inflation rates, exchange rates, regulatory developments, customer demand and
competition. We caution you that the foregoing list of factors is not exclusive and that other risks and uncertainties
may cause actual results to differ materially from those in forward-looking statements.
You are cautioned not to place undue reliance on these forward-looking statements, which reflect our views only as
of the date they are made, and we do not undertake any obligation to update them or publicly to release the result of
any revisions to these forward-looking statements in light of new information or future developments after the date
of this offering memorandum.

v

PRESENTATION OF FINANCIAL AND STATISTICAL INFORMATION
Our consolidated financial statements as of and for the years ended December 31, 2013 and 2014 and as of 2015 and
as of and for the years ended December 31, 2014 and 2015 and as of March 31, 2016 and for the three-month
periods ended March 31, 2015 and March 31, 2016 contained in this offering memorandum have been prepared in
accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting
Standard Board ("IASB").
Our unaudited consolidated interim financial statements included in this offering memorandum present our financial
position as of March 31, 2016, and statements of income, comprehensive income, changes in equity and cash flows
for the three-month periods ended March 31, 2016 and 2015, together with the notes thereto (collectively, our
"unaudited consolidated interim financial statements") that have been prepared in conformity with IFRS and in
compliance with International Accounting Standard ("IAS") No. 34, Interim Financial Reporting.
On September 29, 2014, an extensive tax reform in Chile became effective which, among other changes, gradually
increased the corporate statutory income tax rates beginning in 2014. In accordance with Bulletin (Oficio Circular)
No. 856 issued by the SVS, we were required to record the effect on the amount of deferred tax assets and liabilities
arising as a result of such increased corporate statutory income tax rate in 2014 in our equity. This treatment differs
from the accounting treatment under IFRS which, under IAS No. 12, Income Taxes, requires such effect to be
reported as an income tax expense or benefit in our results of operations. Under the SVS requirement, we recorded a
one-time credit to equity in the amount of U.S.$109.5 million in our consolidated financial statements as of and for
the year ended December 31, 2014, filed with the SVS and available on our website, in order to adjust the carrying
amount of our net deferred tax assets and liabilities as a result of the changes in statutory tax rates. It should be
noted that the consolidated financial statements as of and for the year ended December 31, 2014 included in this
offering memorandum have been prepared in accordance with IFRS. Therefore, the consolidated financial
statements as of and for the year ended December 31, 2014 filed with the SVS and published on our website differ
from the financial statements prepared under IFRS with respect to the accounting treatment of the effect of the
change in the corporate statutory income tax rate explained above. To the extent that we issue our consolidated
financial statements under the SVS requirements, such consolidated financial statements will not be in compliance
with IFRS in this regard.
Our consolidated financial statements and our financial data in this offering memorandum have been presented in
U.S. dollars. Transactions executed in Chilean pesos, Unidades de Fomento ("UF") or any foreign currency other
than the U.S. dollar are recorded at the observed U.S. dollar exchange rate as of the date of the transaction. Assets
and liabilities in currencies other than the U.S. dollar are translated into U.S. dollars according to the observed U.S.
dollar exchange rate at year-end or period-end, as applicable. In this offering memorandum, references to "$,"
"U.S.$," "U.S. dollars" and "dollars" are to United States dollars, references to "pesos" or "Ch$" are to Chilean
pesos, and references to "UF" are to Unidades de Fomento. The UF is an inflation-indexed Chilean
peso-denominated unit that is linked to, and adjusted daily to reflect changes in, the previous month's Chilean
Consumer Price Index (Índice de Precios al Consumidor or "CPI") as determined by the National Bureau of
Statistics (Instituto Nacional de Estadísticas). As of March 31, 2016, UF1.00 was equivalent to U.S.$38.54 and
Ch$25,812.05. In this offering memorandum, references to all crude oil prices are in Brent.
Certain figures included in this offering memorandum and in our financial statements have been rounded for ease of
presentation. Percentage figures included in this offering memorandum have not in all cases been calculated on the
basis of such rounded figures but on the basis of such amounts prior to rounding. For this reason, percentage
amounts in this offering memorandum may vary from those obtained by performing the same calculations using the
figures in our financial statements. Certain other amounts that appear in this offering memorandum may not sum
due to rounding.
A body of generally accepted accounting principles is commonly referred to as "GAAP." For this purpose, a
non-GAAP financial measure is generally defined by the SEC as one that purports to measure historical or future
financial performance, financial position or cash flows, but excludes or includes amounts that would not be so
adjusted in the most comparable GAAP measure. In this offering memorandum, we disclose so-called non-GAAP
financial measures, primarily Adjusted EBITDA. We define Adjusted EBITDA as the sum of: (i) gross margin, (ii)
other income, per function, (iii) depreciation and depletion quota, (iv) abandonment of exploratory wells, (v)
vi

geological studies and non-absorbed costs, (vi) deterioration and other non-operational provisions and (vii)
exploration costs, less (i) distribution costs, (ii) administrative expenses and (iii) other expenses, per function. We
have included Adjusted EBITDA data in this offering memorandum because we believe such data is used by certain
investors to measure a company's ability to service debt and fund capital expenditures, and it is included herein for
convenience only. Adjusted EBITDA is not a measure of financial performance under IFRS and should not be
considered as an alternative to using net income as a measure of operating performance or to cash flows from
operating activities as a measure of liquidity. Adjusted EBITDA as it is used in this offering memorandum may
differ from similarly titled measures reported by other issuers.

vii

SUMMARY
You should read the following summary together with the information set forth under the heading "Risk Factors"
and in the financial statements and accompanying notes appearing elsewhere in this offering memorandum. All
references to "ENAP," "we," "us" and words of similar effect refer to Empresa Nacional del Petróleo, and, unless
otherwise indicated or the context requires otherwise, its consolidated subsidiaries.
Our Company
We are engaged in a broad range of petroleum-related activities, including the exploration, development and
production of crude oil and natural gas, the transportation and storage of crude oil, refined petroleum products,
liquefied petroleum gas ("LPG") and natural gas, petroleum refining and the wholesale marketing of refined
petroleum products, petroleum derivatives, LPG, crude oil and natural gas. Recently, we have been approved to
participate in the energy generation sector by Law No. 20,897. Our principal source of revenue is the sale of refined
petroleum products in Chile. We purchase virtually all of the crude oil we process from third parties.
We organize our business into three independently operated business divisions: (i) "Exploration and Production,"
which conducts our upstream operations and accounted for 11.0% of our consolidated revenues and 9.2% of our
consolidated gross margin for the three-month period ended March 31, 2016; (ii) "Refining and Marketing," which
accounted for 85.0% of our consolidated revenues and 92.2% of our gross margin for the three-month period ended
March 31, 2016; and (iii) "Gas and Energy," a division that was established in July 2014, which accounted for 4.0%
of our consolidated revenues and (1.5)% of our consolidated gross margin for the three-month period ended March
31, 2016. In 2015, our Exploration and Production division contributed 9.0% to our consolidated revenues and
14.8% to our gross margin, our Refining and Marketing division contributed 86.6% to our consolidated revenues
and 81.8% to our gross margin and our new Gas and Energy division contributed 4.3% to our consolidated revenues
and 3.4% to our gross margin. Our Refining and Marketing division makes substantially all of our consolidated
sales to third parties and is responsible for purchases of crude oil from third parties.
We are wholly owned by the Republic of Chile and were created by Law No. 9,618 of 1950. Our relationship with
the Chilean government is managed through the Ministry of Energy (Ministerio de Energía) and the Minister of
Energy (Ministro de Energía) serves as the Chairman of our Board of Directors.
We are a Chilean state-owned enterprise and hydrocarbon producer, the only refiner in Chile and the Chilean market
leader in the wholesale distribution of refined petroleum products.
In 2015, we had total revenues of U.S.$6.4 billion, a gross margin of U.S.$643.0 million, net income of U.S.$170.5
million and Adjusted EBITDA of U.S.$741.5 million, and as of December 31, 2015, we had total assets of U.S.$5.5
billion. For the three-month period ended March 31, 2016, we had total revenues of U.S.$1.1 billion, a gross margin
of U.S.$160.8 million, a net income of U.S.$39.1 million, and Adjusted EBITDA of U.S.$192.3 million and as of
March 31, 2016, we had total assets of U.S.$5.5 billion.
The exploration, development, and production activities of our Exploration and Production division are performed
within the Magallanes region of Chile directly by us, and outside of Chile by our wholly-owned subsidiary, Enap
Sipetrol S.A. ("Enap Sipetrol"). The majority of our upstream operations related to the exploration and production
of gas and petroleum are conducted abroad, primarily in South America (Argentina and Ecuador) and, to a lesser
extent, Northern Africa (Egypt). Domestically, our upstream operations are focused on the production of natural gas
in the Magallanes region. In 2015, our domestic oil production averaged 2.9 thousand barrels per day, and our
domestic natural gas production averaged 2.3 million cubic meters per day, while our international oil production
averaged 34.0 thousand barrels per day and our international natural gas production averaged 1.1 million cubic
meters per day. In 2015, the Exploration and Production division accounted for 9.0% of our consolidated revenues
and generated 24.7% of our Adjusted EBITDA.
The refining activities of our Refining and Marketing division are handled through our 99.98%-owned subsidiary,
Enap Refinerías S.A. ("ERSA") (the remaining 0.02% is owned by Corporation of Promotion of Production
(Corporación de Fomento de la Producción, or "CORFO")), which owns and operates two of our three refineries,
1