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Repsol 2010-2014: Delivering on Our Commitments and Developing the Next Wave of Growth Strategy Update

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Repsol 2010-2014: Delivering on Our Commitments and Developing the Next Wave of Growth Strategy Update Repsol 2010-2014: Delivering on our commitments and developing the next wave of growth Strategy Update April 28th 2010 Disclaimer ALL RIGHTS ARE RESERVED © REPSOL YPF, S.A. 2010 Repsol YPF, S.A. is the exclusive owner of this document. No part of this document may be reproduced (including photocopying), stored, duplicated, copied, distributed or introduced into a retrieval system of any nature or transmitted in any form or by any means without the prior written permission of Repsol YPF, S.A. This document contains statements that Repsol YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief, or current expectations of Repsol YPF and its management, including statements with respect to trends affecting Repsol YPF’s financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, as well as Repsol YPF’s plans, expectations or objectives with respect to capital expenditures, business, strategy, geographic concentration, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol YPF’s control or may be difficult to predict. Repsol YPF’s future financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volumes, reserves, capital expenditures, costs savings, investments and dividend payout policies, as well as future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by Repsol YPF and its affiliates with the Comisión Nacional del Mercado de Valores in Spain, the Comisión Nacional de Valores in Argentina, and the Securities and Exchange Commission in the United States; in particular, those described in Section 1.3 “Key information about Repsol YPF – Risk Factors” and Section 3 “Operating and Financial Review and Prospects” in Repsol YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2008 filed with the US Securities and Exchange Commission and in Section I “Risk factors” in Repsol YPF’s Registration Document filed with the Comisión Nacional del Mercado de Valores in Spain on April 2010. Both documents are available on Repsol YPF’s website (www.repsol.com). In light of the foregoing, the forward-looking statements included in this document may not occur. Repsol YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized. This document does not constitute an offer to purchase, subscribe, sale or exchange of Repsol YPF's or YPF Sociedad Anonima's respective ordinary shares or ADSs in the United States or otherwise. Repsol YPF's and YPF Sociedad Anonima's respective ordinary shares and ADSs may not be sold in the United States absent registration or an exemption from registration under the US Securities Act of 1933, as amended. Agenda Overview and key messages Energy outlook Strategy update 2010-2014 • Key strategic guidelines for the business units • Upstream and LNG • Downstream • YPF • Gas Natural Fenosa Corporate and financial outlook 2 Agenda Overview and key messages Energy outlook Strategy update 2010-2014 • Key strategic guidelines for the business units • Upstream and LNG • Downstream • YPF • Gas Natural Fenosa Corporate and financial outlook 3 Why this strategy update? Strategy update driven by significant changes in industry and Repsol’s specific context Very successful exploration, with Repsol among the top explorers worldwide in 2008 and 2009 Expected CAPEX increases in the medium term given our success in exploration Financial crisis has changed economic environment, specially in downstream business We will deliver on our commitments and develop the next wave of growth 4 Delivering on our commitments and developing the next wave of growth New wave of production growth Delivering our commitments Strategy Update 2010-14 Executing and enhancing the Plan Strategic Plan 2008-12 Transformation of the company 2005 2008 2010 2014 2019 5 Repsol Group has achieve significant progress on its Strategic Plan 2008-2012 9 Delivering a stronger and enhanced portfolio of key growth projects Integrated Down- Up- 9 Exploration performance set the foundations for core stream stream future organic growth business LNG 9 Improved operational performance in all businesses 9 Divestment of non-core assets on track 9 Divestment of 15% to local partner Operated 9 Recovery of energy prices in Argentina improving Key sector attractiveness Shareholding 9 Better resilience to crisis than industry average Non- operated 9 Enhanced growth and value through UF acquisition Key 9 Synergies delivery on track Shareholding Shareholder returns, Financial discipline and Social corporate responsibility 6 Significant delivery on a stronger and enhanced portfolio of key growth projects Downstream Upstream & LNG In operation in In operation FID in 2009 In operation 2011 New Brunswick Pittsburg Maine Philipsburg New key growth projects Waddington NH Cumberland VT Beverly Wright Dracut Boston MA • Guará (Brazil) (Everett) RI Brookfield CT Shelton Leidy New York • Piracucá (Brazil) Bilbao (Spain) Shenzi (US GoM) Reggane (Algeria) Canaport (Canada) • Kinteroni (Peru) • Margarita-Huacaya (Bolivia) • Cardon IV (Venezuela) In operation in In Operation in 2011 In operation FID in 2011 2Q 2010 Discoveries under study • Panoramix (Brazil) • Iguazú (Brazil) Cartagena (Spain) I/R (Libya) Carioca (Brazil) Peru LNG (Peru) • Abaré West (Brazil) In re- In re- evaluation evaluationECUADOR • Buckskin (US GoM) • Montanazo-Lubina (Spain) • NC-200 (Libya) • NC-186 Y1 (Libya) • Tangier-Larache (Morocco) Sines (Portugal) Block 39 (Peru) Exploration • Venus (Sierra Leone) New key growth project • Carabobo (Venezuela) not derived from exploration 7 Summary Accomplishing the transformation of Repsol Upstream into the Group’s growth engine through key attractive current projects Positioned for Leverage on strong recent exploration track record to create value from current growth exploration pipeline Benefit from enhanced best-in-class Downstream assets to capitalize market recovery Strong optionality Capture the hidden value of YPF and flexibility regarding Gas Natural value Strong balance sheet to fund future growth Sound financial position Large and stable dividend stream from YPF and Gas Natural 8 Agenda Overview and key messages Energy outlook Strategy update 2010-2014 • Key strategic guidelines for the business units • Upstream and LNG • Downstream • YPF • Gas Natural Fenosa Corporate and financial outlook 9 2008-2009: A highly volatile environment for the oil&gas industry Daily Spot Brent Price World Oil Demand Growth (Mbbl) Economic environment ($/bbl) 1.4 150 1.3 challenging in oil&gas 1.1 industry in 2008-2009 100 -77% 50 -0.3 Global economic crisis with -1.3 significant impact in oil demand 0 1/1/071/1/08 1/1/09 1/1/10 2005 2006 2007 2008 2009 Crude price down from an average of 97$/bbl in 2008 to just 62$/bbl in Monthly NWE Brent 2009 Cracking Average Monthly HH – A low of 39 $/bbl in 2009 ($/MBtu) ($/bbl) Strong pressure on international 15 refining margins 10 Gas price in liquid markets such as 5 Henry Hub well below pre-crisis 0 levels Jan-07Jan-08 Jan-09 Jan-10 Jan-07 Jan-08 Jan-09 Jan-10 2010 showing a recovery of economic growth and a improvement of fundamentals in most industry segments 10 Strong fundamentals for oil demand and production Oil demand and supply forecast – IEA – Reference Scenario (1) Mb/d Global energy demand in 2030 will be ~40% 120 higher than that of today – Hydrocarbons will still represent more than 100 50% of the demand 80 Oil demand growth to resume in the medium term 60 Existing fields decline supports strong E&P 40 investment – Need to attract capital driving returns 20 Marginal field economics and growing 0 demand support high oil price – Consensus price 70$-100$/bbl for the next 20102015 2020 2025 2030 5 years In 450ppm scenario crude demand would Natural gas liquids Crude oil - fields yet to be found stand at 89 MBbl/d in 2030 Non - conventional oil Crude oil - fields yet to be developed
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