0

Seco

nd Q

uart

er 2

011

Res

ults

July

201

1

WEB

CA

ST –

CO

NFE

REN

CE

CA

LLJu

ly 2

8th, 2

011

Mr.

Mig

uel M

artín

ezC

FOM

r. M

igue

l Mar

tínez

CFO

1

Dis

clai

mer

ALL

RIG

HTS

AR

E R

ES

ER

VE

D

©R

EP

SO

L Y

PF, S

.A. 2

011

Rep

solY

PF,

S.A

. is

the

excl

usiv

e ow

ner o

f thi

s do

cum

ent.

No

part

of th

is d

ocum

ent m

ay b

e re

prod

uced

(inc

ludi

ng p

hoto

copy

ing)

, sto

red,

dupl

icat

ed, c

opie

d, d

istri

bute

d or

intro

duce

d in

to a

retri

eval

sys

tem

of a

ny n

atur

e or

tran

smitt

ed in

any

form

or b

y an

y m

eans

with

out t

he p

rior w

ritte

n pe

rmis

sion

of R

epso

lYP

F, S

.A.

This

doc

umen

t doe

s no

t con

stitu

te a

n of

fer o

r inv

itatio

n to

pur

chas

e or

sub

scrib

e sh

ares

, in

acco

rdan

ce w

ith th

e pr

ovis

ions

of t

he S

pani

sh S

ecur

ities

Mar

ket L

aw (

Law

24/

1988

, of

July

28,

as

amen

ded

and

rest

ated

) and

its

impl

emen

ting

regu

latio

ns. I

n ad

ditio

n, th

is d

ocum

ent d

oes

not c

onst

itute

an

offe

r of p

urch

ase,

sal

e or

exc

hang

e, n

or a

requ

est f

or a

n of

fer

of p

urch

ase,

sal

e or

exc

hang

e of

sec

uriti

es in

any

oth

er ju

risdi

ctio

n. In

par

ticul

ar, T

his

docu

men

t doe

s no

t con

stitu

te a

n of

fer

to p

urch

ase,

sub

scrib

e, s

ale

or e

xcha

nge

of R

epso

lY

PF'

sor

YP

F S

ocie

dad

Ano

nim

a's

resp

ectiv

e or

dina

ry s

hare

s or

AD

Ss

in th

e U

nite

d S

tate

s or

oth

erw

ise.

Rep

solY

PF'

san

d Y

PF

Soc

ieda

dA

noni

ma'

sre

spec

tive

ordi

nary

sha

res

and

AD

Ss

may

not

be

sold

in th

e U

nite

d S

tate

s ab

sent

regi

stra

tion

or a

n ex

empt

ion

from

regi

stra

tion

unde

r the

US

Sec

uriti

es A

ct o

f 193

3,as

am

ende

d.

This

doc

umen

t co

ntai

ns s

tate

men

ts t

hat

Rep

sol

YP

F be

lieve

s co

nstit

ute

forw

ard-

look

ing

stat

emen

ts w

hich

may

inc

lude

sta

tem

ents

reg

ardi

ng t

he i

nten

t, be

lief,

or c

urre

nt

expe

ctat

ions

of

Rep

sol

YP

F an

d its

man

agem

ent,

incl

udin

g st

atem

ents

with

res

pect

to

trend

s af

fect

ing

Rep

sol

YP

F’s

finan

cial

con

ditio

n, f

inan

cial

rat

ios,

res

ults

of

oper

atio

ns,

busi

ness

, stra

tegy

, geo

grap

hic

conc

entra

tion,

pro

duct

ion

volu

me

and

rese

rves

, cap

ital e

xpen

ditu

res,

cos

ts s

avin

gs, i

nves

tmen

ts a

nd d

ivid

end

payo

ut p

olic

ies.

The

se fo

rwar

d-lo

okin

g st

atem

ents

may

als

o in

clud

e as

sum

ptio

ns r

egar

ding

futu

re e

cono

mic

and

oth

er c

ondi

tions

, suc

h as

futu

re c

rude

oil

and

othe

r pr

ices

, ref

inin

g an

d m

arke

ting

mar

gins

and

exc

hang

e ra

tes

and

are

gene

rally

iden

tifie

d by

the

wor

ds “e

xpec

ts”,

“ant

icip

ates

”, “fo

reca

sts”

, “be

lieve

s”, e

stim

ates

”, “n

otic

es”a

nd s

imila

r exp

ress

ions

. The

se s

tate

men

ts a

re n

ot g

uara

ntee

s of

futu

re p

erfo

rman

ce, p

rices

, mar

gins

, exc

hang

e ra

tes

or o

ther

eve

nts

and

are

subj

ect t

o m

ater

ial r

isks

, unc

erta

intie

s, c

hang

es a

nd o

ther

fact

ors

whi

ch m

ay b

e be

yond

Rep

solY

PF’

sco

ntro

l or

may

be

diffi

cult

to p

redi

ct. W

ithin

thos

e ris

ks a

re th

ose

fact

ors

desc

ribed

in th

e fil

ings

mad

e by

Rep

solY

PF

and

its a

ffilia

tes

with

the

Com

isió

nN

acio

nald

el M

erca

do d

e V

alor

esin

Spa

in, t

he C

omis

ión

Nac

iona

lde

Val

ores

in A

rgen

tina,

the

Sec

uriti

es a

nd E

xcha

nge

Com

mis

sion

in th

e U

nite

d S

tate

s an

d w

ith a

ny o

ther

sup

ervi

sory

aut

horit

y of

thos

e m

arke

ts w

here

the

secu

ritie

s is

sued

by

Rep

solY

PF

and/

or it

s af

filia

tes

are

liste

d.

Rep

solY

PF

does

not

und

erta

ke to

pub

licly

upd

ate

or r

evis

e th

ese

forw

ard-

look

ing

stat

emen

ts e

ven

if ex

perie

nce

or fu

ture

cha

nges

mak

e it

clea

r th

at th

e pr

ojec

ted

perfo

rman

ce,

cond

ition

s or

eve

nts

expr

esse

d or

impl

ied

ther

ein

will

not

be

real

ized

.

The

info

rmat

ion

cont

aine

d in

the

docu

men

t has

not

bee

n ve

rifie

dor

revi

sed

by th

e A

udito

rs o

f Rep

solY

PF.

2

Age

nda

Q2

2011

Res

ults

Expl

orat

ory

Prog

ram

for 2

H 2

011

Stat

us o

f key

gro

wth

pro

ject

s

Port

folio

dev

elop

men

ts in

Q2

Fina

ncia

l Ove

rvie

w

3

Age

nda

Q2

2011

Res

ults

Expl

orat

ory

Prog

ram

for 2

H 2

011

Stat

us o

f key

gro

wth

pro

ject

s

Port

folio

dev

elop

men

ts in

Q2

Fina

ncia

l Ove

rvie

w

4

1262

963

0

400

800

1200

2Q10

2Q11

Q2

2011

Res

ults

Ove

rvie

w

485

523

0

200

400

600

2Q10

2Q11

Mill

ion

€

Lack

of p

rodu

ctio

n in

Lib

ya

Strik

es in

Arg

entin

a

CC

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ted

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me

Mill

ion

€C

CS

Adj

uste

dO

pera

ting

Inco

me

5

340

296

0

100

200

300

2Q10

2Q11

Q2

2011

Res

ults

Pro

duct

ion

Mai

n Fa

ctor

s:

Unr

est i

n Li

bya

Mor

ator

ium

in G

oM

Prod

uctio

nkb

oed

6

370

293

172

(52)

(20)

(177

)

0

100

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e ef

fect

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of

taxe

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e ne

t of

depr

ecia

tion

Exc

hang

e ra

teO

ther

s2Q

11

Q2

2011

Res

ults

U

pstre

am A

djus

ted

Ope

ratin

g In

com

e

Mill

ion

€

7

441

129

135

256

(63)

(172

)

(214

)

0

100

200

300

400

500

600

2Q10

Stri

ke e

ffect

Pric

e in

crea

ses

in d

omes

ticm

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ts

Exp

ort p

rices

&in

tern

atio

nal

pric

e re

late

dpr

oduc

ts n

et o

fta

xes

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tsO

ther

s2Q

11

Mill

ion

€

Q2

2011

Res

ults

Y

PF

Adj

uste

d O

pera

ting

Inco

me

8

13

53

0102030405060

2Q10

2Q11

Milli

on€

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2011

Res

ults

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G A

djus

ted

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ratin

g In

com

e

9

369

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(106

)

(65)

(11)

0

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400

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Ref

inin

gA

ctiv

ityLP

GC

hem

ical

Exc

hang

e ra

te&

oth

ers

2Q11

Q2

2011

Res

ults

Dow

nstre

am C

CS

Adj

uste

d O

pera

ting

Inco

me

Mill

ion

€

10

188

181

050100

150

200

2Q10

2Q11

Milli

on€

Q2

2011

Res

ults

G

as N

atur

al F

enos

aA

djus

ted

Ope

ratin

g In

com

e

11

Age

nda

Q2

2011

Res

ults

Expl

orat

ory

Prog

ram

for 2

H 2

011

Stat

us o

f key

gro

wth

pro

ject

s

Port

folio

dev

elop

men

ts in

Q2

Fina

ncia

l Ove

rvie

w

12

Expl

orat

ory

prog

ram

Ups

tream

•Exp

lora

tory

wel

ls:

2 in

Bra

zil (

Itabo

raia

nd T

ingu

a)

1 in

Bol

ivia

(Sar

aren

da)

2 in

C

olom

bia

(Chi

piro

nan

d Ja

ripeo

)

•App

rais

al w

ells

:

GoM

(Buc

kski

n 2)

Bra

zil

(Gua

raS

ul,

Gua

raR

DA

, P

iracu

ca4)

•Ext

ende

d w

ell t

est (

Gua

ra)

CU

RR

ENT

AC

TIVI

TY

•Exp

lora

tory

wel

ls:

Bra

zil (

Gav

ea)

•App

rais

al w

ells

:

Per

u (K

inte

roni

3)

Ven

ezue

la (P

erla

5X)

POSI

TIVE

RES

ULT

S

13

Expl

orat

ory

prog

ram

Ups

tream

–2H

201

1 A

ctiv

ity

(*) n

otco

mpl

eted

until

2012

BR

AZI

LA

LBA

CO

RA

LES

TE P

RES

ALT

(A

LBA

CO

RA

LES

TE)

AB

AR

E (B

M-S

-9)

PAO

DE

AZU

CA

R

(BM

-C-3

3)C

AR

IOC

A S

ELA

(BM

-S-9

)SA

GIT

AR

IO

(BM

-S-5

0)

CU

BA

JAG

ÜEY

GU

YAN

AJA

GU

AR

LIB

ERIA

MES

UR

AD

O

NO

RW

AY

ULV

ETA

NN

AH

EILO

WEL

L

PER

USA

GA

RI

SIER

RA

LEO

NE

MER

CU

RY

2JU

PITE

R

(*)

(*)

(*)

(*)

(*)

14

YPF

Expl

orat

ory

prog

ram

Pro

gres

s on

non

-con

vent

iona

l res

ourc

es

•Vac

aM

uerta

is a

30,

000

km2

form

atio

n w

ith

rock

thic

knes

s be

twee

n 50

to 4

00 m

ts•Y

PF´

sne

tacr

eage

incr

ease

dto

14,0

00 k

m2

from

12,0

00 k

m2

•Dur

ing

2010

:33

0 km

2 ch

osen

as

initi

alar

eato

perfo

rmpi

lots

6 ve

rtica

l wel

lsdr

illed

(initi

alflo

wra

tes

betw

een

200

/ 560

BP

D)

Oil

reco

vera

ble

reso

urce

sof

150

MB

OE

15

Expl

orac

ión

Vaca

Mue

rta 2

011

Expl

orac

ión

Vaca

Mue

rta 2

012

Dom

inio

Min

ero

YPF

Nue

vo D

omin

io M

in.

BA

ñ.x-

2

LLL

•13

expl

orat

ory

wel

ls w

ould

be

drille

d in

ord

er

to a

sses

the

pote

ntia

l of V

aca

Mue

rtain

oth

er

parts

of t

he N

euqu

ina

Bas

in

•Dur

ing

Q2

2011

a n

ew s

hale

oil

disc

over

y in

th

e V

aca

Mue

rtafo

rmat

ion

in t

he B

ajad

ade

A

ñelo

Blo

ck w

as a

nnou

nced

•3 a

dditi

onal

exp

lora

tory

wel

ls a

lread

y dr

illed

and

prep

arin

g fo

r th

e fra

ckin

gph

ase.

At l

east

9

addi

tiona

l ex

plor

atio

n w

ells

will

be d

rille

d be

fore

year

end.

YPF

Expl

orat

ory

prog

ram

2011

Pro

gram

16

Vaca

Mue

rta

Bar

nett

Hay

nesv

ille

Mar

cellu

sEa

gle

Ford

B

akke

n3-

5 M

stb/

km²

200mA

nalo

gyw

ithU

SA is

the

stre

ngth

ofth

epl

ay

(*) p

relim

inar

yda

ta

Bak

ken

Eag

le F

ord

(Oil

Leg)

Vac

a M

uerta

LL

L

Thic

knes

s30

7020

0m

STO

OIP

200,

000

114,

000

18,5

00M

Bbl

s

STO

OIP

/km

23

2343

MB

bls/

km2

EU

R3,

650

5,70

074

1M

Bbl

s

17

Age

nda

Q2

2011

Res

ults

Expl

orat

ory

Prog

ram

for 2

H 2

011

Stat

us o

f key

gro

wth

pro

ject

s

Port

folio

dev

elop

men

ts in

Q2

Fina

ncia

l Ove

rvie

w

18

Stat

us o

fkey

grow

thpr

ojec

ts(I)

CA

RTA

GEN

A

•Pro

ject

com

plet

ion:

95%

•Sta

rtup

date

: Aug

ust /

Sep

tem

ber

•Pro

ject

com

plet

ion:

95%

•Sta

rtup

date

: Oct

ober

BIL

BA

O

19

Stat

us o

fkey

grow

thpr

ojec

ts(II

)

KIN

TER

ON

I

MA

RG

AR

ITA

GU

AR

A

CA

RD

ON

IV

CA

RA

BO

BO

•Suc

cess

fula

ppra

isal

cam

paig

n•C

onst

ruct

ion

ofpr

oduc

tion

and

gas

evac

uatio

nfa

cilit

ies

unde

rway

•Firs

tgas

pro

duct

ion:

Q2

2012

•Firs

tph

ase

(pla

ntex

pans

ion

+ ho

ok-u

p of

3 ex

istin

gw

ells

) at

53%

of

proj

ectc

ompl

etio

n•S

tart

ofpr

oduc

tion:

Q2

2012

•Lau

nch

ofse

cond

phas

e(+

6 M

m3d

) by

Q4

2013

•Fie

ldde

velo

pmen

tpro

gres

sing

wel

l•F

irstO

ilex

pect

edin

Q1

2013

•Con

stru

ctio

nof

FPSO

in g

ood

prog

ress

•5 w

ells

alre

ady

drille

d•S

uppl

yof

early

prod

uctio

nfa

cilit

ies

conc

lude

d•F

irstg

as p

lann

ed: l

ate

2013

•Ear

lypr

oduc

tion

set t

o20

14•C

ontra

ctin

gth

erig

and

prog

ress

ing

with

engi

neer

ing

activ

ities

20

Age

nda

Q2

2011

Res

ults

Expl

orat

ory

Prog

ram

for 2

H 2

011

Stat

us o

f key

gro

wth

pro

ject

s

Port

folio

dev

elop

men

ts in

Q2

Fina

ncia

l Ove

rvie

w

21

3.3

3.8

7.7

10.0

830.

8

REP

SOL´

s st

ake

as o

f Dec

embe

r1s

t

Dec

embe

r sal

es(In

stitu

tiona

lin

vest

ors)

Mar

ch s

ales

(Inst

itutio

nal

inve

stor

s)

IPO

PETE

RSE

N C

all

Opt

ion

Inst

itutio

nal

inve

stor

s in

Arge

ntin

ean

mar

ket &

oth

ers

Cur

rent

sta

ke

Port

folio

dev

elop

men

tsLa

st s

tage

of t

he p

artia

l sal

e of

Rep

sol´s

stak

e in

YP

F

% o

fYP

F sh

ares

57.4

22

Port

folio

dev

elop

men

tsJo

int v

entu

re w

ith A

llian

ce O

il

•Cre

atio

nof

a Jo

int

Ven

ture

in

the

Rus

sian

Fede

ratio

n, t

hela

rges

tga

s an

doi

l pro

duce

rin

th

ew

orld

.

•Tra

nsac

tion

pend

ing

nego

tiatio

nson

final

term

s,

due

dillig

ence

, an

dre

gula

tory

and

corp

orat

eap

prov

als.

ALA

SKA

Dea

ls

alig

ned

with

st

rate

gy

of

sear

chin

g ne

w

plat

form

s fo

r fu

ture

gr

owth

w

ith

limite

d ge

ogra

phic

al a

nd fi

nanc

ial e

xpos

ure,

a lo

cal p

artn

er, a

nd e

xplo

ratio

n up

side

.

In b

oth

case

s w

e ta

rget

ed c

ash

flow

con

tribu

tion

in t

he m

ediu

m t

erm

thr

ough

vol

ume

grow

th

but f

ocus

ed o

n va

lue

crea

tion.

•Agr

eem

ent

with

“70

& 1

48 L

LC”

(affi

liate

of

Arm

stro

ng

Oil

&

Gas

In

c)

and

“GM

T E

xplo

ratio

n LL

C”

to

join

tly

carry

ou

t ex

plor

atio

n ac

tivity

in

the

bloc

ks i

n A

lask

a’s

prol

ific

Nor

th S

lope

.

•Rep

solw

ill ha

ve a

70%

wor

king

inte

rest

in th

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