SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of January, 2011

Commission File Number: 001-10220

REPSOL YPF, S.A.

(Exact name of registrant as specified in its charter)

Paseo de la Castellana, 278

28046 Madrid, Spain

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file

annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No x

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No x

Indicate by check mark whether by furnishing the information

contained in this Form, the Registrant is also thereby furnishing the information to the Commission

pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ¨ No x

If “Yes” is marked, indicate below the file number assigned to the registrant

in connection with Rule 12g3-2(b): N/A

REPSOL YPF, S.A.


Item

1.		Analyst’s Day presentation.

Repsol

YPF SA, –

January 2011

Analyst’s

Day –

London, January

Brief

Exploration

Update

January

2011

Repsol

YPF SA, –

January 2011

Disclaimer

ALL RIGHTS ARE RESERVED

REPSOL YPF, S.A. 2010

Repsol

YPF,

S.A.

the

exclusive

owner

this

document.

part

this

document

may

reproduced

(including

photocopying),

stored,

duplicated,

copied,

distributed

introduced

into

retrieval

system

any

nature

transmitted

any

form

any

means

without

the

prior

written

permission

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

trends

affecting

Repsol

YPF’s

financial

condition,

financial

ratios,

results

operations,

business,

strategy,

geographic

concentration,

production

volume

and

reserves,

well

Repsol

YPF’s

plans,

expectations

objectives

with

respect

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

future

performance,

prices,

margins,

exchange

rates

other

events

and

are

subject

material

risks,

uncertainties,

changes

and

other

factors

which

may

beyond

Repsol

YPF’s

control

may

difficult

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. Those fillings 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

offer

purchase,

subscribe,

sale

exchange

Repsol

YPF's

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.

Repsol

YPF SA, –

January 2011

Short term

plans

Realising our current portfolio:

Countries with exploration drilling in 2011

•

Brazil 8 wells + 3 that finish the next year and several tests

•

USA 1 offshore, 2 onshore and…..

•

Libya 4 wells

•

Norway 2 wells

•

Liberia 1 well (we could see more activity in SL/L)

•

Guyana 1 well

•

Cuba 1 well

•

Morocco 1+1 wells

•

Colombia 3 wells (2 small)

•

Bolivia 1 well

•

Peru 1 well

•

Still working on defining 1 well in Algeria, Spain, Kazakhstan

Repsol

YPF SA, –

January 2011

Short term

plans

Realising our current portfolio:

Present operations

•

Advanced 1 well in Oman

•

In the final stages in two wells in Libya

•

Casing 1 well in Brazil

And

•

Drilling in Bolivia

•

Spud 1 well onshore USA

Repsol

YPF SA, –

January 2011

Short term

plans

Building our future portfolio:

Main seismic programmes for 2011

•

Norway offshore 3D

•

Libya onshore 3D op

•

Algeria onshore 3D op

•

Indonesia offshore 2D op

•

Russia onshore 2D op

•

Brazil offshore 3D

•

Colombia offshore 3D coop

•

Several 3D spec acquisitions in onshore & offshore USA

Repsol

YPF SA, –

January 2011

Medium term plans

Renewing our acreage position:

are

recovering

our

acreage

position

after

intensifying

our

efforts

2009

(In

2009

had

net

128573

km2

349

blocks

and

3rd

2010

already

had

141900

km2

359

blocks

not

counting

strong

performance

4th Q)

•

Main acreage incorporations (*)

•

Norway 3 blocks

•

Morocco 1 block

•

Algeria 1 block

•

Indonesia 5 blocks

•

Spain (unconventional)

•

Oman 1 block

•

Offshore Western Canada 2 blocks

•

GOM 7 projects included in 16 GoM

blocks

•

Russia 2 blocks

•

Colombia 2 blocks +

•

Tunisia 3 blocks

(*) Some waiting ratification

Repsol

YPF SA, –

January 2011

Medium term plans

In spite of the hard external context we are succeeding in replacing

our acreage and are well positioned to continue capturing blocks

the areas we have selected for growth

In this process, during 2010 we screened 230 farm in opportunities

and 192 blocks that were included in bid rounds

Repsol

YPF SA, –

January 2011

Continuing Medium to Long term plans

We will:

•

Expand our efforts in West Africa (SL, L, EG, A+)

•

Continue with our strategy of balancing North America offshore with

more onshore opportunities

•

Work and expand beyond Norway the Eastern North Atlantic Margin

•

Continue looking for additional acreage in plays we are developing

for the Mediterranean

•

Expand the Tertiary Caribbean play

•

Be ready for more opportunities in Brazil

•

Mature our play in the Peruvian Subandean

belt

•

Exploit our presence in ME Caspian for more opportunities

Repsol

YPF SA, –

January 2011

Analyst’s

Day –

London, January

Brief

Exploration

Update

January

2011

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


	REPSOL YPF, S.A.

Date: January 27^th, 2011	By:	/s/ MIGUEL ANGEL DEVESA
	Name:	Miguel Angel Devesa
	Title:	Chief Financial Officer

REPSOL YPF SA 6-K