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 February, 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.		Webcast presentation regarding 2010 results.

February 24

2011

Fourth Quarter & Full Year 2010 Results

WEBCAST –

CONFERENCE CALL

February 24

, 2011

Antonio Brufau

CEO

Disclaimer

Agenda

Strategy Achievements

Main Operational Highlights

4Q 2010 and Annual Results

Financial Overview

2011 Outlook and Strategy Update

Agenda

Strategy Achievements

Main Operational Highlights

4Q 2010 and Annual Results

Financial Overview

2011 Outlook and Strategy Update

Strategy Achievements in 2010

•

Organic production growth of 3%

•

Reserve replacement ratio: 131%

•

925 M$ Exploration Investments

Upstream

Transformation of the Upstream business

•

Progress in refining projects (to be on stream

in 4Q 2011)

•

71% of total investment budget already spent

Best-in-class Assets

Downstream

Strategy Achievements in 2010

•

Working on the objectives set in the 2010 –

2014

framework

•

Progress in enhancing financial structure

Creating a vertically integrated leader in gas and power

•

Liquids prices moving towards import parity

•

Contention of oil decline

Capturing the hidden value of YPF

•

Divestments in 2010: Repsol

Brazil, REFAP,

YPF and CLH, among other minor divestments

Portfolio management

2009

2010

Financial Position (Net Debt)*

Strategy Achievements in 2010

4.9

1.7

Billion

€

(*) Ex-Gas Natural Fenosa

Agenda

Strategy Achievements

Main Operational Highlights

4Q 2010 and Annual Results

Financial Overview

2011 Outlook and Strategy Update

Main Operational Highlights

Upstream: Exploration

Main Operational Highlights

Upstream: Developments (I)

Brazil

•

Presence

hydrocarbons

Creal

(Albacora

Leste

block)

•

Guara,

Carioca

and

Piracuca

appraisal

wells

drilled

successfully,

confirming

the

great

potential

these

discoveries

Peru

•

On-going

appraisal

activities

Kinteroni

•

Kinteroni-2

proved

positive

•

First

gas

stream

2012

Main Operational Highlights

Upstream: Developments (II)

Gulf of Mexico

•

Buckskin-2 drilling suspended by BOEMRE

•

In Shenzi, drilling operations resumed for water

injection

Bolivia

•

FID of Phase 1 of Margarita Field

•

First gas output of Phase 1 in 2012

Venezuela

•

Award of Carabobo provides access to heavy oil

reserves for Spanish refining system

•

Cardon

IV Appraisal Plan approved

•

Perla

2 and Perla

3 wells drilled in 2010; Perla

is currently under evaluation

•

Cardon

IV first gas production on stream in 2014

Main Operational Highlights

LNG: Year of consolidation

•

Start

in June 2010

•

Volumes

and

margins

boosted

•

Earnings

increased

•

Construction work on the third storage tank

was completed in April, after 2010 ramp up.

•

In 2010, the terminal received 25 cargoes: 17

from T&T, 1 from Peru LNG, 6 spot and 1

from the agreement with Qatargas.

•

During the winter months, the plant

regasification

volumes peaked at 0.8 TBtu/d.

•

Repsol supplied

8 cargoes

during

2010

Peru LNG

Canaport

Argentina

Korea

•

15-month LNG supply agreement between

Repsol

and Kogas.

•

Shipment of 1.9 bcm

of gas equivalent to

Korea from the Peru LNG terminal.

•

First LNG contract in the Far East,

reinforcing Repsol’s

global

position in

liquefied natural gas marketing.

Note: R&M margin calculated as CCS/LIFO-Adjusted operating profit of the R&M Segment divided by the total volume of crude

processed (excludes petrochemical business)

(1)

14-peer-group

including

Majors,

integrated

oil

companies

and

R&M

independents.

2010,

13-peer-group:

Cepsa

not

available yet.

Main Operational Highlights

Downstream: One of the highest integrated margins in the sector

-5

2008

$/bbl

2009

2006

2005

2007

2010

(1)

•

Minor gap with Import

Parity prices at the pump

Main Operational Highlights

YPF: Moving Forward. Main Drivers 2010

•

Crude Oil production stabilization

100

150

200

250

300

350

2004

2005

2006

2007

2008

2009

2010

-10%

-5%

-1,6%

Kbbl/d

Main Operational Highlights

YPF: Moving Forward. Value Creation (I)

Main Operational Highlights

YPF: Moving Forward. Value Creation (II)

•

4 wells were drilled with initial production of 100,000

m3/day of gas per well

•

Estimated resource base of 4.5 TCF in the Southern part

of Loma La Lata.

TIGHT GAS

SHALE GAS AND OIL

(*) Last

in initial

test phase

Several vertical wells drilled in Vaca

Muerta

formation

have confirmed oil and gas resources. Oil production

level 200-400 bbl/d.

Backen

and Eagle Ford basins in the US would be

good analogous to some of our findings.

Agenda

Strategy Achievements

Main Operational Highlights

4Q 2010 and Annual Results

Financial Overview

2011 Outlook and Strategy Update

Results

CCS Adjusted Operating Income

4715

2761

1000

2000

3000

4000

5000

FY 09

FY 10

Million

€

1056

750

500

1000

1500

4Q 09

4Q 10

Million

€

2032

1296

1000

2000

3000

FY 09

FY 10

Million

€

Results

CCS Adjusted Net Income

499

241

100

200

300

400

500

4Q 09

4Q 10

Million

€

225

122

361

(52)

100

200

300

400

4Q09

Price effect net

of taxes

Volume

Exploration

Costs

Exchange rate

Depreciation &

Others

4Q10

4Q 2010 Upstream

Adjusted Operating Income

Million

€

+60%

884

1473

606

243

(137)

(168)

500

1000

1500

2000

2009

Price effect

net of taxes

Volume

Exploration

Costs

Exchange

rate

Depreciation

& Others

2010

2010 Results Upstream

Adjusted Operating Income

Million

€

+67%

106

164

(103)

100

200

300

4Q09

Refining

Activity

Marketing

Chemical

Exchange

rate

Others

4Q10

4Q 2010 Downstream

CCS Adjusted Operating Income

Million

€

+73%

647

977

277

(119)

500

1000

1500

2009

Refining

Activity

Marketing

Chemical

Exchange

rate

Others

2010

2010 Results Downstream

CCS Adjusted Operating Income

Million

€

+51%

331

143

371

(145)

(73)

100

200

300

400

500

600

4Q09

Price increases

in domestic

markets

Export prices &

international price

related products

net of taxes

Volume sales &

Purchases

Gas

Costs

Others

4Q10

4Q 2010 YPF

Adjusted Operating Income

Million

€

+12%

789

762

1625

(353)

(42)

394

(23)

500

1000

1500

2000

2500

2009

Price

increases in

domestic

markets

Export prices

international

price related

products net

of taxes

Volume sales

& Purchases

Gas

Costs

Exchange

Rate

Others

2010

2010 Results YPF

Adjusted Operating Income

Million

€

+106%

185

214

100

150

200

250

4Q 09

4Q 10

Million

€

Gas Natural

Adjusted Operating Income

745

849

200

400

600

800

2009

2010

Million

€

Agenda

Strategy Achievements

Main Operational Highlights

4Q 2010 and Annual Results

Financial Overview

2011 Outlook and Strategy Update

Financial Overview

Dividend Evolution

(*)

(*) Interim

Dividend

announced

in November

and

final figure pending

AGM approval.

€/share

0.6

0.72

1.0

1.05

0.85

1.05

Agenda

Strategy Achievements

Main Operational Highlights

Macro Situation

4Q 2010 and Annual Results

Financial Overview

2011 Outlook and Strategy Update

2011 Drilling Schedule Upstream

Intensive exploratory activity

Strategy Update

Updates on Key Projects in Upstream

Strategy Update

Upstream updated targets

Main Operational Highlights

Repsol

LNG: Optimization & Operational Efficiency

Projects

Delivery: Canaport

& Peru

LNG

•

Fulfillment

commitments:

projects

start-up

time

within

budget

•

cargoes

delivered

from

Peru

LNG

and

shipped

Europe,

Far

East,

North

America

other

markets

•

New

supply

deals

with

Qatargas

and

Kogas

•

2011,

start-up

EnCana´s

delivery

Manzanillo

Regas

start-up

New Brunswick

Maine

Wright

Waddington

Pittsburg

Cumberland

Dracut

Shelton

Beverly

Brookfield

Philipsburg

Leidy

Boston

(Everett)

New York

–

Regasification

plant in Canada

–

Start-

up: 3Q 2009

–

Running on excellent operation

conditions

–

Capacity: 10 Bcma

Peru LNG

(Peru)

–

Integrated LNG project in

Peru

•

Most competitive

location for access to

East coast of Pacific

Basin

–

Start-up: 2Q 2010

–

Capacity: 6 Bcma

Canaport

(Canada)

Strategy Update

Downstream delivering projects on time within budget

% Middle

distillates

yield

Privileged middle-distillates position

Middle

distillates

yields

company

The conversion projects enhance Repsol’s

position in the European Downstream

Best-in-class Downstream assets in a premium domestic market,

will allow Repsol

to achieve an additional margin

1. % Yield after growth projects

Source: WoodMackencie

Strategy Update

Downstream: Refining strengths aligning with market drivers

US$ M

Average Dividend paid to Repsol

YPF EBITDA

Self-financed capex

plan and dividend payments

EBITDA and dividends paid by YPF to Repsol

Strategy Update

YPF: Resilience and Financial Discipline within Repsol

Portfolio

1000

2000

3000

4000

5000

2003

2004

2005

2006

2007

2008

2009

2010

2011 Highlights

Downstream

YPF

Capex

Upstream

Exploration: Strong activity (Brazil, Guyana, Cuba, Norway,

Liberia, Morocco, Libya, Bolivia, Colombia, U.S.A.)

Development: focus on project delivery

Growth Projects on time

Expected global increase in demand.

Focus on non conventional resources and on conventional crude

production

Results should continue improving and will beat challenging costs

Improvement in enhance the recovery factor

6.0 B€

(ex Gas Natural)

Corporate

Tax Rate

41% (depending on macro variables and businesses performance)

Commitment to maintain strong operational performance and

financial discipline to deliver the next wave of profitable growth

Strategy Update

Financial Outlook and guidelines

(1) Assumed scenario: Brent crude price: 79.50$/bbl (av.2010), 85.0$/bbl (2011E), 90$/bbl (2014E); Henry hub price: 4.40$/Mmbtu (av. 2010), 5.10$/Mmbtu

(2011E), 5.5 $/MMBtu (2014E); NWE Brent cracking margin: 2.28 $/bbl (av. 2010), 3.32 $/bbl (2014E); Exchange Rate 1.35 $/€ post 2010. (2) Includes net

financial expenses (3) Includes divestment of YPF to 51% and other non-core assets (4) Consolidating Gas Natural Fenosa under equity method, cash available

for dividends, minority interest and debt would be around 10 B€ (5) Additional working capital in relation to original Strategic Update 2010 - 2014

Under the assumed scenario, cash generated will allow us to fund

investments,

increase dividends and improve the leverage ratio

Portfolio

Optimization

Geographical Balance

Core Assets consolidation

Sound financial

position

Strong balance sheet to fund future growth

Large and stable dividend from YPF and Gas Natural

Positioned for growth

Accomplishing the transformation of Repsol

Upstream into the Group’s growth

engine through key attractive current projects

Leverage on strong recent exploration track record to create value from current

exploration pipeline

Benefit from enhanced best-in-class Downstream assets to capitalize market

recovery

Summary

Summary

February 24

2011

Fourth Quarter & Full Year 2010 Results

WEBCAST –

CONFERENCE CALL

February 24

, 2011

Antonio Brufau

CEO

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: February 24^th, 2011	By:	/s/ MIGUEL ANGEL DEVESA
		Name:	Miguel Angel Devesa
		Title:	Chief Financial Officer

REPSOL YPF SA 6-K