116th New England Restructuring Roundtable Friday, April 30, 2010 Phil Ribbeck President Repsol Energy North America Corporation

LNG:Reliable Gas Supply for the Northeast U.S.

Forward-looking Statements

This document and the other statements we make contain forward looking statements, which include any statements concerning our expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are not historical facts. Forward-looking statements are often accompanied by words such as "estimate," "project," "predict," "believe," "expect," "anticipate," "plan," "forecast," "budget," "goal" or other words that convey the uncertainty of future events or outcomes.  These statements involve risks and uncertainties, including, but not limited to, those described in our most recent Form 10-K and other filings with the Securities and Exchange Commission. If one or more of these risks or uncertainties materialize (or the consequences of such a development changes), or should underlying assumptions prove incorrect, actual outcomes may vary materially from those forecasted or expected. Repsol YPF disclaims any intention or obligation to update publicly or revise such statements, whether as a result of new information, future events or otherwise.

• Repsol – who we are

Let’s Talk About…

• Wrap it up

• LNG – what has it done for New England; do we need it here?

• LNG – what will be available

• Fully integrated oil & gas company headquartered in Madrid, Spain; operating globally

Repsol – who we are

• Growing North American asset base:– Producing E&P assets and exploration acreage in the Gulf of Mexico– Offshore exploration acreage in Alaska and Newfoundland/Labradour– CanaportTM LNG regasification terminal located in Saint John, NB – serves

Northeast USA with 1 BCFD firm capability and 10 BCF of storage– Portfolio of LNG and gas supply contracts and firm transportation allow Repsol to

serve US Northeast markets reliably with great flexibility– Full-service gas trading and origination organization

• Over 80 years experience in the oil and gas industry• Over 35,000 employees• Operations in more than 30 countries

New LNG Facility Output - Winter 09/10

What has new LNG done for New England?

• Improved the dependability and flexibility of the pipeline delivery system– Formerly, there were bottlenecks in Winter to deliver more natural gas in New

England– New LNG supplies are coming in north of such bottlenecks through existing

systems that expanded without interrupting the region’s activities– Delivered new secure natural gas supplies– Created a new player that is changing the region’s business

How has that benefited New England?Decreased Price Spikes for one

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What else has new LNG done?No oil fired generation this past Winter

North America’s LNG Imports

New LNG Supply vs. 2007 Levels

Wrapping it up

• New LNG supplies are accessible to New England Market without new build issues

• LNG supplies from the north have expanded the current infrastructure’s dependability and capability• The analysts project a global oversupply of LNG during the next 3 – 5 years, at least

• Amount of new LNG regas capacity in New England exceeds projected demand for quite awhile

• OK, I am biased, but Repsol has incredible ability to meet the market’s needs for a long time to come