Monday, February 28, 2011

Repsol YPF, S.A. (Repsol) reported full year 2010 results; Production up 3.2%; Plan to take decisive steps in the Horizon 2014 Strategy

During 2010, Repsol’s hydrocarbons production was 344 boepd up 3.2% over 2009. This was due to production in Shenzi (USA) an increased share in Libya and the start-up of the Peru LNG project. The company’s increased reserve replacement ratio, of 131%, which endorses the implementation of the company’s successful reserve replacement policy of recent years.

In 2010, YPF's total production was 541 kboepd down 5.4% compared to 2009. Liquids output declined more slowly than gas production as a result of increased investment based on a crude production incentive program. The reserve replacement ratio was 84%, with 100% replacement ratio for liquids.

The company made significant advances in achieving the goals set out in its 2010 Strategic Plan, including the incorporation of Sinopec in Brazil, the placement of 4.2% of YPF and the sale of nonstrategic assets.

Key Achievements in 2010 and Outlook for 2011:

$925 million exploration investments

Intensive exploratory activity

Updates on key projects in upstream

Plan to increase production by 3-4% till 2014 and higher to 2019

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