Repsol : publishes provisional information for the fourth quarter of 2014

January 19th, 2015

Repsol's Trading Statement provides provisional information for the fourth quarter of 2014, including data on the economic environment as well as company performance during the period. Repsol Group

4Q14 results will be published on February 26th, 2015.

The information contained herein may hence be subject to change and could differ from the final numbers that will be reported.

ECONOMIC INDICATORS

4Q14E* 3Q14 4Q13

Var.

4Q14E/3Q14

Var.

4Q14E/4Q13

Average Dated Brent price1 (USD/Bbl) 76.6 101.9 109.2 -24.8% -29.9% Average WTI Nymex2 (USD/Bbl) 73.2 97.2 97.6 -24.7% -25.0% Average Henry Hub Nymex2 (USD/MBtu) 4.0 4.1 3.6 -2.4% 11.1% Average Algonquin1 (USD/MBtu) 5.0 3.0 7.7 66.7% -35.1% Average Exchange rate3 (USD/€) 1.25 1.33 1.36 -6.0% -8.1%

1Source: P latts

2 Source: Reuters/Bloomberg

3Source: ECB fixing

UPSTREAM

OPERATIONAL INDICATORS

4Q14E* 3Q14 4Q13

Var.

4Q14E/3Q14

Var.

4Q14E/4Q13

Production Kboe/d 370.6 365.9 320.6 1.3% 15.6%

DOWNSTREAM

4Q14E* 3Q14 4Q13

Var.

4Q14E/3Q14

Var.

4Q14E/4Q13

Refining Margin Indicator in Spain (USD/Bbl) 5.5 3.9 4.1 41.0% 34.1% Distillation utilization Spanish Refining (%) 80.1 84.8 71.7 -5.5% 11.7% Conversion utilization Spanish Refining (%) 105.5 106.6 94.4 -1.0% 11.8% North America Natural Gas Sales (Tbtu) 61.7 61.1 60.9 1.0% 1.3%

Source: Repsol

*Estimated

This document does not constitute an offer or invitation to purchase or subscribe shares, in accordance with the provisions of the Spanish Securities Market Law (Law 24/1988, of July 28, as amended and restated) and its implementing regulations. In addition, this document does not constitute an offer of purchase, sale or exchange, or a request for an offer of purchase, sale or exchange of securities in any other jurisdiction.
Some of the above mentioned resources do not constitute proved reserves and will be recognized as such when they comply with the formal conditions required by the U. S. Securities and Exchange Commission.
This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol's financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, cost 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 and are generally identified by the words "expects", "anticipates", "forecasts", "believes", "estimates", "notices" and similar expressions. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol's control or may be difficult to predict. Within those risks are those factors described in the filings made by Repsol and its affiliates with the Comisión Nacional del Mercado de Valores in Spain, the Comisión Nacional de Valores in Argentina, the Securities and Exchange Commission in the United States and with any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed.
Repsol 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.
The information contained in the document has not been verified or revised by the External Auditors of
Repsol.

Fax: 34 913 48 87 77

REPSOL S.A.

C/ Méndez Álvaro, 44

28045 Madrid (Spain)

www.repsol.com

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