Repsol YPF

Net Income in first quarter was Eu888 million, 3.0% higher than in the same quarter last year. These results were achieved thanks to improvement in all business areas except Exploration & Production, which were penalised by lower prices and the weakness of the dollar.

Income from operations totalled Eu1,407 million, Eu197 million less than in first quarter 2006. This drop was mainly the result of the appreciation of the euro against the dollar, lower oil prices, with Brent oil trading down from $61.79 per barrel to $57.76 per barrel, and inventory variations. These negative effects were partially compensated by higher margins in refining, marketing, LPG, and natural gas, as well as in petrochemicals.

The Annual General Meeting, held on 9 May, approved all the items in the agenda put to vote, including payment of a final gross dividend of Eu0.36 per share, bringing the total dividend for 2006 to Eu0.72 gross per share, 20% higher than in the previous year. The AGM also approved the appointment of Luis Carlos Croissier Batista and Ángel Durández Adeva as Independent Outside Directors, thereby increasing the total number of Directors on the Board from 14 to 16.