Repsol YPF

2Q 2006	1Q 2007	2Q 2007	% Variation 2Q07/2Q06	SECOND QUARTER 2007 RESULTS	Jan-Jun 2006	Jan-Jun 2007	% Variation 07/06
REPORTED EARNINGS (Million euro)
1,690	1,407	1,440	-14.8	INCOME FROM OPERATIONS	3,294	2,847	-13.6
920	888	818	-11.1	NET INCOME	1,782	1,706	-4.3
PROFORMA INDICATORS (Million euro)
1,602	1,409	1,416	-11.6	ADJUSTED OPERATING INCOME	3,186	2,825	-11.3
857	838	799	-6.8	ADJUSTED NET INCOME	1,701	1,637	-3.8
EARNINGS PER SHARE
0.75	0.73	0.67	-11.1	Euros per share	1.46	1.40	-4.3
0.96	0.97	0.91	-5.2	Dollars per share	1.85	1.89	2.2

SECOND QUARTER 2007 HIGHLIGHTS

The drop in reference oil prices and greater exploration activity are reflected in the Exploration & production area.

Good refining margins boost adjusted income from operations in Refining & marketing to Eu668 million.

The strength of the euro against the dollar has a negative impact of Eu90 million in second quarter income from operations.

Net income in the quarter was Eu818 million and income from operations reached Eu1,440 million.

Of interest...