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and activities

Repsol works in the areas of hydrocarbon exploration, production, refining and marketing and in new energies.

Repsol's activities are divided into five business areas:

  • Three integrated strategic businesses, which include the operations of Repsol Group entities, excluding YPF and Gas Natural Fenosa, in the following areas:
    • Upstream, responsible for exploration and production operations of hydrocarbons
    • LNG, responsible for natural gas liquefaction, transport and regasification operations and for marketing natural gas and liquefied natural gas
    • Downstream, our refining operations and marketing of petroleum, chemical and liquefied petroleum gas products.
  • Two strategic stakeholdings:
    • YPF, which includes the operations of YPF, S.A., and its group companies, in all the businesses detailed above. Repsol has gone from having an operated participation of 79.81% at December 31, 2010 to a participation of 57.43% at December 31, 2011
    • Gas Natural Fenosa, whose main activities are the marketing of natural gas and the generation, distribution and marketing of electricity; the Group has gone from having a non-operated participation of 30.13% at December 31, 2010 to a participation of 30.01% at December 31, 2011.

2011 highlights

Discoveries in Argentina (Vaca Muerta, Neuqun), Brazil (Gvea and Malombe) and Libya (A1130/4).

Incorporation of new areas of high potential in the United States (Alaska), Russia, Ireland, Iraq, Tunisia and Portugal in Upstream activities.

Reserve replacement ratio(29) of 162% for crude oil, condensate, LPG and natural gas.

Acquisition of 100% of the British company Sea Energy Renewables, an offshore wind farm promotion and development company based in the United Kingdom.

Commissioning of extension and improvement projects in the Bilbao and Cartagena refineries. These projects will boost operating margins and consolidate the company's integrated position and leadership in this business in Spain.

Our operations in Libya in 2011

Due to the conflict in 2011, Repsol's production in Libya ceased completely in early March. During most of February production stood at levels close to 50%.

On Sunday February 20, Repsol implemented its evacuation plan, which has been regularly updated by corporate safety managers since 2007. The plan included three alternatives for evacuation. We chose to evacuate staff by airlifting.

The evacuation ended in the early hours of Friday 25 to Saturday February 26, when the last group of Repsol employees in Libyan territory arrived at Barajas Airport in Madrid. This airplane, chartered by Repsol, also carried 83 expatriates as requested by other companies and institutions, of 28 different nationalities, whom Repsol evacuated for humanitarian reasons.

The company developed a special protocol to attend to employees evacuated out of Libya and their families once repatriated to Spain.

During the second and third quarters of 2011 Repsol obtained no production from the Libyan fields.

After resolution of the conflict, production began again in blocks NC-115 and NC-186. Production is expected to reach close to pre-conflict levels during 2012.

New top executives at Repsol

During 2011, we reorganized our top leadership structures that depend directly on the Executive Chairman of our Upstream and Downstream Executive Divisions. We also created the Economic-Financial and Investee Company Executive Management Division. These changes were designed to adapt the organization to the current level of implementation of the Strategic Plan and to improve company management efficiency. This Executive Management Division incorporates the control of investee companies YPF and Gas Natural Fenosa and the responsibilities of the Corporate Resources Division into the responsibilities of the previous Economic-Financial Executive Managing Division.

In 2011, Members of the Executive Committee, excluding Executive Members, received remuneration of €17.58 million in total. This amount includes an extraordinary bonus payment linked to the increased income in 2010 accrued in 2011.

Total remuneration for Executive Directors in 2011 amounted to €11.48 million. This amount includes an extraordinary bonus payment linked to the increased income in 2010 accrued in 2011 of €2.77 million for Mr. Antonio Brufau and €1.67 million for Mr. Luis Surez de Lezo.

Best European energy company for executive leadership

Repsol has been chosen as the best energy company in Europe for the quality of its executive leadership according to a survey carried out by the international consultancy firm the Hay Group.

This survey entitled "Best European Companies for Leadership" assesses the best companies on the continent according to the quality of their executive leadership. Repsol is the only energy company in the top 10 of the ranking.

According to the findings of the report, these 10 companies use best employment practices, which help achieve an optimum work-life balance. This gives them a competitive advantage to attract and retain professional talent, improving their potential and performance.

(29) The rate is 141% in crude oil, condensate and LPG, and 174% in natural gas; excluding YPF