Repsol YPF

Risk factors

• International reference crude oil prices may fluctuate due to factors beyond Repsol YPFs control
• Repsol YPFs natural gas operations are subject to particular operational and market risks
• Repsol YPF has extensive operations in Argentina
• Political instability and the negative regulatory environment and outlook for the oil and gas industry in Bolivia may have a material adverse effect on our business, financial condition and results of operations.
• The oil and gas industry is subject to particular operational risks, and we depend on the cost-effective acquisition or discovery of, and, thereafter, development of new oil and gas reserves
• Repsol YPFs operations are subject to extensive regulation
• Repsol YPF is subject to extensive environmental regulations and risks
• Most of Repsol YPFs reserves are located in developing countries
• Exchange rates may fluctuate due to factors beyond Repsol YPFs control
• Conditions in the petrochemicals industry are cyclical and may change due to factors beyond Repsol YPFs control