Form 6-K

REPSOL YPF, S.A.

Date: May 13^th, 2008

/s/ Fernando Ramírez

Fernando Ramírez

Chief Financial Officer

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of May, 2008

Commission File Number: 001-10220

REPSOL YPF, S.A.

(Exact name of registrant as specified in its charter)

Paseo de la Castellana, 278

28046 Madrid, Spain

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file

annual reports under cover of Form 20-F or Form 40-F:

Form 20-F X Form 40-F

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes No X

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes No X

Indicate by check mark whether by furnishing the information

contained in this Form, the Registrant is also thereby furnishing the information to the Commission

pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes No X

If “Yes” is marked, indicate below the file number assigned to the registrant

in connection with Rule 12g3-2(b): N/A

REPSOL YPF, S.A.


Item
1.		Power point presentation for conference call regarding 2008 first quarter preliminary results.

2008 First Quarter

PRELIMINARY RESULTS

WEBCAST-CONFERENCE CALL

17.00 H CET

May,

2008

Disclaimer

Safe

harbour

statement

under

the

Private

Securities

Litigation

Reform

Act

1995

This

document

contains

statements

that

Repsol

YPF

believes

constitute

forward-looking

statements

within

the

meaning

the

Private

Securities

Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or

objectives

Repsol

YPF

and

its

management,

including

statements

with

respect

Repsol

YPF’s

future

financial

condition,

financial,

operating,

reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and

marketed

volumes

and

reserves,

well

Repsol

YPF’s

plans,

expectations

objectives

with

respect

future

capital

expenditures,

investments,

expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-

looking

statements

may

also

include

assumptions

regarding

future

economic

and

other

conditions,

such

future

crude

oil

and

other

prices,

refining

and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other

events

and

are

subject

material

risks,

uncertainties,

changes

and

other

factors

which

may

beyond

Repsol

YPF’s

control

may

difficult

predict.

Repsol

YPF’s

actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy,

geographic

concentration,

business

concentration,

production

and

marketed

volumes,

reserves,

capital

expenditures,

investments,

expansion

and

other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic

and

other

conditions,

such

future

crude

oil

and

other

prices,

refining

margins

and

exchange

rates,

could

differ

materially

from

those

expressed

implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and

other

price

fluctuations,

supply

and

demand

levels,

currency

fluctuations,

exploration,

drilling

and

production

results,

changes

reserves

estimates,

success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business

in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and

regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors

described

the

filings

made

Repsol

YPF

and

its

affiliates

with

the

Comisión

Nacional

del

Mercado

Valores

Spain,

the

Comisión

Nacional

Valores

Argentina,

and

the

Securities

and

Exchange

Commission

the

United

States;

particular,

those

described

Section

1.3

“Key

information

about

Repsol

YPF

–

Risk

Factors”

and

Section

“Operating

and

Financial

Review

and

Prospects”

Repsol

YPF’s

Annual

Report

Form

20-F

for

the

fiscal

year

ended

December

31,

2006

filed

with

the

Securities

and

Exchange

Commission

and

available

Repsol

YPF’s

website

(www.repsolypf.com). In light of the foregoing, the forward-looking statements included in this document may not occur.

Repsol

YPF 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.

These

materials

not

constitute

offer

for

sale

Repsol

YPF's

YPF

Sociedad

Anonima's

respective

ordinary

ADSs

the

United

States

otherwise.

Repsol

YPF's

and

YPF

Sociedad

Anonima's

respective

ordinary

and

ADSs

may

not

sold

the

United

States

absent

registration or an exemption from registration under the US Securities Act of 1933, as amended.

1Q 2008 HIGHLIGHTS

Miguel Martínez

COO

1Q 2008 Highlights

1Q 2008 Market environment

•

Higher international oil and gas prices

•

Weaker refining and petrochemical margins

•

Higher inflationary cost rates throughout the industry

•

In YPF; higher prices at the pump

BRAZIL

•

Repsol

has the second largest Brazilian offshore exploratory portfolio, after

Petrobras.

•

The Repsol

portfolio is concentrated into the three most prolific basins in the

Brazilian offshore and it is the result of a good balance between:

Shallow water and deep water blocks (10 shallow / 14 deep)

Gas and oil blocks (12 gas / 12 oil)

Post and pre salt plays (18 post salt / 7 pre salt, plus eighth bid round

blocks)

•

It is composed by 24 blocks:

Three exploratory blocks in Espirito

Santos Basin

One production block and one exploratory block in Campos Basin

Nineteen exploratory blocks in Santos Basin

1Q 2008 Major Events: UPSTREAM (1)

•

Key growth

project in our

Strategy

•

Need for further

exploration wells

to have more

conclusive data

•

Guará

well in

progress

PARATI

TUPI

CARIOCA

BEM TE VI

RJS-652 JUPITER

Santos Pre-salt

SPS-51 CARAMBA

Guara

Prospect

1Q 2008 Major Events: UPSTREAM (2)

1Q 2008 Major Events: UPSTREAM (3)

BOLIVIA

•

YPFB took control over Andina

•

In December 2006, Andina

was deconsolidated from our reserves

•

April

30th

2008,

Repsol

sold

1.08%

Andina´s

stake

YPFB

•

No impact in economic terms

•

Production will be approximately 30,000 boepd

1Q 2008 Major Events: YPF

YPF

•

Completion of the sale of a 14.9% of YPF to Petersen group at the end of

February.

•

IPO process on going

•

Prices at the pump have risen year-on-year

•

In early April, YPF increased diesel and gasoline prices

1Q 2008 Results

Miguel Martínez

COO

Million

€

Million

€

1Q 2008 Results

Operating

Income

Net Income

1,407

1,606

600

1,200

1,800

1Q 07

1Q 08

888

1,212

400

800

1,200

1Q 07

1Q 08

459

597

200

400

600

800

1Q 07

1Q 08

Million

€

1Q 2008 Results

511

521

200

400

600

1Q 07

1Q 08

Million

€

UPSTREAM

DOWNSTREAM

1Q 07

1Q 08

Million

€

L N G

328

411

200

400

1Q 07

1Q 08

Million

€

YPF

149

160

100

200

1Q 07

1Q 08

Million

€

GAS NATURAL

Adjusted

Operating

Income

10%

20%

30%

+ 2%

+ 7.4%

+ 18.5%

+ 25.3%

+ 30.1%

1Q 2008 Results

Downstream

Gas

Natural

LNG

YPF

Upstream

Adjusted

Operating

Income

UPSTREAM:

•

Production this quarter was practically flat: -3%

extraordinary effects of Dubai, (20,000 boepd)

contractual changes in Bolivia (77,500 boepd)

gas restrictions in Venezuela

DOWNSTREAM:

•

Crude Oil processed: + 2.2%

•

Petrochemical products sales: + 4%

•

Oil products: flat

•

LPG: -

4.4%

YPF

•

Downstream sales: + 7.5%

•

Production and crude processed were almost flat

1Q 2008 Physical Magnitudes

Million

Euro

1Q 2008 Results: UPSTREAM

UPSTREAM: Adjusted Income from Operations

100

200

300

400

500

600

700

800

900

459

361

-33

-44

-82

-64

597

1Q07

Exchange rate

Others

Amortizations

& Explor.

expense

Dubai

E&P Activity

1Q08

Million

Euro

1Q 2008 Results: LNG

-3

-5

1Q07

1Q08

Others

Exchange rate

Trading and

Marketing

Spanish

pool prices

LNG: Adjusted Income from Operations

1Q 2008 Results: DOWNSTREAM

511

296

521

-164

-71

-49

-16

100

200

300

400

500

600

700

800

900

Million

Euro

1Q07

1Q08

Others

Exchange

Rate

Inventory

Effect

Marketing

Europe

Refining

Activity

Chemical

Activity

DOWNSTREAM:

Adjusted

Income

from

Operations

Million

Euro

1Q 2008 Results: YPF

YPF: Adjusted Income from Operations

100

200

300

400

500

328

411

-54

1Q07

1Q08

Gas Activity

Chemical

Activity

Others

Exchange rate

Liquids

activity

1Q 2008 INCOME FROM OPERATIONS

Million

Euro

2008:

Adjusted

Income

from

Operations

1,409

281

296

1,645

-189

-44

-33

-76

400

800

1200

1600

2000

1Q 07

Activity

Inventory

Effect

Exchange

Rate

Upstream

amortization

Dubai

Others

1Q 08

Financial Results

Miguel Martínez

COO

Financial evolution

CREDIT METRICS OVERVIEW

Million

Euro

NET DEBT

NET DEBT / CAPITAL EMPLOYED (%)

CAPITAL EMPLOYED

EBITDA

EBITDA / NET DEBT

EBITDA / NET INTEREST + DIVIDENDS PREFERRED

NET INTEREST

NET INTEREST + DIVIDENDS PREFERRED SHARES

EBITDA / NET INTEREST

13.4%

3,493

26,073

8,573

2.5

17.4

302

31 Dic

2007

493

28.4

16.5%

4,426

26,755

2,036

1.85

15.7

31 Mar

2007

129

24.6

9.1%

2,357

25,940

2,422

4.1

21.4

31 Mar

2008

113

39.1

CONCLUSIONS

Improvement in upstream prices

Enhanced performance at our YPF and

Gas Natural affiliates

Narrower refining and petrochemical margins…

Rising costs affecting the industry…

Fully

compensated

by…

PLEASE

KINDLY

TAKE

NOTE

THE

DETAILS

THE

CONFERENCE

CALL

AND

WEBCAST:

Tuesday, 13th May 2008: 17.00h (Madrid) 16.00h (London)

SUMMARY:

Listen

only

mode

Intervention

followed

Questions

and

Answer

Session.

You

may

the

webcast

presentation

through

www.repsolypf.com

dial:

Dial in number (on Spain): +34 91 789 51 40

Dial in number (rest of countries): +44 (0) 207 750 99 08

Access code not needed

The conference call will be available for 7 days after the 13th May 2008 (until 20th May 2008) on

the following number:

Replay

details:

Dial

on:

+34

787

----

number:

190432#

On our website replay will be available for the next 6 months

For any further information please contact the Investor Relations team.

REPSOL

YPF

QUARTER

2008

PRELIMINARY

RESULTS

RESULTS:

Conference Call details

Pº

Castellana

278-280

28046 Madrid (Spain)

Tel: 34 913 48 55 48

Fax: 34 913 48 87 77

1Q 2008

PRELIMINARY RESULTS

E-mail: inversores@repsolypf.com

Website: www.repsolypf.com

Investor Relations

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.