4Q19 & FY19

TRADING STATEMENT

January 22nd, 2020

4Q19 & FY19 TRADING STATEMENT

TRADING STATEMENT

Repsol's Trading Statement provides provisional information for the fourth quarter and full year results of 2019, including data on the economic environment as well as company performance during the period. Repsol Group 4Q19 and FY2019 results will be published on February 20th, 2020.

The information contained herein may hence be subject to change and could differ from the final figures that will be reported.

ECONOMIC INDICATORS

4Q19E *

3Q19

4Q18

FY19E *

FY18

Var.

Var.

Var.

4Q19E/3Q19

4Q19E/4Q18

FY19E / FY18

Average Dated Brent price (1)

(USD/bbl)

63.1

62.0

68.8

64.2

71.3

1.8%

-8.3%

-10.0%

Average WTI Nymex

(USD/bbl)

56.9

56.4

59.3

57.0

64.9

0.9%

-4.0%

-12.2%

Average Henry Hub Nymex

(USD/MBtu)

2.5

2.2

3.6

2.6

3.1

13.6%

-30.6%

-16.1%

Average Algonquin (1)

(USD/MBtu)

3.2

2.1

5.0

3.2

4.8

54.3%

-35.2%

-33.5%

Average Exchange rate (2)

(USD/€)

1.11

1.11

1.14

1.12

1.18

-

-2.6%

-5.1%

1 Source: Platts

2 Source: ECB fixing

OPERATIONAL INDICATORS

UPSTREAM

4Q19E *

3Q19

4Q18

FY19E *

FY18

Var.

Var.

Var.

4Q19E/3Q19

4Q19E/4Q18

FY19E / FY18

Production

(Kboe/d)

730

711

722

709

715

2.7%

1.1%

-0.8%

Europe, Africa & Brazil

(Kboe/d)

169

167

174

167

165

1.2%

-2.9%

1.2%

Latin America & Caribbean

(Kboe/d)

286

290

289

287

295

-1.4%

-1.0%

-2.7%

North America

(Kboe/d)

201

186

179

182

175

8.1%

12.3%

4.0%

Asia & Russia

(Kboe/d)

74

69

80

73

80

7.2%

-7.5%

-8.8%

DOWNSTREAM

4Q19E *

3Q19

4Q18

FY19E *

FY18

Var.

Var.

Var.

4Q19E/3Q19

4Q19E/4Q18

FY19E / FY18

Refining Margin Indicator in Spain

(USD/Bbl)

5.6

5.5

6.2

5.0

6.7

1.8%

-9.7%

-25.4%

Distillation utilization Spanish Refining

(%)

85.7

89.5

94.2

88.4

92.9

-4.2%

-9.0%

-4.8%

Conversion utilization Spanish Refining

(%)

104.3

104.9

109.5

103.3

106.6

-0.6%

-4.7%

-3.1%

* Estimated

Source: Repsol

1

4Q19 & FY19 TRADING STATEMENT

The information included in this document is published pursuant to the provision of article 226 of the Spanish Securities Market Law.

This document contains statements that Repsol believes constitute forward-looking statements which may include statements regarding the intent, belief, or current expectations of Repsol and its management, including statements with respect to trends affecting Repsol's financial condition, financial ratios, results of operations, business, strategy, geographic concentration, production volume and reserves, capital expenditures, costs savings, investments and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates and are generally identified by the words "expects", "anticipates", "forecasts", "believes", estimates", "notices" and similar expressions. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond Repsol's control or may be difficult to predict. Within those risks are those factors described in the filings made by Repsol and its affiliates with the Comisión Nacional del Mercado de Valores in Spain and with any other supervisory authority of those markets where the securities issued by Repsol and/or its affiliates are listed.

Repsol 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.

This document does not constitute an offer or invitation to purchase or subscribe shares, pursuant to the provisions of the Royal Legislative Decree 4/2015 of the 23rd of October approving the recast text of the Spanish Securities Market Law and its implementing regulations. In addition, this document does not constitute an offer to purchase, sell, or exchange, neither a request for an offer of purchase, sale or exchange of securities in any other jurisdiction.

The information contained in the document has not been verified or revised by the External Auditors of Repsol.

Contact details

REPSOL S.A.

Investor Relations

Méndez Álvaro, 44

ralvarezp.ir@repsol.com

28045 Madrid (Spain)

Tel: +34 917 53 62 52

www.repsol.com

Fax: 34 913 48 87 77

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Repsol SA published this content on 22 January 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 22 January 2020 17:58:02 UTC