Repsol YPF is an integrated Spanish oil and gas company with operations in 29 countries, the bulk of its assets located in Spain and Argentina. The product of a 1999 takeover of Argentine energy firm YPF by the Spanish conglomerate Repsol S.A. within the controversial privatizations by president Carlos Menem, it is now one of the world's ten largest oil enterprises, employing over 30,000 people worldwide.

On May 2006 Repsol announced to be planning to float between 15% and 20% of YPF's papers in Argentina's stock market.