BREAKDOWN OF OPERATING INCOME BY ACTIVITIES AND GEOGRAPHICAL AREAS
	(Million Euros)
	(Unaudited figures)
				QUARTERLY FIGURES
				SPAIN						LATIN AMERICA						OTHER COUNTRIES						TOTAL
				3Q99		2Q00		3Q00		3Q99		2Q00		3Q00		3Q99		2Q00		3Q00		3Q99		2Q00		3Q00
	Exploration & Production� ............................................................................			4		307		7		382		691		869		85		144		154		471		1.142		1.030
	Refining, Marketing & LPG� ....................................................................			200		251		289		70		75		24		-		2		1		271		328		314
	Chemicals� ............................................................................................................			43		62		31		5		5		-		1		-		-		48		67		31
	Natural Gas & Power ...............................................................			32		128		76		40		69		96		5		19		25		77		216		197
	Corporate and others ......................................................			(6)		(38)		(7)		(24)		-		-		-		-		-		(30)		(38)		(7)
	TOTAL ..........................................................................................			273		710		396		473		840		989		91		165		180		837		1.715		1.565
				JANUARY - SEPTEMBER
				SPAIN						LATIN AMERICA					OTHER COUNTRIES							TOTAL
				1999		2000				1999		2000				1999		2000				1999		2000
	Exploration & Production� ............................................................................			4		318				424		2.162				119		437				548		2.917
	Refining, Marketing & LPG� ....................................................................			659		723				111		156				6		13				776		892
	Chemicals� ............................................................................................................			78		130				5		1				2		1				85		132
	Natural Gas & Power ...............................................................			182		461				75		186				15		60				271		707
	Corporate and others ......................................................			(16)		(44)				(24)		-				-		-				(40)		(44)
	TOTAL ..........................................................................................			907		1.588				591		2.505				142		511				1.640		4.604
	Ptas./EURO:
		166,386