Repsol YPF has 11 refineries, 5 in Spain, 4 in Argentina, one in Peru and one in the United Kingdom. Additionally, it has a stake in another 2 refineries in Argentina and one in Brazil. Total installed capacity is 1,206,000 barrels per day.

Repsol YPF refineries in Spain have a clear competitive advantage over European refineries because of their proximity to the markets they supply (location premium).

The Argentine refineries formerly belonging to YPF have a high conversion rate and incorporate the latest technology.

During 1999, crude oil supplies amounted to 54.5 million tons (Mt), of which 46.5 million tons were used in the refining system, and the rest were sold on international markets.

The crude oil used at refineries is either produced by the company (11 million tons), or acquired on international markets (35.6 million tons). In 1999, a company called RYTTSA was created to conduct such supply acquisitions, and the coverage of oil products for the whole of Repsol YPF. In 1999, the crude oil processed by Repsol YPF, produced in-house and imported, came from the following regions: