EARNINGS POLL- Repsol H1 net profit seen down 2.8 pct

* Repsol YPF (REP.MC: Quote, Profile, Research) H1 results

* Expected before market opens on Thursday, July 31

* Adjusted net profit forecast 2.8 percent lower

MADRID, July 30 (Reuters) - Spanish oil company Repsol YPF
(REP.MC: Quote, Profile, Research) is seen posting a 2.8 percent fall in first-half net
profit, adjusted to remove non-recurring items, to 1.59 billion
euros ($2.48 billion).

Repsol's adjusted profit was 1.637 billion euros in the same
period last year.

An improvement in upstream exploration and production and a
robust performance in Argentina are expected to be offset by
lower margins in the company's downstream business and weakness
at its chemicals division.

In a Reuters poll of six analysts, overall adjusted
operating profit is forecast to fall 1.8 percent to 2.773
billion euros.

This will be the second quarter that Repsol has used a
results format to fence off its YPF arm in Argentina from its
core business elsewhere.

Previously, the company posted results for five units:
Exploration and Production, Refining and Marketing, Chemicals,
Gas and Electricity, and Corporate.

Since the first quarter this year, it has broken down
earnings into six divisions: Upstream, LNG (liquefied natural
gas), Downstream, YPF, Gas, and Corporate.

The company will hold a conference call for analysts at 1500
GMT on Thursday.

Following forecasts are simple averages in billions of
euros:

H108 H107 CHANGE% RANGE
Adjusted op profit 2.773 2.825 -1.8 2.72-2.844
Adjusted net profit 1.590 1.637 -2.8 1.545-1.649

CONTRIBUTORS: Venture Finanzas, Fortis, Goldman Sachs,
Deutsche Bank, Merrill Lynch and Espirito Santo.
(Reporting by Tracy Rucinski and Judith MacInnes; Editing by
Andy Bruce)