Penelope Cruz Gorgeously Flows on Oscars 2014 Red Carpet!

Penelope Cruz is a gorgeous goddess at the 2014 Academy Awards held at the Dolby Theatre on Sunday (March 2) in Hollywood.

The 39-year-old Spanish actress will be presenting in front of a star-studded audience tonight at the biggest award show of the year, which is being hosted by Ellen DeGeneres.

PHOTOS: Check out the latest pics of Penelope Cruz

In case you don’t remember, Penelope became the first Spanish actress to win an Oscar after she took home the award for Best Supporting actress for her role in Vicky Cristina Barcelona in 2009.

FYI: Penelope is wearing Giambattista Valli dress, Loewe clutch, and Chopard jewels.