Higher oil prices boost Repsol profit in Q1
Friday, 11 May 2012 | 00:00
Spanish oil company Repsol saw its first-quarter profits rise 12.4 percent to (EURO)643 million ($833 million), excluding results from YPF and Repsol YPF Gas, the Argentine units nationalized by the Buenos Aires government.
In an earnings report released Thursday the company attributed the strong results mainly to higher crude oil and gas prices, the return to some sort of normality in Libya and good results at Repsol's liquefied natural gas division.
Repsol said that including earnings at YPF and Repsol YPF Gas, profits totaled (EURO)792 million, up 3.5 percent from the same quarter of 2011.
The nationalization was announced last month by the government of President Cristina Kirchner and completed a few days ago as Argentine lawmakers gave their approval. Repsol has vowed a long legal battle to win compensation.
Repsol shares were up 4 percent at (EURO)13.7.
The company said its operating income in the first quarter rose 8.7 percent (EURO)1.33 billion.
It highlighted a 33.5 percent increase in the operating income of its upstream unit, saying this was due to higher crude and gas prices and greater liquids production in Libya and a field in the United States.
Source: Associated Press
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