News Summary: Oil prices boost Repsol Q1 profit

AP News
|
Posted: May 10, 2012 1:35 PM
News Summary: Oil prices boost Repsol Q1 profit

HIGHER PRICES HELPED: Spanish oil company Repsol's first-quarter profits rose 12.4 percent to (EURO)643 million ($833 million), excluding results from YPF and Repsol YPF Gas, the units nationalized by Argentina.

MORE PRODUCTION: Repsol highlighted a 33.5 percent increase in operating income for its upstream unit, due to higher crude and gas prices and greater liquids production in Libya and at a U.S. field.

SPIN-OFF AHEAD? Repsol chief financial officer Miguel Martinez said that since Repsol's share price has dropped so much because of the YPF affair, the company has considered spinning off its remaining stake in YPF "in some other kind of vehicle."


Most Popular