Spanish oil company Repsol has reported an increased Q1 income despite suffering losses as a result of the Argentinian government’s decision to nationalise YPF. According the to company, profits rose by 12.4% (€ 71 million) to € 643 million. Factoring YPF into the calculation gives a net income of € 792 million.
The company has cited high oil prices, the return of some level of stability to operations in Libya and better than expected results from the company’s LNG division, which saw profits rise by 37.4%, as the key drivers behind the boosted figures.
According to reports, the company spent approximately € 610 million on investments, which covered development wells in the US, Trinidad and Tobago, Venezuela, Brazil and Bolivia. The company also currently has four development wells in Brazil, Bolivia, Guyana and Cuba.
Repsol has recently made headlines as it vowed to challenge the Argentinian government’s decision to expropriate YPF, a company in which Repsol formerly owned a majority share.
The expropriation has raised concerns amongst investors looking to operate in the region, and despite being a popular move in Argentina, has attracted widespread criticism from around the world.
Edited from various sources by David Bizley
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