Repsol 3Q Income Up 36 % (Spain)
Spanish oil company Repsol today, November 8, reported that the company’s net income for the third quarter was 760 million euros, 36% higher than the same period last year, which included YPF. To remind, former Repsol’s subsidiary YPF was expropriated by Argentina earlier this year.
Repsol’s Upstream unit (exploration and production) reaffirmed the positive trend of previous quarters, both in new discoveries and higher profit. So far this year Repsol has made five new finds, including Pao de Açucar, in Brazil, one of the world’s largest during 2012.
Compared to the first nine months of the previous year, Upstream operating income rose 49.3% to more than 1.8 billion euros, supported by increased production and crude oil and gas realization prices which evolved better than the international prices of reference. Earnings from the LNG business grew 54% in the period
November 8, 2012