Spain's Repsol posts higher profits, restarts Libya output

10th November 2011, Comments 0 comments

Spain's biggest oil group Repsol on Thursday reported a 24.3-percent increase in third-quarter net profit to 557 million euros ($776 million), with the company resuming production in Libya in October.

Repsol cited the restart of production in Libya after eight months of fighting there as well as a new find in Argentina, "the largest oil discovery in Repsol's history," plus new processing units in Spain.

"The company's encouraging results are partly due to the improvement of crude oil and gas realisation prices and the continued recovery of the chemicals business, as well as the excellent results achieved by the LNG (liquefied natural gas) unit," it added.

Operating profit on a 12-month comparison rose 30.7 percent to 1.38 billion euros, having plunged 24.2 percent in the second quarter.

Net profit over the first nine months of 2011 was up 6.4 percent to 1.9 billion euros.

The fighting between rebels and forces loyal to the late Libyan strongman Moamer Kadhafi slashed Repsol's production of 340,000 barrels a day in Libya and cost it 211 million euros in losses in the first quarter alone.

Strikes in Argentina meanwhile contributed to a 16.3-percent fall in operating profits in Repsol's Argentine subsidiary YPF, to one billion euros, the company said.

© 2011 AFP

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