• 4 minutes China goes against US natural gas
  • 12 minutes WTI @ 67.50, charts show $62.50 next
  • 15 minutes Saudi Fund Wants to Take Tesla Private?
  • 4 mins Downloadable 3D Printed Gun Designs, Yay or Nay?
  • 8 hours Rattling With Weapons: Iran Must Develop Military To Guard Against Other Powers
  • 14 hours Permian already crested the productivity bell curve - downward now to Tier 2 geological locations
  • 3 hours Russians hacking vs U.S., Microsoft President: Russians Targeting All Political Sides
  • 3 hours VW Receives Massive Order Of 1,600 All-Electric Trucks
  • 11 hours Desperate Call or... Erdogan Says Turkey Will Boycott U.S. Electronics
  • 8 hours Batteries Could Be a Small Dotcom-Style Bubble
  • 15 hours CO2 Emissions Hit 67-Year Low In USA, As Rest-Of-World Rises
  • 18 hours The EU Loses The Principles On Which It Was Built
  • 9 hours Corporations Are Buying More Renewables Than Ever
  • 23 hours Starvation, horror in Venezuela
  • 1 day Are Trump's steel tariffs working? Seems they are!
  • 1 day Is NAFTA dead? Or near breakthrough?
Indonesia’s Oil Sector In Jeopardy As Elections Loom

Indonesia’s Oil Sector In Jeopardy As Elections Loom

With elections right around the…

India Surges Ahead In Global Solar Race

India Surges Ahead In Global Solar Race

India is soaring past the…

Spain’s Repsol-YPF Earnings Hit by Libyan Civil War

Repsol-YPF, Spain’s largest oil company, said its second-quarter earnings dropped 7.3 percent after refining margins narrowed and output declined because of the Libyan civil war.

Repsol-YPF released a statement noting, “The main factors explaining the decline in earnings from the year-earlier quarter were the output decline in Argentina due to social conflicts, and the suspension of production in Libya,” Mercopress news agency reported.

Repsol-YPF Chief Financial Officer Miguel Martinez told journalists during a conference call that while Libya in the short-term remained “uncertain,” Repsol-YPF facilities in the country are still undamaged. Before the crisis, Repsol-YPF produced 345,000 barrels per day in Libya, or a net production of 40,000 barrels after paying back some of them to Libya as taxes, adding, that the output was “14 percent of our global production… obviously, if we cannot count on Libyan production, (Repsol-YPF) accounts will be affected, but it all depends on how long the conflict lasts.”

Five months ago Repsol-YPF, which has been in Libya for nearly four decades, halved its oil production in the country and evacuated all of its expatriate workers there because of mounting protests against Gaddafi’s 42-year rule.

Other global incidents affecting Repsol-YPF’s bottom line are labor strikes in oilfields it operates in Argentina.

By. Joao Peixe, Deputy Editor OilPrice.com



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News