• 3 minutes e-car sales collapse
  • 6 minutes America Is Exceptional in Its Political Divide
  • 11 minutes Perovskites, a ‘dirt cheap’ alternative to silicon, just got a lot more efficient
  • 3 hours GREEN NEW DEAL = BLIZZARD OF LIES
  • 7 days If hydrogen is the answer, you're asking the wrong question
  • 1 day How Far Have We Really Gotten With Alternative Energy
  • 11 days Biden's $2 trillion Plan for Insfrastructure and Jobs

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

EXXON Mobil -0.35
Open57.81 Trading Vol.6.96M Previous Vol.241.7B
BUY 57.15
Sell 57.00
Oilprice - The No. 1 Source for Oil & Energy News