• 6 minutes Trump vs. MbS
  • 11 minutes Can the World Survive without Saudi Oil?
  • 15 minutes WTI @ $75.75, headed for $64 - 67
  • 34 mins Satellite Moons to Replace Streetlamps?!
  • 16 hours US top CEO's are spending their own money on the midterm elections
  • 2 hours EU to Splash Billions on Battery Factories
  • 2 hours U.S. Shale Oil Debt: Deep the Denial
  • 2 hours The Balkans Are Coming Apart at the Seams Again
  • 18 hours OPEC Is Struggling To Deliver On Increased Output Pledge
  • 24 hours Petrol versus EV
  • 2 hours The Dirt on Clean Electric Cars
  • 14 hours Uber IPO Proposals Value Company at $120 Billion
  • 19 hours U.N. About Climate Change: World Must Take 'Unprecedented' Steps To Avert Worst Effects
  • 4 hours 47 Oil & Gas Projects Expected to Start in SE Asia between 2018 & 2025
  • 16 hours A $2 Trillion Saudi Aramco IPO Keeps Getting Less Realistic
  • 21 hours 10 Incredible Facts about U.S. LNG
Hedge Funds Continue To Reduce Bullish Bets On Oil

Hedge Funds Continue To Reduce Bullish Bets On Oil

Money managers and hedge funds…

Oil Markets Ignore Growing Geopolitical Risk

Oil Markets Ignore Growing Geopolitical Risk

While geopolitical risks in 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


x

Join the discussion | Back to homepage

Leave a comment

Leave a comment

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