Spanish oil giant Repsol announced a huge leap in profits for the first six months of the year on Thursday.
It made a profit of 1,327 million euros (1,790 million U.S. dollars) between January and June, 47.3 percent up on the same period in 2013, although the company's communique to the Spanish National Commission of Market Values (CNMV) underlines that taking adjustments into account, the actual profit was 922 million euros.
Repsol has put the good results down to the "good progress" of its business and also to the "successful management" of the agreement for the expropriation of its Argentinian subsidiary YPF.
Repsol highlights that its strong position allowed it to overcome a halt in production in Libya in the first quarter of the year. Repsol was able to compensate for this stoppage as well as halts called for maintenance reasons in Trinidad and Tobago, by incorporating new hydrocarbon production in Brazil, the U.S. , Russia, Peru and Bolivia.
The company was able to renew production in Libya in June and hopes to "maintain the installations open in order to rapidly recover the relevant levels of production."
Repsol is now rumored to be considering investing the money it received from the Argentinean government for YPF in Canadian based company, Talisman Energy.
http://www.neurope.eu/article/spanish-oil-giant-repsol-reports-leap-profits