Repsol Net Income More Than Halved in 2011

Spanish oil major Repsol reported Wednesday a decline of more than half in its net income for 2011. The company said its earnings were affected by external factors such as the armed conflict in Libya and the strikes and suspension of the Petróleo Plus program in Argentina.

Repsol reported a net income of $3.15 billion (EUR 2.2 billion) for last year, representing a 53.3-percent decline compared with the firm's 2010 income. Along with the negative effect of the problems in Libya and Argentina, Repsol said that earnings in 2011 appeared worse than the previous year because 2010's figure included a one-time gain from the agreement that Repsol made with China's Sinopec in Brazil.
Oil and gas production for 2011 was 298,800 barrels of oil equivalent per day, which was 13.2 percent less than 2010. Repsol's Argentine YPF subsidiary saw production fall 8.5 percent to 495,100 boepd.
On the positive side, Repsol said that "unprecedented" exploration success resulted in a record reserve replacement ratio of 131 percent for 2011. The firm's new discoveries included major finds offshore Brazil and non-conventional discoveries in Vaca Muerta in Argentina.
The company also increased its geographical diversification with the acquisition of stakes in Colombia, Alaska, Ireland, Norway, Portugal, the US and Russia.


Click on the button below to add a comment.
Post a Comment
Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.
J.A. | Mar. 1, 2012
The suspension of Petróleo Plus program was decided by the Ministry of Federal Plannnig of Argentina in early February 2012, so this fact cannot be applied for arguing any earnings drop in the year 2011.

Related Companies

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
Project Accounting
Expertise: Accounting
Location: Houston, 
Senior Tax Accountant
Expertise: Accounting|Financial Audit
Location: Chesterfield, MO
United States Houston: Account Rep, Bus Dev
Expertise: Business Development|Marketing|Sales
Location: Houston, TX
search for more jobs

Brent Crude Oil : $56.86/BBL 0.76%
Light Crude Oil : $50.66/BBL 0.21%
Natural Gas : $2.959/MMBtu 0.30%
Updated in last 24 hours