Repsol YPF Q1 Profit Up 3% to US$1.20bn

Spanish oil company Repsol YPF (NYSE: REP) in the first quarter posted a net profit of 888mn euros (US$1.20bn), up 3% from 1Q06, company control and corporate development executive director Miguel Martinez said in a webcast.

In Latin America and the Caribbean, Repsol YPF has operations in Argentina, Bolivia, Brazil, Ecuador, Mexico, Peru, Trinidad & Tobago and Venezuela.

Refining, marketing and LPG gains offset lower international oil prices, Martinez said. Operating profit in the period fell 12.3% to 1.41bn euros.

Operating results in the period for the Spanish group's refining and marketing business rose 5.6% to 637mn euros due to improved margins in Spain and Argentina. Combined sales in Argentina, Brazil and Bolivia increased 4.7%.

Sales of LPG in Peru, Chile and Ecuador rose 15.6%, 10.5% and 6.6% respectively.

E&P

First quarter operating results for the company's E&P business were 625mn euros versus 916mn euros in the year-ago period, which Repsol YPF attributed to lower international crude prices and higher exploration costs, among other factors.

Higher average gas sale prices, particularly in Trinidad & Tobago and Bolivia, helped mitigate E&P results, the executive said.

Repsol YPF's total hydrocarbons production for January-March 2007 decreased 4% to 1.09Mboe/d from the year-ago period. This drop principally was due to lower production in Venezuela due to the migration to mixed companies and lower liquids output in Argentina as a result of declining fields, the company said.

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