Repsol of Spain posted net income of 1.327 billion euros in the first half of the year, an increase of 47% from the year-earlier period.
This reflects a good performance of the company’s businesses as well as the success in securing a compensation agreement for the expropriation of YPF, the company said in a statement.
Adjusted net income at current cost of supply was 922 million euros, in line with the year-earlier period. The start-up of new production projects, the strength of the downstream businesses and an improved performance from the corporate area made up for the effect on the upstream operations of temporary output halts in Libya.
During the semester, Repsol reached a compensation agreement over the expropriation of YPF and YPF Gas, receiving bonds from the Republic of Argentina which were sold to JPMorgan for almost $5 billion. Repsol also sold its remaining 12.38% stake in YPF for $1.3 billion.