Repsol YPF, a Spanish-Argentine energy giant, has announced that it earned a net profit of E2.448 billion in the first nine months of 2007, 7.7% lower than that registered in the same period last year.
The decrease was due mainly to the depreciation of 8% of the US dollar against the euro, which rose from $1.24 per euro in the first nine months of 2006 to $1.34 per euro in the same period of 2007.
The company said that net profit was E742 million for the third quarter of 2007, down 14.6% against E869 million in the same period a year ago. Third quarter adjusted net profit fell to E670 million, down 20.6% from E884 million in the same period for the previous year.
Total production fell 11.3% in the third quarter of 2007 to 1.03 million barrels of oil equivalent per day, from 1.16 million barrels in the third quarter of 2006. The company said that increased production in Brazil, Trinidad and Tobago, and Libya partially offset decline in certain fields in Argentina.
Net debt at the end of Q3 2007 stood at E3.94 billion, compared to E5.9 billion registered in the same period of the previous year, representing a decrease of 32.9%. Investments made in the first nine months of 2007 amounted to E3.65 billion and were aimed mainly at the areas of exploration and production (E2.2 billion euros), and refining and marketing (E588 million).