Repsol Profit Falls After Output Slides in Libya, Argentina
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Repsol YPF SA, Spain’s biggest oil company, said second-quarter earnings fell 7.3 percent after refining margins narrowed and output declined because of the civil war in Libya and strikes in Argentina.
Profit adjusted to exclude inventories and one-time items fell to 485 million euros ($694 million) from 523 million euros a year earlier, the Madrid-based company reported today in a statement. The result beat the 418 million-euro mean estimate in a Bloomberg survey of analysts.