Don't cry for me

12 May 2004 By Fiona Maharg-Bravo

Concerns about Argentina and uncertainty about the future of Gas Natural have weighed on the Spanish oil and gas company. But Repsol has come a long way since it blazed a trail in Argentina with YPF. Exploration and production look promising too.

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Repsol reported net income of E520m in the first quarter of 2004, a 23% fall compared to the same period last year, but 23% higher than the previous quarter. The Spanish oil and gas group said the strength in the euro offset higher crude prices. Deterioration in refining and marketing margins and a higher tax rate also contributed to the fall in profits.

Net debt stood at E5.3bn, slightly higher than the previous quarter due to the strengthening dollar. Group oil and gas output was 1.1m barrels per day, up 12% from the same period a year ago, mainly due to a 28% increase in gas production in Argentina, Bolivia and Trinidad & Tobago.

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