UPDATE 3-Repsol's LNG business shines ahead of sale

Thu Nov 8, 2012 9:45am EST
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* Quarterly adjusted net profit beats forecast

* Profit driven by output in Libya and Bolivia

* LNG division strong before planned assets sale

* Shares up 2.6 percent

By Tracy Rucinski

MADRID, Nov 8 (Reuters) - Spanish oil company Repsol beat third-quarter profit forecasts and said assets it is selling to recover from the nationalisation of a key Argentinian unit are performing well.

Argentine President Cristina Fernandez seized Repsol's majority stake in YPF in April, raising concerns over its ability to fund development projects given that the unit accounted for half of group output.

Repsol is trying to sell liquefied natural gas assets in Canada, Trinidad and Tobago and Peru to boost its finances and credit ratings. It said on Thursday their income surged.

Excluding YPF, Repsol posted an 89 percent rise in net profit - adjusted for one-time items and inventory costs - to 496 million euros ($633 million) from 262 million on a proforma basis a year ago.   Continued...