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Spain's Repsol sees profit rise on asset sales

Spain's Repsol says Q1 profit up 27 percent on LNG sale to Shell, South America production.

Associated Press

MADRID (AP) -- Spanish energy company Repsol says its first quarter net profit rose 27 percent as revenue from the sale of liquefied natural gas assets to Royal Dutch Shell Plc offset the cost of operation disruptions in Libya.

Repsol S.A. said Thursday that profit for January through March was 807 million euros ($1.1 billion), with increased production in South America and gas sales in the United States also contributing.

The company said it is to begin receiving bonds Thursday for the $5 billion compensation agreement reached with Argentina after the country seized Repsol's majority stake in YPF energy company in 2012.

Respsol sold an 11.86-percent stake in YPF on Wednesday, leaving it with almost no shares left.

Repsol shares were up 1.6 percent at 19.7 euros in morning trading in Madrid.