Repsol SA, the Spanish oil producer stripped of its Argentine unit last year, said adjusted fourth- quarter profit more than doubled as Spanish refining margins jumped and production recovered in North Africa.
Repsol YPF SA investors criticized Chairman Antonio Brufau over his handling of the company’s Argentine unit, whose expropriation wiped 14 billion euros ($17 billion) from the market value of Spain’s biggest oil producer.
Repsol SA, the Spanish oil producer that’s lost $12.6 billion of market value this year as its Argentine unit was nationalized, fell after a report that its biggest shareholder is trying to replace Antonio Brufau.
Sebastian Eskenazi, YPF SA’s former CEO, told Repsol YPF SA Chairman Antonio Brufau in a meeting in Madrid that he won’t immediately seek to enforce a buyback option on YPF, two people familiar with the meeting said.
Antonio Brufau, chairman of Repsol YPF SA, said Argentine government accusations that its YPF SA unit wasn’t doing enough to boost production are unjust and that threatened sanctions had a “doubtful legal basis,” Clarin reported.
Repsol YPF SA Chairman Antonio Brufau has received “unconditional support” from shareholder La Caixa amid efforts by two other stakeholders to restructure the Spanish oil company’s management, El Pais reported, citing unidentified people.