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 is willing to spend as much as $10 billion acquiring assets in Canada, the U.S. or northern Europe as it plans to sell its $7 billion stake in Gas Natural SDG SA, Chairman Antonio Brufau said.
When Repsol SA Chief Financial Officer Miguel Martinez received $5 billion of bonds from Argentina as compensation for its seized stake in oil producer YPF SA, he said it could take as long as two years to sell.
Repsol SA sold almost all its remaining stake in Argentina’s YPF SA, marking a final break with the company two years after the government seized 51 percent of the country’s leading oil producer. YPF stock jumped.
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.