Spanish integrated oil firm Repsol-YPF ended a turbulent 2011 facing reduced profits, greater debt and heightened political risk. But healthy reserve replacement has vindicated its rising upstream investments. Having seen off a shareholder rebellion in favour of lower investment and higher dividends from indebted Spanish construction firm Sacyr Vallehermoso and Mexico’s state-owned Pemex, Repsol-YPF has kept its focus on the upstream. The firm increased capital expenditure in its upstream segments by almost 50pc on the year to ?5.49bn ($7.3bn) last year, and boosted the share of exploration and development spending within the upstream total.
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