Investors Shrug Off Loss Of YPF Concessions In Argentina
March 15 2012 - 1:16PM
Dow Jones News
Investors on Thursday shrugged off news that two Argentine
provinces had moved to revoke concessions held by the oil and gas
giant YPF SA (YPF, YPFD.BA), deciding to buy the stock anyway.
YPF shares were up almost 2% at ARS135 on the Buenos Aires Stock
Exchange in early afternoon trading. They company's ADRs were up
about 1.9% at $27.27 in New York.
On Wednesday, Chubut Governor Martin Buzzi and Santa Cruz
Governor Daniel Peralta said they were revoking concessions held by
the company--two in Chubut and possibly three in Santa Cruz--in a
dispute over investment and production.
YPF said it has invested millions in the provinces and will
defend itself in court.
The company has not yet received details about Santa Cruz's
plans and is not sure how they might differ from those in Chubut,
where the two concessions in question account for about 7% of YPF
production around the country.
YPF says it invested $380 million in Santa Cruz in 2011 and $350
million in Chubut last year.
YPF is majority owned by Spain's Repsol YPF SA (REPYY,
REP.MC).
-By Taos Turner, Dow Jones Newswires; 5411-4103-6728;
taos.turner@dowjones.com
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