Repsol charts a new course, but risks remain. Repsol YPF REP reported a drop in third-quarter earnings from the period a year ago, thanks to the decline in oil and gas prices and weak refining margins. Repsol's production for the quarter fell 1.2% from the quarter a year earlier and was 1.6% lower for the first nine months of 2009 compared ... We are raising our uncertainty rating for Repsol YPF REP to very high from high to account for increased political risk associated with Repsol's 57% stake in YPF. Disagreement between YPF management and the Argentine government over investment decisions appears to be escalating with increased ... Repsol YPF REP reported a 48% drop in adjusted net income for the fourth quarter compared to the same period a year ago. An increase in production and oil prices was not enough for Repsol YPF to overcome weak refining margins and a drop in natural gas prices. Fourth-quarter operating income for ... Repsol YPF REP reported mixed first-quarter results as higher commodity prices and robust liquefied natural gas earnings offset declines in production for Repsol and YPF. The company reported net income of EUR 765 million, an 11.2% increase from the year ago. Upstream earnings increased 13.4% from ... (The following statement was released by the rating agency) Overview -- Regional governments in Argentina have revoked several licenses of Spanish oil and gas company Repsol-YPF S.A.'s subsidiary YPF S.A. and we believe that the country's operating environment has worsened. -- We also believe that ... Dec 21 - Fitch Ratings has affirmed Repsol YPF's (Repsol) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB+'and Short-term IDR at 'F2'. The senior unsecured debt issued by... Feb 02 - Fitch Ratings has affirmed Repsol YPF's (Repsol) Long-Term Issuer Default Rating (IDR) and senior unsecured rating at 'BBB+' and Short-term IDR at 'F2'. The senior unsecured debt and... -- The government of Argentina has announced the expropriation of 51% of Spain-based energy company Repsol-YPF S.A.'s share in Argentina-based oil company YPF S.A. Repsol YPF REP reported lower first-quarter earnings than a year ago as a result of weak oil and gas prices during the quarter. While the drop in earnings was no different than what the rest of the sector experienced, it continues to be risks exclusive to Repsol that draw our attention. Primarily, ...