Editing Repsol (section)

==Expropriation of YPF==
{{main|Renationalization of YPF}}
[[File:Repsol-YPF Tower Skyhigh.jpg|thumb|right|150px|The YPF Tower in [[Buenos Aires]].]]

In May 2012, the Argentine president [[Cristina Fernández de Kirchner]], proposed the expropriation of 51% of Repsol's shares in YPF.  The Republic of Argentina's Yacimientos Petrolíferos Fiscales Act that was passed that summer made officially possible the expropriation of Repsol's shares. Repsol went to various international bodies to pursue legal action directly after losing its shares of YPF.<ref name="Repsol Our History Page" /> The expropriation was an attempt by the Argentine government to nationalize its oil and gas production. Results however show that the move to nationalize actually hurt oil production in Argentina.  Compared to the oil production in 2011, YPF's oil production in 2012 fell by 8%, according to data from Argentina's Department of Energy.<ref>{{cite web|title=Repsol expropriation: So who is eating Argentina's lunch now?|url=http://www.euractiv.com/energy/repsol-expropriation-eating-arge-analysis-519304}}</ref>

Repsol had the backing of the EU and the US, and both powers condemned Argentina's move as expropriation. President Fernández claimed that the state would seize 51% of YPF.<ref>{{cite web|title=US Condemns YPF Expropriation As Spain-Argentina Trade War Nears|website=[[Forbes]] |url=https://www.forbes.com/sites/afontevecchia/2012/04/18/us-condemns-ypf-expropriation-as-spain-argentina-trade-war-nears/}}</ref> In June 2013, Repsol rejected a $5 billion proposal from Argentina to compensate for the 2012 expropriation. The proposal also would have given Repsol drilling rights to 6.4% of the massive Vaca Muerta shale-gas field. The board of Repsol unanimously rejected this offer, as it would have caused them to drop a $10.5 billion lawsuit that was in progress against the Argentine government. Repsol at the time owned 6.4% of YPF.<ref>{{cite web|title=Repsol Rejects Argentina's YPF Compensation Offer|url=https://online.wsj.com/news/articles/SB10001424127887323873904578569900644974598}}</ref> On 25 February 2014, the Repsol board announced it had accepted a settlement offer from the Argentine government of an issue of Argentine bonds valued at $5 billion. The deal concluded after three months of negotiations in [[Buenos Aires]] was subject to shareholder approval. The agreement ended two years of legal wrangling and the potential for a long drawn-out legal battle. Repsol Chairman Antonio Brufau described the "friendly" settlement as "extremely positive."<ref name="ArgentinaRepsolSettlement">{{cite news|title=$5bn compensation by Argentina for YPF assets accepted by Repsol|url=http://www.argentinastar.com/index.php/sid/220229237/scat/d9ed072d737073b4/ht/5bn-compensation-by-Argentina-for-YPF-assets-accepted-by-Repsol|access-date=26 February 2014|publisher=Argentina Star|archive-url=https://web.archive.org/web/20140306201234/http://www.argentinastar.com/index.php/sid/220229237/scat/d9ed072d737073b4/ht/5bn-compensation-by-Argentina-for-YPF-assets-accepted-by-Repsol|archive-date=2014-03-06|url-status=dead}}</ref>