Argentine

Spanish-Argentine energy concern Repsol-YPF SA is expected to be awarded Mexico’s first multiple service contract (MSC) on Thursday, as the country takes its first major step toward allowing private investment in its upstream sector.

The first quarter reports of North American producers rolled in last week, but there was hardly any good news from the group. Net income was nearly decimated at some companies compared with the free flowing cash of a year ago. And production levels, which are up at some of the smaller independents, also are down overall, with analysts predicting a drop year-over-year of 4% — and a nearly 3% drop from the fourth quarter.