In the first quarter of 2024, YPF, an oil company with a State shareholder, reported a net profit of approximately 657 million dollars. This represents a 93% increase compared to the previous year. The rise in fuel prices for naphtha and diesel contributed significantly to this improvement in financial performance. However, it was partially offset by a decrease in sales due to the decline in economic activity in Argentina.
During the same period, YPF’s adjusted profitability (EBITDA) reached 1,245 million dollars, reflecting a 19% increase year-on-year. Revenues grew by just 2% to 4,310 million dollars while investments fell by 4% to 1,252 million dollars. The devaluation of the local currency in December contributed to a cost reduction of 16% in extraction at $12.9 per barrel of oil equivalent. Despite a decrease in local fuel demand by 11%, YPF managed to gain market share compared to its competitors. However, the company experienced a decline in consumption in the retail segment during April.
Oil production for YPF remained stable at approximately 255,000 barrels equivalent per day with shale oil production showing significant growth of around 21%. Exports of Medanito crude oil to Chile increased by around 22% as well. As part of their strategic plan and addressing questions from international banks and investment funds, YPF executives will engage in virtual conference with investors later on.
Currently valued at around $11 billion with its stock price at $24.38 each over the past six months has seen an impressive surge of about $3 billion or more than $300% following news that Javier Milei would be taking over as president of Argentina
