YPF presented a record balance: shares rose in Buenos Aires and New York

YPF's shares recorded gains both on the Buenos Aires Stock Exchange and in New York after the company released its second-quarter results and announced the sale of its stake in Metrogas. On Wall Street, the shares rose by 1%, after climbing more than 4% at the opening, while in the local market, the increase was around 0.5%.

The accounting figures showed an adjusted EBITDA of US$2804 million, the highest in the history of the oil company, with a margin of 43% on revenues, the best in the last 20 years. The net profit reached US$1205 million, the second highest recorded by the company, driven by the advances of the 4x4 Plan.

The company highlighted that the EBITDA for the quarter grew 150% year-on-year thanks to the increase in shale production, the decrease in extraction costs, record processing levels, and operational efficiency, along with a favorable price dynamic. Additionally, they implemented a temporary buffer scheme for gasoline and diesel to avoid fully passing on the rise in international prices to consumers.

Free cash flow reached US$824 million, the third highest in its history. Without the impact of the acquisition of Equinor's assets in Vaca Muerta, it would have exceeded US$1000 million. This allowed YPF to close the quarter with record liquidity close to US$2500 million and reduce the net debt ratio to 1.09 times, the lowest in 11 years.

Production Records and Infrastructure Advances

Among the operational data, shale oil production averaged 213,000 barrels per day, with a jump of 47% compared to the same period last year. The goal is to reach 250,000 barrels per day by the end of the year. Refineries processed a historic record of 351,000 barrels per day, with a utilization rate of 104%, which also generated highs in the production of gasoline and diesel.

Sales of these fuels grew by 10% in volume year-on-year and consolidated a market share of 59% in the quarter. In infrastructure, more than 77% of the VMOS pipeline project has already been executed, which is expected to start exporting in early 2027. The company also made progress in the sale of non-strategic assets and agreed to transfer two groups of conventional areas in Mendoza for around US$400 million.

The consulting firm Outlier noted that the balance reflects a situation where higher prices allowed the company to capitalize on those conditions. Meanwhile, on Monday, YPF announced the sale of its stake in Metrogas to Edenor, which will pay US$780 million for 70% of the gas distributor.

The board of the oil company accepted the offer from the company primarily controlled by José Luis Manzano, Daniel Vila, and Mauricio Filiberti. With the operation, YPF will cease to control Metrogas, and Edenor will expand its presence in the gas business. Manzano, who already owned 9.23% through Integra Gas Distribution, will take over the majority stake.