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June 22, 2017
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YPF profits take a hit

Argentina’s state-run oil firm YPF SA posted first-quarter profit of 192 million pesos (US$12.47 million) on Tuesday, down 78 percent from 855 million pesos a year earlier.

Figures released by the company showed that earnings before interest, taxes, depreciation and amortisation, a gauge of operating profit, rose 34.7 percent from the previous year to 16.83 billion pesos, however.

YPF, which is seeking partners to develop some of the world’s largest shale reserves in Vaca Muerta, said total petroleum production fell 1.5 percent from a year earlier to 573,500 barrels per day.

Crude oil production fell six percent while gas output rose 2.8 percent to 45.3 million cubic metres (1.6 billion cubic feet) per day.

The company said investments in property, plants and equipment fell 18.9 percent to 11.95 billion pesos from the first quarter of 2016.

According to YPF revenue was up as a result of higher prices for its primary products — various petrols, gasoil and natural gas. Average prices for crude oil sales were down 14.4 percent in US dollars on a year-on-year comparison to the first quarter of 2016.

YPF said it has put 96 new wells in production in the first quarter, including 14 in Vaca Muerta, and finalised 11 exploratory wells.

— Herald with Reuters

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