YPF - YPF sees continued government backing for energy Vaca Muerta after elections

2023-08-11 11:28:00 ET

YPF ( NYSE: YPF ) +2.4% in Friday's trading after reporting a net profit of $380M for Q2 and $461M for H1, with Q2 EBITDA falling 31% to $1.1B and revenues sliding 12% to $4.4B, hurt by higher costs and lower global crude oil prices.

Argentina's state-run oil company said it expects government policy will continue to support the energy sector following general elections this October, noting several presidential hopefuls had commented on the strategic value of the huge Vaca Muerta shale formation; a primary vote this Sunday will determine the candidates.

YPF ( YPF ) said its crude exports rose in Q2 due to the May launch of operations at the Transandino pipeline which connects Vaca Muerta with Chile's Pacific coast.

The company expects 70K bbl/day will flow through the pipeline by year-end and continue growing during 2024 towards full capacity of 110K bbl/day.

YPF ( YPF ) said its oil production should remain roughly flat in Q3 before rising in Q4.

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