Argentina · Delayed Price · Currency is ARS YPF Sociedad Anónima Earnings Call Transcripts
Fiscal Year 2025
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Record adjusted EBITDA of $5B in 2025 was achieved despite a 15% Brent price drop, driven by a strategic shift to shale, cost reductions, and major M&A. 2026 guidance targets further shale growth, $5.8–$6.2B EBITDA, and continued divestment of conventional assets.
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Operational efficiency and a shift to shale drove strong profitability despite a 12% revenue drop, with record refinery performance and major progress in divesting mature assets. Net leverage rose to 2.1x due to acquisitions, while the Argentina LNG project advanced with new partners.
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Q2 saw stable revenue and strong shale production growth, offsetting mature field divestments and Brent price volatility. Major milestones included a $2B BEMOS pipeline loan, a $500M shale asset acquisition, and a 24% reduction in lifting costs.
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Adjusted EBITDA rose 48% sequentially to $1.24B, driven by shale growth and efficiency gains, while revenues grew 7% year-over-year. Net loss narrowed to $10M, CapEx was $1.21B, and net debt increased to $8.3B. Guidance targets $5.2–$5.5B EBITDA for 2025.
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A major strategic shift is underway, focusing on profitability, efficiency, and transforming into a pure shale and world-class downstream company. Ambitious production and export targets are supported by large-scale infrastructure, technology, and LNG projects, with financial resilience and active portfolio management at the core.
Fiscal Year 2024
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2024 saw a strategic shift to shale oil, record operational and financial results, and major progress in divesting mature assets. Revenues rose 11% to $19.3B, EBITDA grew 15%, and net income reached $2.4B, with continued focus on efficiency and growth in 2025.
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Q3 2024 saw strong EBITDA and net income growth, driven by shale expansion and higher fuel prices, despite weather and demand headwinds. Major infrastructure projects advanced, with robust financing and a focus on divesting mature fields. Guidance remains positive for production and cash flow in coming years.
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Shale oil output rose 20% year-over-year, driving revenue and EBITDA growth, while efficiency gains and asset divestitures support a strategic shift to Vaca Muerta. CapEx focused on upstream and midstream, with new pipeline and LNG projects advancing. Net leverage remains stable at 1.7x.