This result was driven by shale gas production, which today represents 52% of the company's total.
Argentine state-owned oil company YPF reported its quarterly results, highlighting that during the second quarter of the year, total hydrocarbon production averaged 539 thousand barrels of oil equivalent per day, a growth of 2% compared to the previous quarter and 5% compared to the same period last year.
This result was driven by shale gas production, which today represents 52% of the company's total. At this point, it is important to highlight the growth in Medanito crude oil exports to Chile, which reached 29 thousand barrels per day, 25% higher than the previous quarter.
The presentation of the results coincided with the president's visit to the Vaca Muerta deposit, where he was able to observe the development and activity in the area.
Milei visited a state-of-the-art drilling rig in Loma Campana that was drilling the Soil 455 horizontal well, with a depth of 3,083 meters.
Later, he held a meeting with the main executives of the operators with presence in Vaca Muerta: YPF, PAE, CGC, Chevron Argentina, Exxon, Pampa Energía, Pluspetrol, Shell, Tecpetrol, Total and Vista among others.
DEMAND FOR GASOLINE
On its website, YPF noted that local fuel demand decreased by 2% compared to the first quarter of the year, "mainly due to lower demand for naphtha (gasoline), largely offset by the rise in seasonal demand for diesel fuel, which was covered by inventories. In this regard, it should be noted that there were no fuel imports during the period," the company said.
The level of processing in the Refineries, meanwhile, was 299 thousand barrels per day, with a level of utilization
of 91%.
In financial matters, adjusted EBITDA reached US$ 1,204 million, which is a growth of 20% in
year-on-year terms, mainly driven by higher fuel prices and production of
hydrocarbons.
Compared to the previous quarter, the company noted that "EBITDA was 3% lower due to higher costs in dollars as a consequence of the effect of the devaluation in December and lower production of conventional oil, particularly in June, due to adverse weather conditions in southern Argentina."
These effects were partially offset by higher seasonal gas sales, better
fuel prices and oil exports.
Investments totaled US$ 1.2 billion, 3% higher than the previous quarter, and
in line with the plan for the year. More than 70% of the total was concentrated in the Upstream segment, mainly
in Vaca Muerta, aligned with the company's growth strategy.
Free cash flow was negative by US$257 million and net debt reached US$7,457 million, a net leverage ratio of 1.7x.
