The company has reached US$ 14,542 million in turnover, 10.9% more than in the previous year. Meanwhile, costs fell by 3.3% compared to the first three quarters of 2023.

Argentine oil company YPF has almost multiplied by five (increase of 381.4%) its net profit for the first nine months of the year compared to the same period of the previous year, after achieving profits of US$ 2,638 million.

The company has reached US$ 14,542 million in turnover, 10.9% more than in the previous year. Meanwhile, costs fell by 3.3% compared to the first three quarters of 2023.

By activity, YPF increased its turnover by 14% year-on-year in its upstream business, while its revenues grew by 7.2% year-on-year in the downstream area.

Operating profit reached US$2.01 billion, which is 11 times higher than the figure reached in the same period of the previous year, when it reached US$169 million.

Gross operating profit (EBITDA) rose 27.4% compared to the first nine months of 2023, to US$ 4,056 million.

At the end of September, net debt stood at US$7.506 billion, 12% above the figure recorded up to September of the previous year and 1% more than in the second quarter of this year.

Investments totaled US$1,353 million, 7% less than until September 2023. Around 70% was concentrated in the upstream segment, mainly in shale drilling and workover activities, fully aligned with the company's strategy to grow in shale oil.

In the third quarter, YPF achieved a net profit of US$ 1.47 billion compared to losses of US$ 128 million in the same quarter of the previous year. Revenue rose by 17.6% year-on-year.