By segment, billing for its upstream business increased by 14.2% and 51.6% in the gas and energy business. On the contrary, the company invoiced 3.2% for its downstream business.

The Argentine oil company YPF has achieved a net profit of US$657 million in the first quarter of the year, which represents an increase in the figure by 93% compared to the same period of the previous year.

The company's revenues remained stable, with a year-on-year increase of 1.7%, registering a turnover of US$ 4,310 million. For its part, operating costs fell 1.8% year-on-year, to US$ 1,380 million.

By segment, YPF's billing for its upstream business increased by 14.2% compared to the first three months of 2023, and 51.6% in the gas and energy business. On the contrary, the company invoiced 3.2% year-on-year for its downstream business.

The gross operating result (Ebitda) rose to US$ 1,324 million, equivalent to an increase of 15% compared to the first quarter of 2023.

This year-on-year increase is the result of an improvement in local fuel prices measured in dollars, along with lower cost pressure following the devaluation in mid-December 2023. At the same time, the growth in oil production has also driven the Ebitda for the first quarter of this year.

Net debt amounted to US$ 7,200 million, which represents an increase of 5.8% compared to the US$ 6,803 million of debt that the company recorded at the end of December 2023.