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YPF Sets Record Q1 on Vaca Muerta Boom, Weighs Pump Prices

A shale-led rebound gives the company cash to speed expansion.

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El precio de la nafta y el gasoil acumuló una suba del 23% entre febrero y marzo, lo que provocó una caída del 10% en la demanda
La compañía informó un EBITDA ajustado de u$s1.594 millones, el más alto de su historia para un primer trimestre, con un margen del 32% sobre ingresos. El resultado representó una mejora del 28% frente al mismo período de 2025.

Overview

  • YPF, which reported to regulators on Thursday, posted record first‑quarter results with adjusted EBITDA of $1.594 billion, net income of $409 million, and free cash flow of about $871 million.
  • Shale oil output from Vaca Muerta averaged 205,000 barrels per day, up 39% year over year, as roughly $1 billion in quarterly spending steered 78% to unconventional work and pushed lifting costs down to $8.8 per barrel of oil equivalent.
  • Refineries processed a record 344,000 barrels per day, which removed the need to import gasoline and diesel and enabled fuel sales to nearby countries.
  • After a 45‑day freeze on pump price increases in response to weaker demand, executives said they will meet next week to decide whether to pass through higher crude costs.
  • Growth projects advanced, with the VMOS oil pipeline past 62% complete and an added 44,000 barrels per day of transport capacity lifting YPF’s stake to 30%, while the Argentina LNG venture with ENI and XRG moved through financing and regulatory work and YPF bought three gas blocks to supply it.