The oil company YPF achieved a net profit in the first quarter of 2024 of about 657 million dollars, with an increase of 93% year-on-year, as reported this Thursday to the National Securities Commission (CNV). The improvement in its balance sheet is mainly explained by the increases in fuel prices -naphtha and diesel-partially offset by a drop in sales while economic activity in Argentina collapses.
Between January and March of this year, adjusted profitability (EBITDA) reached US$ 1,245 million, with a jump of 19% year-on-year. Revenues grew 2% annually to US$ 4,310 million and investments, on the other hand, fell 4% to US$ 1,252 million.
The results of YPF, which has the State as its main shareholder, are explained by an average quarterly increase of 11% in dollars in fuel prices to 691 dollars per m3 (US$ 0.69 per liter), a 80% drop in imports of finished products and a 15% improvement in the price of crude oil sold locally, to US$68.3 per barrel.
The devaluation December he collaborated for a 16% cost reduction of extraction (US$ 12.9 per barrel of oil equivalent).
For the refusal, local fuel demand decreased by 11% quarterly, due to the contraction in sales at service stations and seasonal consumption of diesel. In the case of retail demand, YPF was gaining market share compared to its competition, but in April – which is outside of this balance – it had its first month in Javier Milei’s government with a decline in consumption in this segment.
Oil production remained at 255,000 barrels equivalent per day, 7% higher than in the first quarter of 2023. In the same period, shale oil production showed year-on-year growth of 21%, reaching 112,000 barrels equivalent per day. in the first quarter of this year. Exports of Medanito crude oil to Chile, meanwhile, totaled 23,000 barrels per day, representing a 22% quarterly increase. This Friday at 10, YPF executives will appear at a virtual conference with investors to defend their strategic plan and answer questions from international banks and investment funds such as Bank of America, Citi, JP Morgan, Morgan Stanley and BTG Pactual, among others. others.
The value of the oil company’s share was US$24.38, and it jumped 136% in the last 6 months, after it became known that Milei would be the new president. Its current stock market value is 11,784 million dollars.