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1h ago

YPF Posts 21% Q3 EBITDA Jump as Vaca Muerta Output Hits New Highs

Sharper shale focus lifts margins, signaling a pivot toward export scale.

YPF. El crecimiento sostenido en Vaca Muerta, la mayor eficiencia operativa y la diversificación de su matriz de negocios sitúan a la compañía en una posición sólida para cerrar 2025 con resultados récord.
YPF cerró el tercer trimestre de 2025 con ganancias récord por USD 1.357 millones, lo que representa una suba del 21% interanual.
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Overview

  • Adjusted EBITDA reached $1.357 billion in Q3 2025, driven by rising shale production and lower extraction costs.
  • Shale oil averaged 170,000 bpd in the quarter, up 43% year over year, with October running near 190,000 bpd.
  • Shale now accounts for roughly 70% of YPF’s crude output, offsetting planned exits from mature conventional fields.
  • Quarterly capex totaled $1.017 billion with about 70% directed to unconventional projects, including an 8,200‑meter well and another of nearly 6,000 meters completed in 11 days.
  • Funding of $1.2 billion was secured through a $700 million syndicated loan and a $500 million reopening of a 2031 bond at 8.25%, alongside progress on export infrastructure with the VMOS pipeline at 35% and a Technical FID with Eni for a 12 Mtpa LNG project plus a preliminary agreement for XRG/ADNOC to join.