Overview
- YPF reported adjusted EBITDA of $1.594 billion with a 32% margin and net income of $409 million, marking its best first quarter on record.
- Shale oil from the Vaca Muerta formation averaged about 205,000 barrels per day in the quarter, a 39% jump from a year earlier.
- Refining throughput hit a first‑quarter record at 344,000 barrels per day, lifting premium gasoline and diesel output and avoiding fuel imports.
- The company invested about $1.0 billion in the quarter, steered 78% to shale projects, and generated more than $870 million in free cash flow.
- Export capacity advanced as the VMOS pipeline passed 62% completion and YPF in April bought 44,000 barrels per day of space to reach a 30% stake, while work on the Argentina LNG project with ENI and XRG progressed and YPF acquired three gas blocks to supply it.