Overview
- YPF reported a 28% year-over-year gain with adjusted EBITDA of US$1.594 billion, marking its strongest first quarter on record.
- The company concentrated 78% of its capital spending in Vaca Muerta, driving a record 205,000 barrels per day of shale oil production.
- Management said stronger liquidity and cash flow improved the debt profile, which it views as a base for scaling future energy exports.
- Government officials hailed the outcome as the best first quarter in the company’s history and linked it to President Javier Milei’s policies and CEO Horacio Marín’s leadership.
- Vaca Muerta is Argentina’s main shale field, and officials argue that focusing on high-productivity unconventional wells and easing domestic price controls made YPF more competitive.