Overview
- On Wednesday YPF reported third-quarter results and said it will formally present five northern Vaca Muerta shale projects for adhesion to the RIGI incentive regime.
- The package covers Bajo del Toro, Bajo del Toro Norte, Narambuena, La Escalonada and Rincón de la Ceniza and foresees about US$44 billion of partner investment over 26 years to drill roughly 2,200 wells and target up to 270,000 barrels per day of shale oil at peak.
- YPF reported an adjusted EBITDA of US$2,503 million for Q3, free cash flow of US$900 million, a net-debt-to-EBITDA ratio of 0.8x and a recent US$1.2 billion nine-year bond that the company says strengthen its capacity to fund the program.
- Midstream and downstream steps to enable exports are advancing: the Vaca Muerta Oil Sur pipeline exceeded 85% completion with inauguration planned for late 2026 and exports expected in Q1 2027, and YPF agreed after quarter close to buy the remaining 25% of YPF Luz for US$430 million.
- The plan still requires formal RIGI approvals, partner agreements and the successful ramp of pipeline and refinery capacity, and its realization will shape local jobs, Argentina’s export volumes and YPF’s long-term capital needs.