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YPF says Q4 profit surged 88% to 1.9B Argentine pesos ($241M) on higher revenue from sales and production, beating analysts’ estimates.
- YPF also says it boosted crude production by 6.3% Y/Y while natural gas output rose 10.2%.
- YPF produces ~35% of Argentina's oil and gas and accounts for more than half of the fuel sold in the country.
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Earlier this week, YPF said it signed two contracts totaling ~$1.2B to lease 15 drilling rigs to develop Vaca Muerta, which contains an estimated 27B barrels of shale oil; Helmerich & Payne (NYSE:HP) will provide 10 of the rigs.