YPF Q2 profit rises 40% Y/Y on higher sales

|About: YPF Sociedad Anonima (YPF)|By:, SA News Editor

YPF reports a 40% Y/Y gain in Q2 profit while oil and gas production rose for the fifth consecutive quarter.

Argentina's leading energy company posted a quarterly profit of 1.526B pesos ($184M) vs. 1.09B in the year-earlier quarter.

Q2 oil production rose 5.6% Y/Y to 241K boe/day while natural gas production rose 32%; in H1, crude output climbed 8.5% Y/Y while gas production gained 10%.

Production of unconventional oil and gas reached 23.2K bbl/day thanks to the drilling of 50 wells in Vaca Muerta, where YPF has 21 active rigs and eight work-over rigs.

Q2 total sales surged 61% to 35.3B pesos ($4.3B), but total spending rose nearly 67% to 10.8B pesos.