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YPF

YPF Sociedad Anonima

5/24/2013, 12:35 AM ET

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Thursday, May 23, 10:26 AM A year after Argentina expropriated Repsol's majority stake in YPF, there's little prospect of a deal on compensation even though both sides would rather avoid a costly, drawn-out legal battle. Argentina's lack of funds and its limits on the control private firms have over their investments, which could deter Repsol from accepting assets such as the Vaca Muerta shale field in any settlement, pose major obstacles. Comment! [Energy, Global & FX]
Thursday, May 16, 3:29 PM Chevron's (CVX) president of Latin American operations says Argentina - not China - has the world's second largest shale oil deposits after the U.S. Most of the world's shale gas has been developed from geological layers requiring horizontal drilling, but "everything is in a stack" at Argentina's Vaca Muerta formation, meaning CVX and YPF may be able to access the oil using vertical drilling techniques, CVX's Ali Moshiri says. (earlier) 3 Comments [Energy, Global & FX]
Wednesday, May 15, 8:34 AM Chevron (CVX) will become the first major oil company to partner with YPF to develop shale oil, and a final $1.5B deal is expected in July, YPF says. YPF CEO Miguel Galuccio and CVX Latin America chief Ali Moshiri visited the Patagonia shale formation yesterday, and Moshiri is said to have been “surprised” with the advanced state of YPF exploration projects. Comment! [Energy, Global & FX]
Monday, May 13, 10:28 AM YPF CEO Miguel Galuccio tells FT the company is close to an agreement with Chevron (CVX -0.4%) to get around the asset freeze that has thrown into question plans to jointly develop the giant Vaca Muerta shale formation. A successful deal would be a boost to CVX in Latin America, where it has been hit with a $19B environmental damages bill in Ecuador, and to Argentina’s hopes of developing its shale resources. 3 Comments [Energy, Global & FX]
Friday, May 10, 11:59 AM Buy a 4% bond or face jail time: That's the novel offer from Argentina's president to tax evaders hiding about $160B, which would help finance YPF. The state-run oil company needs to finance a $37B five-year program to expand production and reduce the country’s need to import oil and gas, which doubled to $9.4B in 2011, but the amnesty program is likely to fail due to investors’ deep mistrust of the government. 2 Comments [Energy, Global & FX]
Tuesday, April 30, 10:12 AM Argentina’s billionaire Eurnekian family has pledged $700M in two deals to hasten a partnership with Argentina's state-owned YPF to develop its Vaca Muerta fields which contain Latin America’s largest shale reserves with ~23B boe. If an earlier memorandum of understanding becomes a binding deal, it would mark YPF's first in the year since the company was expropriated from Repsol. 1 Comment [Energy, Global & FX]
Friday, April 19, 3:26 PM Argentina creates a fund of up to $2B to help develop the country's 7.4M-acre Vaca Muerta shale field, which may hold one of the world's biggest unconventional energy resources. State-controlled YPF, as well as Apache (APA), Exxon Mobil (XOM) and Canada's Americas Petrogas hold exploration rights on nearly 80% of the site. 2 Comments [Energy, Global & FX]
Friday, April 12, 9:39 AM Argentine President Kirchner’s takeover of YPF to trim energy imports is backfiring and threatening to narrow the country’s trade surplus needed to pay debt, according to a Bloomberg report. One year after the nationalization, output is flat and foreign investment needed to tap the world’s third-largest shale deposit hasn’t materialized. Meanwhile, energy imports may reach a record $15B. 4 Comments [Energy, Global & FX]
Wednesday, April 10, 5:12 PM Argentina freezes gasoline prices for six months in another bid to tame inflation that's plaguing the economy and shrinking the government's support. The country's largest oil and gas company, state-run YPF, says the freeze won't affect its business plans this year since it still has room to raise prices to catch up with what competitors are charging. Comment! [Energy, Global & FX]
Monday, April 8, 8:09 AM YPF has started processing crude at its largest refinery, which had been offline for more than five days after being damaged by flooding that devastated the nearby city of La Plata last Tuesday and cut power to the refinery, causing a serious fire in a coking unit that took more than eight hours to extinguish. The refinery accounts for nearly 30% of Argentina's fuel production. Comment! [Energy, Global & FX]
Wednesday, April 3, 9:04 AM Argentina's YPF says it suspended operations and contained a major fire at its La Plata oil refinery, the country's largest, although it is not clear if the fire has been completely extinguished. Lost production at La Plata is hardly welcome news for Argentina, which already is a major fuel importer. Comment! [Energy, Global & FX]
Monday, April 1, 4:36 PM A freeze on Chevron's (CVX) funds in Argentina would not include future investments the company would make in the country, according to a lawyer for the Ecuadorian plaintiffs in the case behind the freeze. The stance could indicate a softer strategy against CVX in Argentina, where CVX is pursuing a proposed $1B deal with YPF to develop the Vaca Muerta shale formation. 2 Comments [Energy, Global & FX]
Tuesday, March 26, 6:15 PM YPF signs a preliminary shale agreement with Dow Chemical (DOW) towards a 50-50 JV for the development of the El Orejano block in Argentina's Neuquen province, one of the first areas to boast discoveries in the Vaca Muerta formation. YPF already partners with Dow in downstream ventures including Argentina's Bahia Blanca petrochemical complex. 3 Comments [Energy, Global & FX]
Wednesday, March 13, 2:19 PM Chevron (CVX) issues an ultimatum to Argentina, saying it will not make any progress on an agreed joint venture with YPF until a court threat to its assets is lifted. "We’d like to work with them," CVX vice chairman George Kirkland tells FT, but "this is our money." The tough line hurts the government’s hopes of forming a partnership with a top global oil company to help develop its vast shale reserves. 2 Comments [Energy, Global & FX]
Tuesday, March 12, 8:58 AM YPF's ambitious program this year calls for drilling 132 oil wells at the Vaca Muerta shale formation in Patagonia, but the high cost of equipment could force it to scale back, CEO Michael Gallucio says after reporting Q4 results. Vaca Muerta holds one of the world's biggest deposits of shale resources, with ~23B boe; YPF has concessions on 40% of the site. YPF +1.7% premarket. Comment! [Energy, Global & FX, On the Move]
Monday, March 11, 7:07 PM YPF reports a profit of 3.9B pesos ($771M) in 2012, a 12.2% Y/Y decline due mainly to losses posted by subsidiaries and other companies YPF has a stake in, even as total revenue jumped 19.5% due to higher fuel sales in the local market. EBITDA rose 21.3%. Crude oil output rose 2.2% after falling 7.6% in 2011; natural gas output fell 2.3% vs. a 10.3% drop in 2011. Comment! [Energy, Earnings]