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.
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 (HP) will provide 10 of the rigs.
Argentina's YPF (YPF +0.3%) says Q2 earnings rose 31% Y/Y but discloses a multimillon-peso charge related to an adverse arbitration ruling in a case over the suspension of natural gas exports to Brazil.
Total production slipped to ~481K boe/day from ~483K boe/day due to gas production dropping 3.2% to 33M cf/day from 34.1M cf/day; crude oil output rose slightly to ~228K bbl/day while natural gas liquids production shot up almost 9% to ~45K bbl/day.
YPFreports 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.
Net profit at YPF (YPF -2.2%) fell 51% Y/Y during Q3 due to increased operating costs and poorer performance by companies in which YPF has a stake, as well as a deferred tax payment. Argentina sits on huge resources of shale natural gas and oil, but large amounts of capital would be needed to bring them into production; YPF rules out any foray into global credit markets "anytime in the short term."
Repsol (REPYY.PK +7.4%) moves to show it has a solid future without its nationalized Argentine unit, publishing Q1 earnings figures showing a net profit increase both with and without YPF. Net Q1 profit including YPF rose 3.5% Y/Y to $1.02B; adjusted to exclude the Argentine unit, net profit would have climbed 12.4%. Either way, "a solid set of results," an RBC analyst says.
YPF Sociedad Anonima is an integrated oil & gas company. It upstream operation consists of exploration, development & production of crude oil, natural gas & LPG. Its downstream operation includes refining, marketing & distribution of oil, among others.