Thu, Aug. 6, 12:44 PM
- YPF (YPF +1.7%) posted Q2 earnings that beat expectations, rising to 2.3B pesos ($250M) from 1.5B pesos in the year-ago quarter, as it increased production and sold crude at a premium to international prices.
- YPF has been somewhat cushioned from the collapse in oil prices because the government-controlled Argentina price is near $78/bbl, while the international Brent benchmark has dropped below $50.
- Q2 EBITDA jumped 13.3% Y/Y to 12.4B pesos, total sales rose 12% to 39.6B pesos, and downstream sales increased 6.6% to 35.3B pesos.
- YPF’s Q2 total hydrocarbon production rose 2.6% Y/Y, with natural gas output higher by 2.3% higher and crude oil increasing by 3.7%
Tue, Jul. 14, 11:43 AM
- Argentina oil spending is going up, and that's a major reason to buy oil and gas explorer YPF (YPF +5%), according to Credit Suisse, which has an Outperform rating on the stock and a $32 target price implying more than 23% upside from current levels.
- The firm says that from a wider country perspective, there is "a willingness to believe the country can undergo a meaningful de-risking, regain access to international markets, and start to move past its economic issues in a new presidential mandate," while from a company-specific perspective, YPF is uniquely positioned to benefit from all those themes, and is one of the most liquid investment vehicles for investors to get exposure to Argentina.
- In a Credit Suisse measure of return on invested capital, YPF’s upstream performance is ranked only behind peers OMV and Marathon Oil, and just ahead of Chevron; in the downstream, it is just behind Repsol and Chevron.
Thu, Jan. 15, 2:08 PM
- Argentina's YPF (YPF -2.1%) says a workers strike in Mendoza province may trigger fuel shortages in 13 provinces, including Buenos Aires and Cordoba.
- YPF says it is not dispatching trucks to half of the country, as the strike has lowered production by 6K bbl/day from its wells and its Lujan de Cuyo refinery, which produces 35% of the company’s total fuel sold in Argentina.
Dec. 10, 2014, 9:55 AM
- Malaysia's Petronas signs a $550M deal with Argentina’s YPF (YPF -3.2%) to develop the South American country’s vast shale resources, despite fears that falling oil prices could undermine the profitability of unconventional energy projects.
- The joint venture follows earlier deals amounting to $2.8B with Chevron to develop Argentina's huge Vaca Muerta shale formation; it will be similar in structure to the Chevron deal, with Petronas providing most of the financing for the initial three-year pilot project that aims to drill 35 wells which, if successful, could lead to another $10B in investments.
Oct. 9, 2014, 10:59 AM
- Argentina's YPF (YPF -2.7%) says it has not struck a natural gas production deal with Russia's Gazprom (OTCPK:OGZPY) despite an earlier statement from the industry ministry that it had.
- YPF says that while it has conducted meetings with Gazprom officials to analyze various possibilities for business and collaboration, neither a confidential deal nor agreement memorandum has been signed.
- The ministry had said it received assurances from Gazprom's Alexei Miller in a meeting this week that a "confidential" $1B agreement had been reached with YPF to explore for and produce gas in Argentina.
Aug. 14, 2014, 3:28 PM
- Argentina's YPF (YPF -2.1%) says it discovered oil at a well in the Agrio formation in southern Patagonia, the third shale find in the country in four years.
- CEO Miguel Galuccio told reporters at a Buenos Aires technology fair that YPF has begun testing the Filo Morado well, but did not provide the well’s depth or other details.
- The Agrio formation is located in Neuquen basin, the site of the huge Vaca Muerta shale gas deposit where YPF and Chevron are producing crude.
Aug. 1, 2014, 11:44 AM
- Argentina's default won't harm efforts to become self-sufficient in oil and natural gas by tapping vast shale reserves, according to Seaport Group and state energy company YPF (YPF -3.9%).
- YPF oversees Argentina’s shale oil and gas reserves, and thus will have continuous access to financial markets, Seaport says, adding that YPF may structure securities where its earnings are escrowed outside the country for use in repaying debt and receive attractive terms.
- YPF says it will generate enough cash to finance operations for the next 12 months and has access to new funding sources; the company has said it needs to fund a $35B investment plan over the next five years.
Jul. 31, 2014, 9:11 AM| Jul. 31, 2014, 9:11 AM | 4 Comments
Jul. 30, 2014, 9:09 AM
Jul. 24, 2014, 2:58 PM
- A one-day strike by 23K workers in the energy-rich Neuquen basin will cost YPF (YPF +2.9%) as much as $12M and cut production by 160K barrels of oil and 6M cubic meters of gas, the company says.
- The workers are striking as provincial governors and federal authorities discuss changes to Argentina’s hydrocarbons law; the outcome will determine how revenue from the Vaca Muerta formation, which holds the world’s fourth-biggest shale oil reserves and second-largest shale gas reserves, are distributed.
- The Neuquen basin is responsible for 40% of Argentina’s oil output and 56% of natural gas output, YPF says.
Jul. 18, 2014, 2:15 PM
- Dan Loeb's Third Point hedge fund is renewing a bet on Argentine government debt, expecting the country will reach a deal with creditors to resolve claims from its 2001 default by the end of the year, and is taking a stake in state-controlled oil company YPF (YPF +5.2%).
- "We are in the midst of a critical inflection period for the country: If the government settles with its hold-out creditors, Argentina will regain access to global capital markets,” according to the hedge fund's Q2 letter to investors.
- Third Point says Japan has been the biggest source of losses this year, but the firm is still finding opportunities in the country and expects macro conditions that have been headwinds to become more favorable toward the end of the year.
- Earlier: YPF pops as Third Point is said to increase stake.
- ETFs: DXJ, EWJ, ARGT, NKY, DBJP, EZJ, EWV, JPNL
Jul. 18, 2014, 10:44 AM| Jul. 18, 2014, 10:44 AM | Comment!
Jun. 18, 2014, 5:36 PM
Apr. 10, 2014, 2:39 PM
- Chevron (CVX -1.8%) signs a deal with YPF (YPF -1.2%) to invest $1.6B this year to continue development of Argentina’s Vaca Muerta shale formation and become the country’s largest foreign producer of shale oil and natural gas.
- Chevron says it will build off the progress of its 2013 drilling program with YPF, investing in drilling 170 wells in the 96K-acre Loma Campana concession.
- The joint venture partners are targeting eventual daily output of 50K barrels of shale oil and 3M cubic meters of shale gas by drilling 1,500 wells.
Dec. 16, 2013, 2:45 PM
- YPF (YPF +6.8%) is in the market with a $500M global bond issue today, the first time it is raising debt after Argentina's government last year expropriated Repsol's majority stake.
- It is not yet known whether YPF is tapping the market to finance capital spending or to partly finance the ~$5B it has agreed to pay Repsol for the stake; if YPF ends up using the money in Argentina, analysts say it would be beneficial to the country which faces a scarcity of dollars.
- The five-year bond has an initial guidance of a 9% yield.
Dec. 16, 2013, 10:58 AM
- YPF (YPF +8.5%) trades sharply higher after a weekend Barron's piece highlights the company's front-row seat in Argentina's vast oil and gas reserves, which could be worth triple the stock's current level.
- Full development of the huge Vaca Muerto reserves, which could cost tens of billions of dollars and take a decade or more, hinges on better access to international capital markets, thus Argentina's recent agreement to pay Repsol $5B for expropriating its 51% stake in YPF is seen as a critical positive step.
- Some U.S. institutional investors and Mexican billionaire Carlos Slim have been buying shares, and this summer's agreement between Chevron and YPF could be a model for the development of Argentina's significant oil and gas reserves.
YPF vs. ETF Alternatives
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.
Other News & PR