Argentina's YPF ups Q4 profit by 88% as production rises

|By:, SA News Editor

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.