Argentina's YPF suffers a net loss in the first quarter

YPF, the state-owned oil company in Argentina, reported a loss of $10m for the first quarter. This was due to lower demand during the season and lower export volumes.

This loss is compared to the net profit of $657 millions in the first quarter 2024.

The revenue, on the other hand, increased by 7% over a year earlier to $4.61 billion. This was due in part to higher fuel prices in local markets, but also a decline in oil exports and lower demand for diesel.

YPF, Argentina's largest domestic fuel supplier, reported that its total production rose 5% on an annual basis in the first three months, with a 6% rise in crude oil production.

The company operates the massive Vaca Muerta shale, on which Argentina bets to cement its position as a net exporter of energy and replenish depleted reserves.

The company's core earnings for the first quarter, or adjusted earnings prior to interest, taxes and depreciation (EBITDA), remained flat from a year ago at $1.25 billion.

Operating costs increased by 26.4% on an annual basis.

(source: Reuters)