YPF will export oil for the first time since 2007 starting in May this year. Its authorities confirmed it this Friday in New York in a deed to celebrate the 30th anniversary of its listing on Wall Street.
Pablo González, president of YPF, and Pablo Iuliano, CEO of the company, stressed that 30,000 barrels per day will be exported to Chile in May and about 70,000 from September.
In 2007, the export of crude oil through the pipeline that today reaches the Chilean Enap Sipetrol refinery in BioBio was put on standby. Refurbishment work has been carried out in recent years and will now gradually be reused. When 70,000 barrels are shipped in September, tasks will be undertaken to subsequently achieve the goal of shipping 110,000 barrels.
Details of YPF’s overseas sales recovery were disclosed as part of YPF’s 2023-2050 plans presentation.
Gonzáles also ratified that the Néstor Kirchner gas pipeline, which will allow the export of gas from Vaca Muerta, will be operational within three months -June 20-, and defended the partnership scheme between shareholders and the Argentine state. “It works,” he assured. YPF’s shares are 51% owned by the state and the remainder is listed on the capital market. That fell 7.8% yesterday in New York amid a general market decline on the prospect that the Federal Reserve will hike rates more than expected and a run on Silicon Valley Bank.
González began by telling investors that “49% of the company is listed on the market and I want to thank the authorities of the New York Stock Exchange for having lent us the job” and immediately recognized the “vision” of the Kirchner government in creating the society’s public-private partnership that was forged ten years ago.
The president reviewed the main conclusions of the report that the company’s board of directors approved on Thursday and presented in New York: oil production increased by 7.2% (the highest in the last 25 years), net income ” record” in 2022 (US $2.25 billion and nearly $5 billion in EBITDA) and gas reserves for 170 years.
He also said that “we hope that in the coming weeks the state will send the framework law to promote the production of liquefied natural gas.” Then Sergio Massa also referred to us.
González gave his presentation in Spanish. Then, in English, they presented Iuliano and Alejandro Lew, CFO of YPF. Both provided details on the strategic pillars of the company in the three phases 2023-2025, 2026-2030 and 2030-2050.
The entire event took place in the 6th floor hall of the Exchange, a so-called Bond hall with stained glass skylight ceiling, walls adorned with white and gold decorations and arches, there were more than 20 full tables following the presentation started on time at 1:00 pm in New York.
According to YPF executives, the company will invest a total of $5,000 million this year, of which $2,300 million will go exclusively to Vaca Muerta and $1,100 million for refining and marketing.
Charles Arterburn is a seasoned business journalist for News Rebeat, where he provides comprehensive coverage of the latest trends and developments in the world of finance and economics.