The state oil company YPF had losses in 2023 of $1,277 million, as communicated this Wednesday to its investors on the Buenos Aires Stock Exchange and the New York Stock Exchange (NYSE). The negative result occurs as a consequence, mainly, of having accounting revaluation (impairment) of the 55 mature deposits which will go on sale in the next few weeks. As the company reported a few days ago, this new estimate subtracted some 1,800 million dollars on the balance sheet.
YPF’s corporate earnings (adjusted EBITDA) last year before interest, taxes, depreciation and amortization were $4,058 million, 18% lower than 2022, driven by higher fuel sales (+3%) and lower prices (-6%).
The company’s investments reached $5,683 millions, with main focus on Vaca Muerta, where the commitment will be strengthened with the arrival of the new president and CEO, Horacio Marín, appointed by the chief of staff, Nicolás Posse. This year alone, the company will allocate approximately $4.3 billion for unconventional oil and gas production in the Neuquén Basin and will drill approximately 227 wells.
As regards prices, the strong increase that has occurred since November has contributed to improving the oil company’s revenues, 80% of which come from the sale of fuel. With a gap between retail prices at petrol stations and “equilibrium” values in 2024, and a government seeking a free and self-regulating market, YPF’s main source of income will no longer depend on officials’ decisions, but rather activities economic: the harvest, which will increase diesel consumption, and the crisis felt by the middle class, which will push the demand for petrol downwards.
Source: Clarin
