Argentina's YPF profit up 41% in 2Q as demand grows at home, abroad
Argentina's state oil firm YPF has reported that its net profit climbed nearly 41% in 2Q, beating analyst expectations as domestic demand for diesel grew and oil exports rose.
YPF, one of Argentina's top fuel suppliers, posted a $535-MM profit, above the average analyst estimate of $309 MM compiled by LSEG.
The firm cited higher seasonal sales of natural gas and agricultural products, along with local demand for diesel, better fuel prices and higher petroleum exports as key to the profit boost.
Revenue, meanwhile, rose almost 13% compared to the year-ago quarter to $4.94 B, also above the LSEG estimate of $4.49 B. Total oil and gas production rose 5%, with crude output up 3.2%. Shale oil production grew nearly 20%, the company said.
Conventional oil output was held back by extreme weather in Argentina's south in the month of June, during the Southern Hemisphere winter, YPF said.
2Q core earnings, defined as adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), rose 20% year-on-year to $1.2 B, below the LSEG estimate of $1.54 B.
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