YPF’s Net Profit Surges by 93% in Q1 2024, Driven by Fuel Price Increases and Market Share Gains
In the first quarter of 2024, YPF reported a net profit of approximately 657 million dollars, marking a 93% increase compared to the previous year. This improvement in its financial performance can be attributed to the rise in fuel prices for naphtha and diesel, although it was partially offset by a decrease in sales amidst a decline in economic activity in Argentina.
During the same period, the company’s adjusted profitability (EBITDA) reached 1,245 million dollars, reflecting a 19% increase year-on-year. Revenues grew by 2% to 4,310 million dollars, while investments fell by 4% to 1,252 million dollars. YPF, which has the State as its main shareholder, saw its results driven by a rise in fuel prices, a reduction in imports of finished products, and an improvement in the price of crude oil sold locally.
Despite a decrease in local fuel demand by 11% due to lower sales at service stations and seasonal consumption patterns, YPF managed to gain market share compared to its competitors. However, the company experienced a decline in consumption in the retail segment in April. The devaluation of the local currency in December contributed to a 16% cost reduction in extraction to 12.9 dollars per barrel of oil equivalent.
Oil production for YPF remained stable at 255,000 barrels equivalent per day
