The state oil company YPF
had losses in 2023 of $1,277 million,
as reported this Wednesday to its investors on the Buenos Aires Stock Exchange and the New York Stock Exchange (NYSE).
The negative result is mainly due to having
revalued the 55 mature fields
that it will put up for sale in the coming weeks.
As the company reported a few days ago, this new estimate subtracted about
US$1.8 billion from the balance sheet.
YPF's business result (adjusted EBITDA) last year before interest, taxes, depreciation and amortization was $4,058 million, 18% less than in 2022, as a result of higher fuel sales (+3%) lower price (-6%).
The company's investments reached US$5,683 million
, with the main focus on Vaca Muerta, where the commitment will be reinforced with the arrival of the new president and CEO, Horacio Marín, appointed by the Chief of Staff, Nicolás Posse.
This year alone the firm will allocate some US$4.3 billion to the production of unconventional oil and gas in the Neuquén Basin and will drill some 227 wells.
In relation to prices, the strong rise that occurred starting in November helped improve the oil company's income, which 80% comes from the sale of fuel.
With a gap between retail prices at service stations and "equilibrium" values in 2024, and a Government that seeks for the market to be free and self-regulating, YPF's main source of income will no longer depend on decisions officials, but rather economic activity: the harvest, which will increase diesel consumption, and the crisis felt by the middle class, which will push down the demand for gasoline.
News in development