The Argentinian state-owned oil and gas company YPF has released its 2023 results, reporting a 514 kb/d hydrocarbon production (+2%). According to the report, unconventional crude oil production increased by 27%, while unconventional gas production increased by 8%, making unconventional resources the main driver of growth for the company. Domestic fuel sales increased by 3%, a new historical record, mainly due to higher processing levels at the company’s refineries and an increase in imports to meet local demand.
Financially, YPF reported a US$4bn adjusted EBITDA (-18% compared to 2022 due to lower fuel prices in dollars and high inflation impacting operating costs), an annual investment of almost US$5,700m (+36%) and a loss of US$1,277m due to the depreciation of assets as part of the Group’s plan to optimize its assets to ensure the long-term efficiency and profitability of the company’s operation. The company’s net debt reached US$6.8bn.