The Argentinian state-owned oil and gas company YPF has released its 2022 results, posting a US$2.2bn net profit. The group’s total hydrocarbon production rose by 7% compared to 2021, reaching 503 kboe/d. Unconventional activity accounts for more 40% of the company’s consolidated production. The production of crude oil and unconventional gas increased by 45% and 47%, respectively, in 2022. YPF’s reserves reached almost 1,200 Mboe, 4% higher than in 2021. The reserve replacement rate was 124%. On the downstream side, domestic fuel sales for 2022 were 11% higher than in 2021. Fuel processing at YPF’s refineries grew by 6%.
The company intends to double its oil output and increase its gas production by a third over the 2023-2027 period. YPF forecasts an increase in its oil production by 8% in 2023 and a rise in gas output by 3%.