Argentine oil company YPF registers record profit and production in 2022

The state-owned oil company Yacimientos Petrolíferos Fiscales (YPF) closed in 2022 with a net profit of more than US$2.2 billion.

The company said Thursday that its production showed the highest growth in the last 25 years.

The company indicated that during the past year, it also obtained a gross operating profit (adjusted Ebitda) of almost US$5 billion, 27% above the previous year and the third highest in its history.

“Total hydrocarbon production showed the highest organic growth in the last 25 years (…) reaching 503,000 barrels equivalent per day,” the communication said.

YPF’s crude oil and unconventional gas production reported growth of 45% and 47%, respectively, compared to 2021.

“This growth is leveraged on the operational improvements achieved by the company in the development of its fields in Vaca Muerta,” said the company about the shale geological formation located in the Neuquén basin in southwestern Argentina.

It added that during 2022 in that region, “there were records of efficiency in drilling and fracturing times of wells and the highest mark in the number of new horizontal wells drilled”.

Considering the increase in production and investments, the oil company concluded that YPF’s reserves reached almost 1.2 billion barrels of oil equivalent.

With information from Xinhua