Argentine Oil Firm YPF Earns US$1.2 Billion
ARGENTINA · EARNINGS
Key Facts
- The company YPF, listed in New York as YPF, is an Argentine oil and gas producer, refiner and fuel retailer.
- What happened Third-quarter profit reached US$1.196 billion, against a loss of US$198 million a year earlier.
- The catch Cash profit fell 11% from the record second quarter on inventory valuation and lower fuel prices.
- Why it matters Net debt fell to 0.81 times annual cash profit, the lowest in a decade, after strong cash flow.
- Power Index Argentina ranks 4th of 14 in The Rio Times Latin America Power Index, with 61.2 points (October 2026 edition).
An Argentine oil company swung from a loss to a US$1.2 billion profit in one year, while cutting its debt. YPF, which trades in New York under the ticker YPF, published its third-quarter results in Buenos Aires on Wednesday 28 October 2026.
Net profit was US$1.196 billion, against a loss of US$198 million in the same quarter of 2025, and almost unchanged from US$1.205 billion in the second quarter. Adjusted EBITDA, a measure of cash profit before interest, tax and depreciation, was US$2.503 billion, up 84% on the year and 11% below the second quarter.
Background on the company is in our YPF company profile. Related coverage includes the US court ruling that voided a US$16 billion judgment against Argentina over YPF.
Profit Swings From Loss to US$1.2 Billion
Revenues were US$6.557 billion, up 41% on the year. Operating income, profit from the core business, rose to US$1.921 billion from US$552 million.
YPF said the step down in cash profit from the second quarter reflected inventory valuation effects and lower refined product prices. International fuel prices fell in the third quarter.
The adjusted EBITDA margin, cash profit as a share of revenue, was 38%. For the first nine months of 2026, adjusted EBITDA was US$6.901 billion, up 85% on a year earlier.
Shale Oil Keeps Growing
Total production was 532.0 thousand barrels of oil equivalent a day, 2% more than a year earlier. Natural gas output was 36.5 million cubic metres a day, 5% lower on the year.
Shale oil is oil trapped in dense rock, mostly in Argentina’s Vaca Muerta formation in Neuquén province. YPF pumped 224.1 thousand barrels a day of it, up 32% on the year and 5% on the second quarter.
That is 86% of the company’s crude oil, which totalled 261.4 thousand barrels a day. YPF said it is on track for a 2026 average shale oil target of 215 thousand barrels a day and an exit rate of 250 thousand in December.
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Selling Assets, Cutting Debt
YPF spent US$1.287 billion on investment in the quarter, 70% of it on shale and other unconventional fields. Free cash flow, the cash left after that spending, was US$901 million.
Net debt was US$6.596 billion, 31% lower than a year earlier. The ratio of net debt to yearly adjusted EBITDA fell to 0.81 times, which YPF described as the lowest in a decade.
The company accepted an offer from Edenor, an Argentine electricity distributor, to buy its 70% stake in the gas utility Metrogas and the related energy trader Metroenergía for US$780 million. The sale still has to close.
YPF also received initial proceeds of US$118 million from selling two groups of conventional fields, called Mendoza Non-Operated and Chachahuen. Separately, it paid US$430 million for the 25% of its electricity-generation arm YPF Luz that it did not own, taking its stake to 100%.
The Pipeline to Watch
YPF owns 30% of VMOS, a roughly 440-kilometre pipeline meant to carry shale oil from Neuquén to an export terminal on the Atlantic coast in Río Negro province. The project was about 85% complete in September, and YPF expects first oil in early 2027.
Capacity is planned at about 180 thousand barrels a day at the start, rising to about 550 thousand in the second half of 2027. More export capacity matters because it lets Argentina sell more of its shale oil abroad.
What It Means for You
For US investors, YPF is a bet on Argentine shale, on fuel prices and on the company’s debt. A lower oil price trims revenue, as this quarter showed, while growing shale volumes work the other way.
YPF’s New York shares closed at US$47.81 on Thursday 29 October, down 3.1% from US$49.34 on Wednesday, the day the results were published.
What Is Not Known
The release gives no profit or spending forecast for the fourth quarter. It is also not yet known when the Metrogas sale will close.
More: Argentina news in English, every day from The Rio Times.
Frequently Asked Questions
How much profit did YPF make in the third quarter of 2026?
YPF reported net profit of US$1.196 billion, against a loss of US$198 million a year earlier. Adjusted EBITDA was US$2.503 billion.
How much shale oil does YPF produce?
Shale oil output was 224.1 thousand barrels a day in the third quarter, up 32% on the year. It made up 86% of YPF’s crude oil.
How much debt does YPF have?
Net debt was US$6.596 billion, or 0.81 times yearly adjusted EBITDA. YPF called that the lowest ratio in a decade.
What is YPF selling?
YPF accepted an offer of US$780 million for its 70% stake in gas utility Metrogas, subject to closing. It also sold two conventional field groups, Mendoza Non-Operated and Chachahuen.
Sources: YPF 2026 third-quarter results, Form 6-K, Securities and Exchange Commission, 28 October 2026; YPF investor relations; New York Stock Exchange closing prices, 28 and 29 October 2026.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief
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