YPF Posts Record Q2 Profit on Strong Shale Production

Argentina's state-backed energy company YPF reported a significant increase in second-quarter earnings. The net profit for the April-to-June period reached $1.21 billion, surpassing last year's same quarter result of $58 million.

Revenue rose by 42% year-on-year to $6.57 billion, exceeding analysts' expectations of $6.10 billion, according to LSEG data. Adjusted earnings before interest, taxes, depreciation, and amortisation (EBITDA) hit a record high of $2.80 billion, a 149% increase from the same quarter last year.

YPF attributed these results to record shale production, stronger refining performance, and higher international oil prices. The company's Vaca Muerta project has been driving growth in unconventional production.