YPF Posts Record Quarter Under Marin's Four-Pillar Plan
YPF, Argentina's state-controlled oil and gas company, has reported its best quarterly earnings in twenty years under Horacio Marín's four-pillar plan. The second-quarter result shows that three of the pillars are now generating cash, while the fourth, Argentina LNG, is still a capital outflow.
The company's shale production averaged 213,000 barrels per day (bbl/d) in April-June, exceeding its target for the end of 2026 by 85%. YPF's shale output has multiplied by 1.88 times over two years, with quarterly growth moderating due to investment calendar constraints.
The EBITDA margin on revenue increased from 24% in 2024 and 2025 to 43% this quarter, the highest level in twenty years. Quarterly revenue reached $6,574 million, a 42% increase over last year, while adjusted EBITDA more than doubled to $2,804 million.