YPF Reports Record Second-Quarter Earnings Driven by Shale Production

YPF Sociedad Anónima reported its second-quarter 2026 earnings on July 27, beating expectations across multiple key metrics. Chairman and CEO Horacio Marín described the quarter as YPF's 'best quarterly result', with adjusted EBITDA reaching $2.8 billion - a 76% increase from the previous quarter and more than double that of the same period last year.

Revenue totaled about $6.6 billion, up 33% sequentially and 42% year over year. YPF's operating income was $1.8 billion, while net income came in at $1.2 billion. The company's adjusted EBITDA margin reached 43%, its highest level in two decades.

Shale oil production rose to 213,000 barrels per day in the second quarter, up 4% sequentially and 47% from a year earlier. YPF expects to have 19 rigs operating by year-end and 21 by February 2027, with an average shale oil production target of about 215,000 barrels per day in 2026.

YPF also continues to divest conventional and non-core assets, signing agreements to sell the operating Chachahuén field and its non-operating interests in the El Corcobo and CNQ7A blocks for a combined $405 million. The company aims to have roughly 95% of its oil production come from shale operations after excluding assets under divestment.