This increase was explained by the increase in sales prices in almost all segments, including higher fuel prices and a considerable increase in the price of other products with correlation to international prices, together with the increase in the production of crude oil and gas, and the reduction of operating costs.
Likewise, the company informed the market that it managed to consolidate a net income of US$248 million ($26,417 million).
At the same time, YPF reported that it began the execution of its investment plan of US$3.7 billion for 2022; Between January and March, it invested US$748 million, more than 50% compared to the same period last year..
The total production of hydrocarbons totaled 506 thousand barrels equivalent per day, representing an increase of 16% year-on-year. and 5% compared to the previous quarter, of which crude oil production grew 7% and gas production increased 20% compared to the first quarter of 2021.
Non-conventional activity continued to be the main axis of growth of the company, since the total production of shale reached a new record: during the first quarter of the year it doubled compared to 2021, currently representing 38% of the company’s total production.
The production of unconventional crude showed a growth of 52% while the production of unconventional gas increased 140% in relation to the same quarter of the previous year.
On the side of the downstream segment -refining and marketing-, domestic fuel sales for the first quarter of the year were 6% above the pre-pandemic levels of the first quarter of 2019.
Finally, in financial terms, free cash flow was positive for the eighth consecutive quarter at US$391 million, which allowed once again reduce the company’s net debt by US$359 million, reaching a level of US$5,912 million. The net debt ratio was 1.46 times in relation to the adjusted Ebitda.
Source: Ambito
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