With the assumption of Javier Milei as President, a new management for YPF begins this week. The state-owned oil company will be headed by Horacio Marín, former president of Tecpetrol, a man respected in the sector for his career in the hydrocarbons area. He will seek to ensure that his management is based on efficiency and for that he speaks of the “Djokovic method”, the best tennis player in the world. Thus, he will aim to make the company more efficient through the professionalization of management, the optimization of the company’s business and the industrial valorization of the hydrocarbon value chain.
As soon as Milei won, the name that sounded the loudest to occupy the presidency of YPF was that of Javier Iguacel, a trusted man of Mauricio Macri and Patricia Bullrich, who had been Minister of Energy during the Cambiemos government. However, Milei was defined by Horacio Marín, on the recommendation of his energy advisor, Eduardo Rodríguez Chirillo, who will be Secretary of Energy.
As Ámbito was able to reconstruct, when Chirillo was summoned this year by Milei to design the energy plan, he consulted Marín on issues related to the hydrocarbon sector, given that Chirillo is not an expert in that matter, and in a context where it is the energy area that Argentina’s trade balance will return to surplus. Marín’s election to head YPF was well received by the private sector: he is a respected person in the sector due to his career, knowledge and ability.
Marín is a chemical engineer by profession, graduated from the University of La Plata and worked for 36 years at Tecpetrol, the Techint Group’s oil company. There he led the Fortín de Piedra project, which is Tecpetrol’s unconventional field in Vaca Muerta. In 5 years, and after an investment of more than $2 billion, it is the field where almost 20% of all the gas in Argentina is produced.
In a visit that Marín made to the Argentine Energy Institute, an energy think tank headed by Jorge Lapeña, he spoke of the “Djokovic method.” There he assured that the number one tennis player in the world plays few matches a year, but always in important tournaments, such as a Grand Slam, a Master or an ATP 500. Those who know him know that the metaphor refers to the fact that a company should prioritize its most important businesses, in this case, Vaca Muerta.
For this reason, what the market expects is that YPF will place greater emphasis on the unconventional area and less on the conventional areas. In addition, they hope that the value chain of the hydrocarbon sector will be further valued, through the industrial aspects of the company, such as the refinery and marketing, the MEGA project, Profertil, the Vaca Muerta Sur infrastructure and finally move forward with the plan. of LNG.
To achieve these objectives, one of the projects that Marín will undertake is the professionalization of the company’s management. There will now be three vice presidencies, one for upstream, another for downstream and another for gas and energy. Two YPF career professionals are nominated to fill the positions: Mauricio Martín and Santiago Martínez Tanoira. And other Tecpetrol executives will disembark: on the one hand, Matías Farina, who has worked at the Techint oil company since 1997 and currently worked as drilling manager. On the other hand, Lisandro Deleonardis, director of institutional relations at Techint, who would move to the public affairs area of YPF.
Marín’s objective will be to improve YPF’s numbers: currently, the oil company is profitable. At the last closing of the balance sheet for the year 2022, Ebitda reached almost US$5,000 million, and the profit was more than US$2,200 million. However, the latest data, which was from the third quarter of this year, showed losses for the company of US$137 million, due to the delay in the price of fuel, given that the company is responsible for supplying the Internal market. Furthermore, its production levels still do not reach those of the 2000s and the value of the share does not exceed the peaks of 2019. Due to the State’s strategy in the expropriation trial, the US justice system once again included YPF within the case.