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Wednesday, March 22, 2023

YPF closed 2022 with a record profit of US$2.2 billion

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The oil company YPF closed 2022 with a gross operating result -Ebitda- of almost US$5,000 million, 27% above the numbers of the previous year and the third highest in the company’s history. To which additionally, he registered a record net profit of more than $2.2 billion.

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These are some of the main data reported by the companies on the Buenos Aires Stock Exchange and on Wall Street, with the presentation of the results of the fourth quarter of last year.

Knowing the balance, The shares of the Argentine oil company climbed 3% in the after market on Wall Street.

In 2022, YPF registered the total production of hydrocarbons with the highest organic growth in the last 25 yearswith an increase of 7% compared to 2021, reaching 503 thousand barrels of equivalent per day.

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These results will be formally presented to investors tomorrow at a conference to be held from the New York Stock Exchange (NYSE), where the company -headed by its president Pablo González- will celebrate 30 years since the start of trading on that parquet.

The new data reflects that productive growth was sustained throughout 2022, and in the last quarter it closed with a 7% increase in oil production compared to the same period in 2021.

Unconventional activity continued to show excellent results and currently represents more than 40% of the company’s consolidated production, with very significant annual growth of the order of 45% in the case of oil and 47% in gas.

This growth is leveraged by the operational improvements achieved by the company in the development of its fields in Vaca Muerta, where in 2022 records of efficiency in drilling and fracturing times of the wells were recorded.

Also the highest mark in the number of new horizontal well drilling.

YPF pointed out that in 2022 it managed to comply with the execution of its investment plan of approximately US$4.2 billion, which was 60% higher than the previous year and constitutes the largest corporate investment in the country.

In particular, in the fourth quarter, the company invested more than $1.4 billion, 25% more than in the third quarter.

The investments, the results obtained and the efficiency achieved during 2022, allowed YPF to improve its reserves, which reached almost 1,200 million barrels of oil equivalent, the highest figure since 2015 and 4% higher than the previous year.

On the Downstream side -refining and marketing of fuels-, domestic sales for the year were 11% higher than the previous year, setting a historic annual supply record for both gasoline and diesel.

This volume was supplied through higher processing levels at the company’s three refineries, which grew 6% compared to 2021, and an increase in imports.

In financial matters, It was highlighted that free cash flow was positive for the third consecutive year, accumulating more than US$750 million in the yearwhich allowed the net debt of the company to be reduced, which was at the lowest level since 2015 and closed the year with “a very healthy net debt ratio”, of 1.2 times in relation to the adjusted Ebitda.

Source: Ambito

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