YPF writedowns drag it to loss

Argentina

BUENOS AIRES , November 9, 2016 – Argentina’s YPF late on Tuesday booked a net loss of USD 1.97 billion over the third quarter of 2016, making a hard landing from the USD 120-million profit recorded over the same period last year.

YPF’s writedowns derived from Argentina’s aborted Crude Oil Production Stimulus programme, totalling USD 2.42 billion, weighed heavily on the company’s results. So, too, did the “estimated evolution of costs based on both the impact of macroeconomic factors and the operational behaviour of the company’s assets,” YPF said in a press release.

Higher production did help raise quarterly revenue to USD 3.64 billion, a 39% year-on-year increase. Natural gas liquids surging 14.8% helped grow the company’s hydrocarbons output to 579,300 boepd, as oil was down 9% to reach 247,000 bopd while gas production was up by only 1.1% over the third quarter of 2015.

Read our latest insights on:

• Argentina

Previous

Nigeria, IOCs bury hatchet

Next

Pertamina triples profit