Research analysts who have asked questions during YPF SOCIEDAD ANONIMA earnings calls.
Leonardo Marcondes
Bank of America
6 questions for YPF
Also covers: BAK, UGP, VIST
TV
Tasso Vasconcellos
UBS Group AG
6 questions for YPF
Also covers: BAK, VIST
Andres Cardona
Citigroup Inc.
4 questions for YPF
Also covers: CAAP, EC, LOMA +1 more
BM
Bruno Montanari
Morgan Stanley
4 questions for YPF
Also covers: BAK, CSAN, EC +4 more
JJ
Juan Jose Munoz
BTG Pactual
4 questions for YPF
Also covers: EC, GPRK, VIST
MC
Matías Cattaruzzi
Adcap Grupo Financiero
4 questions for YPF
Also covers: BMA, VIST
AA
Alejandro Anibal Demichelis
Jefferies
2 questions for YPF
Also covers: CAAP, GPRK, SCCO +2 more
DG
Daniel Guardiola
BTG Pactual
2 questions for YPF
Also covers: EC, GPRK, VIST
GM
Guilherme Martins
Goldman Sachs Group Inc.
2 questions for YPF
Also covers: UGP
LB
Luisa Belin
Morgan Stanley
2 questions for YPF
Also covers: EC
Recent press releases and 8-K filings for YPF.
YPF Reports Record 2025 EBITDA and Shale Production, Provides 2026 Guidance
YPF
Earnings
Guidance Update
M&A
- YPF achieved a record-high adjusted EBITDA of $5 billion in 2025, the highest in 10 years, driven by record shale oil production of 204,000 barrels per day in December 2025, exceeding its target, and a 32% expansion in Vaca Muerta shale reserves.
- The company undertook significant M&A activity in 2025, securing three world-class blocks in Vaca Muerta and divesting non-core assets, which are expected to generate nearly $1 billion in proceeds.
- For 2026, YPF projects an adjusted EBITDA between $5.8 billion and $6.2 billion, targets shale oil production of 215,000 barrels per day, plans CapEx between $5.5 billion and $5.8 billion, and anticipates neutral to slightly negative free cash flow.
- The Argentina LNG project formalized its foundational structure with Eni and Exarch, targeting Final Investment Decision (FID) in 2026 for a 12 million tons per year capacity, with commercial operation expected by 2030.
9 hours ago
YPF Reports Record 2025 EBITDA and Strong Shale Production Growth
YPF
Earnings
Guidance Update
M&A
- YPF reported a record-high adjusted EBITDA of $5 billion in 2025, an 8% increase from the previous year, with an EBITDA margin growing to 27%, despite a 15% contraction in Brent prices.
- The company achieved record shale oil production, growing 42% year-over-year in December 2025 to 204,000 barrels per day, exceeding its target and contributing to a 44% reduction in lifting costs in Q4 2025.
- YPF expanded its Vaca Muerta shale reserves by 32%, secured $3.7 billion in new funding in 2025, and ended the year with a net leverage ratio of 1.9 times.
- For 2026, YPF projects adjusted EBITDA between $5.8 billion and $6.2 billion, plans CapEx of $5.5 billion to $5.8 billion (70% for shale), and anticipates a net leverage ratio reduction to 1.6-1.7 times.
9 hours ago
YPF Reports Record 2025 EBITDA and Strong Shale Production Growth, Provides Positive 2026 Guidance
YPF
Earnings
Guidance Update
New Projects/Investments
- YPF achieved a record-high adjusted EBITDA of $5 billion in 2025, an 8% increase from the previous year, and improved its net leverage ratio to 1.9 times by year-end, despite a 15% contraction in Brent prices.
- The company reported exceptional operational growth in shale, with a 42% year-on-year increase in shale oil production, reaching 204,000 barrels per day in December 2025, and a 44% reduction in lifting costs in Q4 2025.
- YPF significantly advanced its strategic portfolio optimization, expanding Vaca Muerta shale reserves by 32% and executing key M&A transactions, including the sale of its 50% stake in Profertil for $635 million and the Manantiales Behr field for approximately $410 million.
- For 2026, YPF projects shale oil production of 215,000 barrels per day (with a year-end exit rate of 250,000 bpd), an adjusted EBITDA between $5.8 billion and $6.2 billion, and a further reduction in net leverage to 1.6-1.7 times.
- The foundational structure for the Argentina LNG project was formalized with partners Eni and Exarch, targeting a total capacity of 18 million tons per year, with the first phase expected to begin operations between 2027 and 2028.
9 hours ago
YPF Reports FY2025 Results with Increased Adjusted EBITDA and Shale Oil Production
YPF
Earnings
New Projects/Investments
Debt Issuance
- YPF reported FY2025 revenues of $18,448 million and an Adjusted EBITDA of $5,009 million, marking a 4% decrease and an 8% increase year-over-year, respectively, with a net loss of $799 million for the year.
- Operational performance was strong, with shale oil production averaging 165 Kbbl/d in 2025 (+35% y/y) and refinery utilization reaching a record 99% in 4Q25.
- CAPEX for 2025 totaled $4,477 million (-11% y/y), with 72% directed to unconventional assets, while net debt was $9,386 million as of December 31, 2025, resulting in a Net Leverage Ratio of 1.9x.
- Strategic developments included signing a binding Joint Development Agreement for a 12 MTPA LNG project and completing M&A activities such as the sale of a 50% stake in Profertil for $635 million and the acquisition of stakes in Bandurria Sur and Bajo del Toro blocks for $163 million.
1 day ago
YPF Sociedad Anónima reports 2025 financial results and board proposals
YPF
Earnings
Share Buyback
New Projects/Investments
- YPF Sociedad Anónima reported a total net loss for the year ended December 31, 2025, of (1,048,272) million pesos.
- The company's total comprehensive income for the year was 3,794,721 million pesos.
- As of December 31, 2025, total Shareholders' equity stood at 16,018,983 million pesos.
- The Board of Directors proposed to absorb accumulated losses of 1,096,460 million pesos, and to constitute reserves of 38,468 million pesos for treasury share purchases and 8,415,450 million pesos for investments.
1 day ago
YPF S.A. Enters New Agreement for Manantiales Behr Area Assignment
YPF
M&A
- YPF S.A.'s previous agreement to assign the Manantiales Behr conventional area to Limay Energía S.A. was nullified on February 13, 2026, due to the buyer's failure to provide the initial funds.
- The company's Board of Directors has now approved new agreements to assign 100% of the Manantiales Behr conventional exploitation concession and related hydrocarbon transportation concessions to Pecom Servicios Energía S.A.U. (51%) and San Benito Upstream S.A.U. (49%).
- The total agreed price for these agreements is US$410 million, plus applicable VAT, with a contingent price of up to US$40 million. US$150 million will be paid between signing and closing, and the remainder within 12 to 24 months after closing.
- At the end of 2025, the Manantiales Behr area had an approximate daily production of 25 kbbl/d and 0.4 million m3/d of natural gas.
Feb 19, 2026, 12:34 AM
YPF, Eni, and XRG Sign Joint Development Agreement for Argentina LNG Project
YPF
New Projects/Investments
Guidance Update
- YPF Sociedad Anónima announced the termination of its Project Development Agreement (PDA) with Shell Argentina S.A. for the LNG Argentina Project.
- YPF, Eni, and XRG have signed a binding Joint Development Agreement (JDA) to advance the Argentina LNG project, which is expected to deliver 12 million tons per annum (mtpa) of LNG capacity.
- The JDA establishes the workplan for the next development stage, including Front-End Engineering Design (FEED), with a target to reach a Final Investment Decision (FID) during the second half of 2026.
Feb 12, 2026, 12:42 PM
YPF Announces Acquisition of Interests in Vaca Muerta Blocks
YPF
M&A
New Projects/Investments
- YPF Sociedad Anónima entered into agreements on February 1, 2026, to acquire additional interests in the Bandurria Sur, Bajo del Toro, and Bajo del Toro Norte blocks from Vista Energy, S.A.B. de C.V..
- The aggregate price for these transactions amounts to US$163,175,000, plus a closing price adjustment and a contingent price.
- Upon the fulfillment of conditions, YPF's working interest will increase to 44.9% in the Bandurria Sur block and 65% in the Bajo del Toro and Bajo del Toro Norte blocks.
- In 3Q25, the Bandurria Sur block produced 84.9 thousand barrels of oil equivalent per day, and the Bajo del Toro Norte block produced 3.6 thousand barrels of oil equivalent per day.
Feb 2, 2026, 12:29 PM
YPF announces sale of Manantiales Behr assets
YPF
M&A
New Projects/Investments
- YPF Sociedad Anónima (YPF) announced on January 16, 2026, the assignment of 100% of the conventional exploitation concession over the Manantiales Behr area and related hydrocarbon transport concessions, along with the sale of inventory, to Limay Energía S.A..
- At the end of the third quarter of 2025, the Manantiales Behr area had a daily production of approximately 25 kbbl/d of oil and 0.5 million m3/d of natural gas.
- The total agreed price for both transactions is US$575 million, plus applicable VAT, with 60% to be paid at the closing of the transaction.
- This assignment is part of YPF's 4x4 Plan to optimize its conventional upstream portfolio, allowing the company to focus activities and investments in unconventional fields.
Jan 16, 2026, 9:34 PM
YPF S.A. repurchases Class XXI Notes
YPF
Debt Issuance
- On January 7, 2026, YPF S.A. repurchased Ps. 20,596,912,800 (equivalent to a par value of US$14,000,000) of its Class XXI Notes.
- The repurchased Class XXI Notes (YMCMO) were issued in January 2023 and are set to mature in January 2026.
- The repurchase was executed at an average price equivalent to 99.89% of their nominal value, with the notes to be held in portfolio.
Jan 9, 2026, 12:51 PM
Quarterly earnings call transcripts for YPF SOCIEDAD ANONIMA.
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