August 13, 2024 [XM]- Argentina’s state oil firm YPF reported on Thursday its net profit climbed nearly 41% in the second quarter, beating analyst expectations as domestic demand for diesel grew and oil exports rose.

YPF, one of Argentina’s top fuel suppliers, posted a $535 million profit, above the average analyst estimate of $309 million compiled by LSEG.
The firm cited higher seasonal sales of natural gas and agricultural products, along with local demand for diesel, better fuel prices and higher petroleum exports as key to the profit boost.
Revenue, meanwhile, rose almost 13% compared to the year-ago quarter to $4.94 billion, also above the LSEG estimate of $4.49 billion.
Total oil and gas production rose 5%, with crude output up 3.2%. Shale oil production grew nearly 20%, the company said.
Conventional oil output was held back by extreme weather in Argentina’s south in the month of June, during the Southern Hemisphere winter, YPF said.
Second-quarter core earnings, defined as adjusted earnings before interest, taxes, depreciation and amortization (EBITDA), rose 20% year-on-year to $1.20 billion, below the LSEG estimate of $1.54 billion.

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