May 08, 2026 [Reuters]- Argentina’s state oil firm YPF swung to a net profit of $409 million ​in the first three months of 2026, reversing a ‌net $10 million loss from a year ago, the firm said on Thursday, citing higher oil prices and more shale output.

The state-run producer’s revenues reached $4.95 ​billion during the January to March, up 7% ​from a year earlier but landing below the $5.20 billion ⁠forecast of analysts polled by LSEG.

Adjusted quarterly earnings before interest, ​taxes, depreciation, and amortization (EBITDA) – a key measure of profitability – hit $1.59 ​billion, up 28% from the year before, and slightly surpassing the $1.56 billion estimate of LSEG analysts.

YPF attributed the growth to better prices and ​higher shale production but said this was partially offset by ​higher costs for oil bought from third parties.

YPF’s performance is a critical ‌indicator ⁠for Argentina’s economy, which relies on the company’s Vaca Muerta operations to boost energy exports, helping Argentina strengthen dollar reserves, maintain a stable currency and bolster investor confidence.

Development of Vaca ​Muerta – the world’s ​second-largest unconventional ⁠gas reserve and fourth-largest oil reserve – has helped Argentina helped reverse an energy deficit that ​peaked at nearly $7 billion in 2013.

Shale oil production ​surged ⁠39% year-on-year to average 205,000 barrels per day.

YPF’s crude oil production came in around 271,000 barrels of oil equivalent per day, ⁠slightly ​higher than a year ago, while liquefied ​natural gas output edged up 1% and natural gas production shrank 12%.