YPF consolidated as the largest oil producer in Vaca Muerta

YPF presented its shareholders and investors with the financial results for the 2024 fiscal year, a year in which the company established itself as the main producer and exporter of crude oil from Vaca Muerta.

In a scenario of strong growth in unconventional production, the state oil company closed the year with a net profit of USD 2.393 billion, reversing the loss of USD 1.277 billion recorded in 2023, under the Kirchnerist government of Alberto Fernández. Additionally, it achieved an operating result of USD 4.654 billion, representing a 15% increase compared to the previous year.

According to the company, this improvement in its accounts was mainly achieved due to the increase in fuel prices in the domestic market, as well as the rise in revenues from crude oil exports and the expansion of its shale operations in the Neuquén Basin, in line with its strategy to focus on this segment.

YPF detailed that during 2024 it allocated USD 5.041 billion in investments, of which more than 63% were directed to development projects in Vaca Muerta, reaffirming its commitment to shale oil growth.

In operational terms, the oil company reached an average daily production of unconventional oil of 122,000 barrels, with a peak of 138,000 barrels per day in the last quarter. This performance represented a 26% year-on-year increase and consolidated the company as the largest producer of unconventional oil in Argentina.

In the field of exports, YPF also experienced a notable advance. Crude shipments, mainly destined for Chile, averaged 35,000 barrels per day, which implied a 174% growth compared to 2023. This way, the company reinforces its export profile, a key aspect of its financial strategy and positioning in the international market.

The year 2024

The positive balance of 2024 is essentially due to three factors: the increase in fuel prices in the domestic market, the rise in exported volumes, and the expansion of shale oil production.

"During 2024, shale production averaged 122,000 barrels per day, a 26% growth compared to the previous year and in line with the goal of reaching more than 120,000 barrels per day," YPF highlighted in its statement.

The recovery of domestic prices was a key element that allowed adjusting fuel values to international standards. However, the strengthening of exports also played a decisive role by diversifying income sources and taking advantage of more competitive external values, according to the official report of the state oil company.

From a financial standpoint, YPF carried out strategies to strengthen its debt structure. Throughout 2024, it issued two international bonds: the first, in January, for USD 800 million, backed by export flows with a yield of 9.75%; the second, in September, for USD 540 million unsecured, with a rate of 8.75%.

In January 2025, the company returned to the markets with a placement of USD 1.100 billion, which allowed it to refinance previous commitments and partially finance the purchase of 54% of the Sierra Chata block, a key asset for gas production in Vaca Muerta.

The company's growth in the unconventional segment had a direct impact on its proven hydrocarbon reserves. At the end of 2024, shale P1 reserves amounted to 854 million equivalent barrels, marking a 13% year-on-year increase and consolidating unconventional resources as 78% of YPF's total reserves. Additionally, the company achieved a reserve replacement rate of 1.9 times, meaning that for every barrel extracted, it added almost two new ones to its inventory.

YPF's performance in Vaca Muerta largely offset the decline in production from mature conventional fields and the challenges arising from adverse weather conditions that affected operations in Patagonia during part of the year. According to the official report, total hydrocarbon production averaged 536,000 equivalent barrels per day, registering sustained growth.

"YPF established itself as the largest shale oil producer in Vaca Muerta and oil exporter in the country," the company emphasized. Looking ahead, YPF announced that it will continue with its strategy of focusing on Vaca Muerta, combining investments in drilling and completion of new wells with the development of key infrastructure for crude evacuation.