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Released November 16, 2022 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)--YPF (Buenos Aires, Argentina) recently reported positive financial results in its third quarter as shale production continues to climb.
The Argentine energy company reported a net income for the third quarter of US$678 million, about 15% lower than the previous quarter. However, YPF's net income for the third quarter was 186% higher than its earnings for the same quarter in 2021.
Meanwhile, the company's total debt stood at almost US$7 billion, 6.7% lower year on year and 1.4% less than the previous quarter.
On the upstream side, crude oil production remained in line, with volumes at 225,000 barrels per day (BBL/d), while also standing 7.3% higher than the same period last year. Shale oil production, for its part, averaged 74,000 BBL/d, almost 50% stronger year on year.
Natural gas output averaged 38.4 million cubic meters per day, slightly lower year on year, but 2.1% higher than the last quarter. Nevertheless, shale natural gas production stood at 17.1 million cubic meters per day, about 22.2% higher than the same period last year and 11% stronger than the previous quarter.
Shale production is significantly important for YPF and Argentina, given the prospects of Vaca Muerta, one of the world's largest shale reservoirs. Over the last few years, Argentina has been recording growing production volumes from this non-conventional asset as YPF and other international companies invest in Vaca Muerta.
For Argentina, Vaca Muerta represents the energy industry's future and a vital foreign currency source amid dwindling international reserves. Over the last few years, the South American country has prioritized energy developments, granting some flexibility to energy companies amid strict currency control.
The solid shale upstream volumes are the result of new records on fracking and drilling speeds, according to the YPF report. Shale oil and gas production in the first nine months of the year stood 54.7% higher than last year, showing the importance and growth of the non-conventional industry for YPF. The company is planning a natural gas pipeline from Vaca Muerta to its planned Bahia Blanca liquefied natural gas (LNG) plant. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Pipelines Project Database can click here for the project report.
Elsewhere, YPF's downstream sector processed less crude, though it produced more gasoline and diesel. In the just-ended quarter, the Argentine company processed 279,000 BBL/d, utilizing 85% of its refining capacity, which was 3% weaker than the last quarter but 6.1% stronger year on year. The lower refining rate was mainly the result of planned maintenance at the 25,000 BBL/d Plaza Huincul refinery. Subscribers can click here for the plant profile.
Despite the lower refinery runs compared with second-quarter 2022, YPF scored new gasoline and middle distillates production records through the maximisation of its refinery conversion levels. The stronger refinery output volumes translated into higher domestic and international sales.
Industrial Info is tracking more than 130 YPF projects in Argentina, worth US$15.4 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) oil and gas production, pipelines, terminals and refining project databases can click here for a list of detailed project reports.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
The Argentine energy company reported a net income for the third quarter of US$678 million, about 15% lower than the previous quarter. However, YPF's net income for the third quarter was 186% higher than its earnings for the same quarter in 2021.
Meanwhile, the company's total debt stood at almost US$7 billion, 6.7% lower year on year and 1.4% less than the previous quarter.
On the upstream side, crude oil production remained in line, with volumes at 225,000 barrels per day (BBL/d), while also standing 7.3% higher than the same period last year. Shale oil production, for its part, averaged 74,000 BBL/d, almost 50% stronger year on year.
Natural gas output averaged 38.4 million cubic meters per day, slightly lower year on year, but 2.1% higher than the last quarter. Nevertheless, shale natural gas production stood at 17.1 million cubic meters per day, about 22.2% higher than the same period last year and 11% stronger than the previous quarter.
Shale production is significantly important for YPF and Argentina, given the prospects of Vaca Muerta, one of the world's largest shale reservoirs. Over the last few years, Argentina has been recording growing production volumes from this non-conventional asset as YPF and other international companies invest in Vaca Muerta.
For Argentina, Vaca Muerta represents the energy industry's future and a vital foreign currency source amid dwindling international reserves. Over the last few years, the South American country has prioritized energy developments, granting some flexibility to energy companies amid strict currency control.
The solid shale upstream volumes are the result of new records on fracking and drilling speeds, according to the YPF report. Shale oil and gas production in the first nine months of the year stood 54.7% higher than last year, showing the importance and growth of the non-conventional industry for YPF. The company is planning a natural gas pipeline from Vaca Muerta to its planned Bahia Blanca liquefied natural gas (LNG) plant. Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Pipelines Project Database can click here for the project report.
Elsewhere, YPF's downstream sector processed less crude, though it produced more gasoline and diesel. In the just-ended quarter, the Argentine company processed 279,000 BBL/d, utilizing 85% of its refining capacity, which was 3% weaker than the last quarter but 6.1% stronger year on year. The lower refining rate was mainly the result of planned maintenance at the 25,000 BBL/d Plaza Huincul refinery. Subscribers can click here for the plant profile.
Despite the lower refinery runs compared with second-quarter 2022, YPF scored new gasoline and middle distillates production records through the maximisation of its refinery conversion levels. The stronger refinery output volumes translated into higher domestic and international sales.
Industrial Info is tracking more than 130 YPF projects in Argentina, worth US$15.4 billion. Subscribers to Industrial Info's Global Market Intelligence (GMI) oil and gas production, pipelines, terminals and refining project databases can click here for a list of detailed project reports.
Industrial Info Resources (IIR) is the leading provider of industrial market intelligence. Since 1983, IIR has provided comprehensive research, news and analysis on the industrial process, manufacturing and energy related industries. IIR's Global Market Intelligence (GMI) helps companies identify and pursue trends across multiple markets with access to real, qualified and validated plant and project opportunities. Across the world, IIR is tracking more than 200,000 current and future projects worth $17.8 Trillion (USD).
