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Released November 12, 2025 | SUGAR LAND
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Written by Amir Richani for Industrial Info Resources (Sugar Land, Texas)
Meanwhile, the company's investments in third-quarter 2025 stood at US$1 billion, with 73.8% destined for the upstream sector and 21.4% for midstream and downstream. Notably, 70% of all third-quarter investments went to Vaca Muerta, demonstrating its central role in the company's plans.
On the upstream front, total production stood at 523,000 barrels of oil equivalent per day (BOE/d). Oil represented 240,000 barrels per day (BBL/d), about 6.3% below last year's volumes. This decrease was due to lower volumes from maturing conventional assets.
However, shale production from Vaca Muerta accounted for 170,000 BBL/d, a 35.2% year-over-year increase. This was partly due to stronger outputs from the La Amarga Chica, Bandurria Sur, Loma Campana, La Aguada del Chanar and La Angostura Sur blocks.
Between January and September, the Argentine company produced shale oil at a pace of 154,000 BBL/d, a 31.7% increase compared to the same period last year. Conventional production continued to decline to 97,000 BBL/d, down from 134,000 BBL/d last year.
Natural gas production stood at 241,000 BOE/d during the third quarter, 12,000 BOE/d below the volumes registered last year. Similarly to oil, natural gas output from conventional assets dropped by 28.1% while shale volumes increased by 12.2%.
Of the US$751 million spent on downstream investments, 94% was allocated to shale assets, with a focus on drilling and workovers.
Throughout the quarter, the company spent US$148 million on its refining segment to modernize the toppings at the 113,000-BBL/d Lujan de Cuyo Refinery, with the objective of adapting the plant to process Vaca Muerta's light crude. At the same time, YPF continued construction of a new hydrotreating gasoil unit at the refinery, expected to be operational by 2026.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can learn more about these developments--including capacities, investment values and necessary equipment--from a plant profile and a list of detailed project reports.
The company also advanced Phase III of its Argentina LNG project. In October, Eni SpA (Rome, Italy) and YPF announced an agreement to develop a 12 million-ton-per-annum (MTPA) export terminal, with the possibility to expand it to 18 MTPA. Building on this momentum, Abu Dhabi National Oil Company (ADNOC) (Abu Dhabi, United Arab Emirates) could also be a partner in this phase of the project, based on an agreement signed by the company in November.
Subscribers can learn more about Phase III from a list of detailed project reports.
Key Takeaways
About Industrial Info Resources
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) platform 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).
Summary
A deferred tax payment set YPF to a net loss in the third quarter. The company's conventional hydrocarbons production continues to decline, while it focuses on boosting shale output, with 70% of investments destined for Vaca Muerta.Shale Oil Leads the Way
YPF reported adjusted EBITDA of US$1.4 billion, flat from last year, and a net loss of US$198 million, compared to net income of US$1.4 billion in third-quarter 2024. The negative financial result was due to a deferred tax charge of US$537 million.Meanwhile, the company's investments in third-quarter 2025 stood at US$1 billion, with 73.8% destined for the upstream sector and 21.4% for midstream and downstream. Notably, 70% of all third-quarter investments went to Vaca Muerta, demonstrating its central role in the company's plans.
On the upstream front, total production stood at 523,000 barrels of oil equivalent per day (BOE/d). Oil represented 240,000 barrels per day (BBL/d), about 6.3% below last year's volumes. This decrease was due to lower volumes from maturing conventional assets.
However, shale production from Vaca Muerta accounted for 170,000 BBL/d, a 35.2% year-over-year increase. This was partly due to stronger outputs from the La Amarga Chica, Bandurria Sur, Loma Campana, La Aguada del Chanar and La Angostura Sur blocks.
Between January and September, the Argentine company produced shale oil at a pace of 154,000 BBL/d, a 31.7% increase compared to the same period last year. Conventional production continued to decline to 97,000 BBL/d, down from 134,000 BBL/d last year.
Natural gas production stood at 241,000 BOE/d during the third quarter, 12,000 BOE/d below the volumes registered last year. Similarly to oil, natural gas output from conventional assets dropped by 28.1% while shale volumes increased by 12.2%.
Of the US$751 million spent on downstream investments, 94% was allocated to shale assets, with a focus on drilling and workovers.
Downstream sector
YPF maintained a refining utilization factor of 96.5% during the quarter, processing crude at a rate of 326,000 BBL/d, the highest since 2009.Throughout the quarter, the company spent US$148 million on its refining segment to modernize the toppings at the 113,000-BBL/d Lujan de Cuyo Refinery, with the objective of adapting the plant to process Vaca Muerta's light crude. At the same time, YPF continued construction of a new hydrotreating gasoil unit at the refinery, expected to be operational by 2026.
Subscribers to Industrial Info's Global Market Intelligence (GMI) Oil & Gas Project Database can learn more about these developments--including capacities, investment values and necessary equipment--from a plant profile and a list of detailed project reports.
Midstream expansions
To address Vaca Muerta's growing production, YPF has embarked on a mission to expand the reservoir's transportation capacity. As part of this, the company is building the 180,000-BBL/d Vaca Muerta Oil Sur pipeline (VMOS), which reached 35% completion in September. Subscribers can learn more from a list of detailed project reports.The company also advanced Phase III of its Argentina LNG project. In October, Eni SpA (Rome, Italy) and YPF announced an agreement to develop a 12 million-ton-per-annum (MTPA) export terminal, with the possibility to expand it to 18 MTPA. Building on this momentum, Abu Dhabi National Oil Company (ADNOC) (Abu Dhabi, United Arab Emirates) could also be a partner in this phase of the project, based on an agreement signed by the company in November.
Subscribers can learn more about Phase III from a list of detailed project reports.
Key Takeaways
- YPF reported an adjusted EBITDA of US$1.4 billion, flat from last year, and a net loss of US$198 million, compared to a US$1.4 billion net income during the same period last year.
- Oil production stood at 240,000 BBL/d, about 6.3% below last year's volumes due to declining conventional volumes. Shale production increased by 35%.
- YPF maintained a refining utilization factor of 96.5% during the quarter, processing crude at a rate of 326,000 BBL/d, the highest since 2009.
About Industrial Info Resources
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) platform 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).
