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YPF (YPF) investor relations material
YPF Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary10 Nov, 2025
Executive summary
Delivered strong operational performance with a 12% year-over-year revenue decline, but maintained profitability and efficiency, especially in shale operations, with adjusted EBITDA up 21% quarter-over-quarter to $1,357M.
Shale oil production increased 35% year-over-year, reaching 170,000 barrels per day in Q3 and 190,000 barrels per day in October, surpassing annual targets.
Downstream segment achieved record refinery processing levels since 2009, with La Plata Refinery recognized as Latin America's best.
Free cash flow was negative $759M, mainly due to the $523M acquisition of shale assets from Total Austral and mature field exit costs.
Net result was a loss of $198M, mainly due to higher non-cash deferred income tax and financial losses, with net debt rising to $9.6B and a net leverage ratio of 2.1x.
Financial highlights
Revenues were $4.6B, down 12% year-over-year, reflecting lower Brent prices, but flat sequentially as higher fuel demand and natural gas sales offset lower prices.
Adjusted EBITDA was $1.4B, up 21% sequentially and flat year-over-year, driven by shale oil growth and cost reductions.
Free cash flow was negative $759M, mainly due to M&A and mature field exit costs.
Cash and short-term investments stood at $1B at quarter-end.
CAPEX was $1,017M, with 70% allocated to unconventional (Vaca Muerta) assets.
Outlook and guidance
Shale oil production expected to average 165,000 barrels per day for 2025, with a December 2025 exit rate above 190,000 barrels per day.
Production guidance for 2026 and 2027: 215,000 and 290,000 barrels per day, respectively.
Continued focus on unconventional asset development, especially Vaca Muerta, with 94% of upstream CAPEX allocated to shale.
Ongoing progress on major projects: VMOS oil pipeline (35% complete), Argentina LNG (Phase 3 FID signed), and refinery upgrades.
Expectation of normalization in local fuel prices and working capital in Q4 as market volatility subsides.
Shale production mix: future lifting cost trajectory?
Funding strategy for long-term CAPEX and debt?
Local fuel price gap: outlook and mitigation plans?
Shale development strategy for undeveloped inventory
LNG project financing structure and partner roles
Key milestones for 100% shale player goal
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Frequently asked questions
YPF Sociedad Anónima is an integrated energy company primarily engaged in the oil and gas sector within Argentina. Its operations span upstream activities, including the exploration, exploitation, and production of crude oil, natural gas, and natural gas liquids (NGLs), as well as downstream operations that cover the refining, marketing, and distribution of oil and petroleum products. YPF also delves into petrochemicals, hydrocarbons, non-fossil fuels, biofuels, and related components, alongside the production of hydrocarbons electric power. The company’s gas and power segment encompasses the transportation, commercialization, and distribution of natural gas, operation of regasification terminals, conditioning, processing, and separation of natural gas, and power generation. The company is headquartered in Buenos Aires, Argentina, and its shares are listed on the New York Stock Exchange.
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