Argentina’s YPF Nearly Triples Q3 Profit on Upped Production, Prices
(Reuters) — Argentina's national oil company YPF reported on Wednesday it nearly tripled its third-quarter net profit compared to the same period last year as production and prices rose.
Net profit jumped 186% to $678 million.
The state-run producer's revenue hit $5.18 billion in the quarter, a 43% increase from the year-ago quarter and beating the Refinitiv estimate of $4.49 billion.
Revenue was up from the previous quarter due to price increases in gasoil and natural gas as well as increased volumes of natural gas, jet fuel and diesel, the company said.
YPF's earnings before interest, taxes, depreciation and amortization (EBITDA) rose 26% to $1.53 billion due to "price improvements" in YPF's business sectors and increased hydrocarbon production, despite cost pressures, it said.
The oil company said its operating costs rose 34% from the year-ago quarter due to inflation and general company growth.
It added its operating costs had grown from the previous quarter as inflation and wages outpaced the devaluation of the Argentine peso along with increased transport costs and the costs of restarting a refinery after two months of scheduled maintenance.
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