YPF reports strong production growth and decade-low leverage

Financial results and production

YPF reported adjusted EBITDA of US$2.503 billion for the third quarter, up 84% year over year, and net income of nearly US$1.2 billion. Investments totaled US$1.287 billion, with 70% directed to unconventional operations. Shale oil production averaged 224,000 barrels per day, up 32% year over year; current output is 245,000 barrels per day, and the company remains on track for 250,000 barrels per day by year-end.

Vaca Muerta and refining

YPF expects to submit five Northern Vaca Muerta projects for inclusion under the RIGI framework. The projects represent an estimated US$44 billion investment over 26 years, around 2,200 wells and peak shale oil production of 270,000 barrels per day. Refineries processed 344,000 barrels per day, up 5% year over year. YPF met domestic fuel demand without imports, increased fuel exports and recorded its highest premium gasoline production.

Projects, acquisition and financing

Construction of the VMOS project was more than 85% complete as of September 2026. It is scheduled to open by year-end, with crude exports expected to begin in the first quarter of 2027. After the quarter, YPF agreed to acquire the remaining 25% of YPF Luz for US$430 million, taking full ownership. Positive free cash flow of US$900 million helped reduce net leverage to 0.8x. In September, YPF issued a US$1.2 billion, nine-year bond with a 7.55% coupon and 7.85% yield.