Q2 2026 YPF SA Earnings Call Transcript
Key Points
- Record adjusted EBITDA of $2.8 billion, the best in company history, with a 70% increase over the previous record.
- Shale oil production reached a new high of 213,000 barrels per day, up 47% year-over-year, with 80% of total oil production now from shale.
- Net leverage decreased to 1.1 times, the lowest level in over a decade, with liquidity at a record $2.5 billion.
- Refinery processing hit a record 351,000 barrels per day, enabling surplus fuel production and exports without imports.
- Revised 2026 guidance increased adjusted EBITDA to around $8 billion, up from $6 billion, and net leverage to nearly 1.0 times.
- Conventional production dropped 49% year-over-year due to divestments, reducing overall production diversity.
- Natural gas production declined 6% year-over-year, reflecting exits from conventional fields and constraints on gas evacuation.
- CapEx guidance increased by approximately 5% to $5.8-$6.2 billion, with higher spending expected in the second half.
- Working capital was negatively impacted by seasonal natural gas sales, with collections delayed to the following quarter.
- Fuel pricing strategy involved a temporary buffer mechanism, which postponed price adjustments and may have limited margin growth.
Hello, everyone.
Thank you for joining us and welcome to the YPF second quarter 2026 earnings conference call.
After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again.
I will now hand the conference over to Margarita Chun. IR Manager. Margarita, please go ahead.
Good morning, ladies and gentlemen. This is Margarita Chun, YPF's IR Manager.
Thank you for joining us today in our second quarter 2026 earnings call.
Before we begin, please consider our cautionary statement on slide 2. Our remarks today and answers to your questions may include forward-looking statements. Which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks.
Our financial figures are stated in accordance with IFRS, but during the
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