Q4 2024 YPF SA Earnings Call Transcript
Key Points
- YPF SA (YPF) achieved a 26% increase in shale oil production in 2024, reaching 122,000 barrels per day, aligning with their annual target.
- The company successfully issued a nine-year unsecured international bond for $1.1 billion at a yield of 8.5%, improving its debt profile.
- YPF SA (YPF) reduced the gap to import parity in fuel prices from 20% in 2023 to just 2% in 2024, aligning local prices with international standards.
- The company reported a 15% annual increase in adjusted EBITDA, reaching $4.7 billion, driven by higher revenues and hydrocarbon production.
- YPF SA (YPF) achieved a record high in refinery processing levels, exceeding 300,000 barrels per day in 2024, with a utilization rate of 92%.
- YPF SA (YPF) reported a negative free cash flow of $760 million in 2024, impacted by mature fields and severe weather in Patagonia.
- The company faced a $300 million negative EBITDA from mature fields and an $85 million impact from Patagonia weather conditions.
- Fourth-quarter revenues were down 10% sequentially, primarily due to lower seasonal gas sales and international reference prices.
- YPF SA (YPF) experienced a net loss of $284 million in the fourth quarter, attributed to lower EBITDA, impairment, and one-off costs related to mature fields.
- Fuel sales volumes decreased by 7% in 2024, mainly due to exceptionally high demand in 2023 driven by low prices.
Good morning and welcome to the YPF fourth-quarter and full-year 2024 earnings conference call and webcast.
(Operator instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Margarita Chun, YPF IR Manager. Please go ahead.
Good morning, ladies and gentlemen. This is Margarita Chun YPF's IR Manager. Thank you for joining today in our full year and fourth quarter 2024 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 presentation, we might discuss some non-IFRS measures such as adjusted EBITDA. During the presentation, we will go through the main aspects and events that explain the annual and
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