Q3 2025 YPF SA Earnings Call Transcript
Key Points
- YPF SA (YPF) achieved a sequential increase in adjusted EBITDA by more than 20%, reflecting higher shale production and reduced exposure to conventional mature fields.
- Shale oil production increased by 35% internally during the third quarter, reaching 170,000 barrels per day, with further expansion expected.
- YPF SA (YPF) achieved a significant reduction in lifting costs by 28% quarter-over-quarter and 45% year-over-year, driven by an improved production mix and operational efficiencies.
- The La Plata refinery was named Refinery of the Year in Latin America, achieving the highest processing level since 2009 at 326,000 barrels per day.
- YPF SA (YPF) successfully returned to the international capital market, issuing $500 million in bonds at an 8.25% yield, the lowest in recent years, showcasing strong market confidence.
- Revenues decreased by 12% compared to the previous year, in line with a 13% decline in Brent prices.
- Free cash flow was negative at $759 million, primarily due to the acquisition of shale assets and the impact of the mature fields exit strategy.
- Net debt increased to $9.6 billion, raising the net leverage ratio to 2.1x, although pro forma adjustments suggest a slightly lower ratio.
- Total hydrocarbon production declined by 4% sequentially and 6% year-over-year, impacted by the divestment of mature conventional fields.
- YPF SA (YPF) recorded negative working capital due to longer collection days from natural gas clients and Plan Gas program, affecting cash flow.
Good morning, ladies and gentlemen. This is Margarita Chun YPF IR Manager. Thank you for joining us today in our Third Quarter 2025 Earnings Call. Today's presentation will be conducted by our Chairman and CEO, Mr. Horacio Marin; our Finance VP, Mr. Pedro Kearney, and our Strategy, New Businesses and Controlling VP, Mr. Maximiliano Westen.
During the presentation, we will go through the main aspects and events that shape the quarter results. And then we will open the floor for a Q&A session together with our management team.
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.
I will now turn the
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