YPF Sociedad Anónima - 2Q26 Financial Summary
Business Context and Reporting Period
YPF Sociedad Anónima, Argentina's largest integrated energy company, reported results for the second quarter ended June 30, 2026. The filing covers the period from April 1 to June 30, 2026, with a reporting date of August 10, 2026. The company operates across upstream (oil and gas production), midstream, downstream (refining and marketing), and new energies sectors. Notably, YPF completed a 1-for-10 stock split effective August 4, 2026.
Key Financial Metrics
| Metric (US$ Million) | 2Q26 | 1Q26 | 2Q25 | 1H26 | 1H25 |
|---|---|---|---|---|---|
| Revenues | 6,574 | 4,946 | 4,641 | 11,520 | 9,249 |
| Adjusted EBITDA | 2,804 | 1,594 | 1,124 | 4,398 | 2,369 |
| Net Result | 1,205 | 409 | 58 | 1,614 | 48 |
| CAPEX | 1,340 | 980 | 1,160 | 2,321 | 2,374 |
| Free Cash Flow (FCF) | 824 | 871 | (365) | 1,695 | (1,322) |
| Net Debt | 7,654 | 8,425 | 8,833 | 7,654 | 8,833 |
| Net Leverage Ratio (x) | 1.09 | 1.57 | 1.93 | 1.09 | 1.93 |
Operational Highlights:
- Upstream Hydrocarbon Production: 544.4 Kboe/d (Flat Y/Y, +4% Q/Q).
- Shale Oil Production: 212.7 Kbbl/d (+47% Y/Y).
- Refinery Utilization: 104% (Record high).
- Lifting Cost: $8.4/boe (-31% Y/Y).
Material Changes vs. Prior Period
Financial performance improved significantly compared to both the prior quarter and the prior year. Revenues surged 33% Q/Q and 42% Y/Y, driven by higher international crude and refined product prices, peak seasonal demand for diesel and natural gas, and record processing levels. Adjusted EBITDA reached a record $2.8 billion, up 76% Q/Q and 149% Y/Y, with margins expanding to 43%. Net income jumped 195% Q/Q to $1.2 billion.
Operational shifts include a strategic pivot toward shale, which now accounts for 80% of total crude oil production, while conventional production declined due to divestments. Lifting costs decreased 31% Y/Y due to the exit from mature fields and operational efficiencies in the shale hub. The company achieved zero fuel imports for the quarter.
Guidance, Outlook, and Risks
Outlook and Projects:
- Shale Growth: Management expects shale production ramp-up to accelerate in 2H26, targeting a full-year average of 215 Kbbl/d and an exit rate of 250 Kbbl/d.
- CAPEX: Investments are expected to accelerate in 2H26, with 77% of 2Q26 CAPEX allocated to unconventional operations. A signing bonus for five unconventional blocks for the Argentina LNG Project was accrued.
- Key Projects: The VMOS export pipeline is ~80% complete, targeting first oil in early 2027. The LLL Oil Project (1,150 well inventory, $25B CAPEX) was submitted under the RIGI regime.
Capital Structure: Net leverage improved to 1.09x, the lowest in 11 years. Credit ratings were upgraded by Fitch (CCC+ to B-), S&P (B- to B), and Moody's (B2 to B1). Cash and short-term investments reached a record $2.47 billion.
Risks and Contingencies:
- Divestment Costs: One-off costs related to the divestment of conventional assets (Manantiales Behr) impacted operating results.
- Inventory Valuation: Stock variations were positive in 2Q26 due to rising prices but can be volatile based on reference price changes.
- Regulatory: Compliance with new fuel specifications (Resolution No. 492/2023) required significant CAPEX in refining units.
Investor Verification Checklist
- Shale Production Trajectory: Verify if the 212.7 Kbbl/d shale production rate is sustainable and if the 2H26 acceleration targets are met.
- VMOS Timeline: Confirm the progress of the VMOS pipeline toward the early 2027 first oil target, as this is critical for export capacity.
- Divestment Proceeds: Monitor the closing of the ~$405 million sale of Chachahuen and Mendoza Non-Operated clusters.
- Cost Discipline: Track if the $8.4/boe lifting cost can be maintained as production scales and inflationary pressures persist.
- Debt Maturity: Review the $676 million debt maturities due in the remaining 6 months of 2026 to ensure liquidity coverage.