Argentina's YPF swings to net loss in Q1
The loss compares to last year's net profit of $657 million in the first quarter of 2024.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Revenues, meanwhile, inched up 7% from a year ago to reach $4.61 billion, hurt by lower seasonal demand for diesel and fertilizers and a decrease in oil export volumes but partially offset by higher local fuel prices.
YPF, one of Argentina's top domestic fuel suppliers, said its total production increased 5% year-on-year in the first quarter, including a 6% increase in crude production.
The firm operates the massive Vaca Muerta shale formation, which Argentina is betting on to cement its status as a net energy exporter and to replenish depleted foreign reserves.
The firm's first-quarter core earnings, or adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) stayed stagnant from a year earlier to $1.25 billion.
Operating costs grew by 26.4% year-on-year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Reuters
14 hours ago
- Reuters
Mexican telecoms giant America Movil swings to profit in Q2
MEXICO CITY, July 22 (Reuters) - Mexican telecommunications giant America Movil ( opens new tab on Tuesday reported a swing to a net profit in the second quarter compared to the same period in 2024, reaching 22.28 billion pesos ($1.19 billion). Revenues of the company, controlled by the family of Mexican billionaire Carlos Slim, came in at 233.79 billion pesos for the period, up 14% year on year. ($1 = 18.7654 pesos at end-June)
Reuters
15 hours ago
- Reuters
Mexico expects to resolve aviation dispute with US within days
MEXICO CITY, July 22 (Reuters) - Mexico is planning on compromising with the U.S. over sticking points on aviation, the nation's president said on Tuesday, with one airline predicting that an agreement would come in the next few days. On Saturday, the U.S. Department of Transportation rolled out orders requiring Mexican airlines to submit flight schedules and threatening to reject requests if the Mexican government did not address U.S. concerns over flight changes in Mexico City. U.S. officials also proposed scrapping antitrust immunity for the joint venture between Delta Air Lines (DAL.N), opens new tab and Aeromexico to address competitive issues. The two have requested an extension through September 2 to respond to the proposal. "We feel tremendously confident that the solution is going to be here in the next few days," low-cost carrier Volaris' CEO, Enrique Beltranena, told analysts a day after meeting with Mexico's transportation ministry. Mexico and the U.S. are beginning negotiations and some compromises could be made, Mexican President Claudia Sheinbaum said on Tuesday. Washington "is making a set of particular requests," Sheinbaum said. "We're analyzing them to see whether they can be addressed or whether an alternative can be proposed." The U.S. has expressed concern about the decision by Mexico's previous administration to move cargo flights from the main capital airport to a newer, farther-away site while also cutting passenger flight slots. Sheinbaum did not specify what the U.S. requests were. She said the new airport where flights were moved - the Felipe Angeles International Airport (AIFA) - was also a solution. Sheinbaum's mentor, former President Andres Manuel Lopez Obrador, overhauled the capital airspace during his term, arguing that the main airport was overcrowded and that the AIFA, which he had built, would alleviate the pressure. Cargo carriers have complained about the swap, with the AIFA already at full capacity for cargo handling and in need of an expansion. Meanwhile passenger satisfaction regarding transportation to the distant site remains around 60%, according to a government presentation last week. Still, Beltranena said he remained "confident that both governments will reach a logical and mutually beneficial agreement."
Reuters
15 hours ago
- Reuters
Mexican broadcaster Televisa flips to profit in second quarter
MEXICO CITY, July 22 (Reuters) - Mexican broadcaster Televisa ( opens new tab on Tuesday reported a net profit of 474.5 million pesos ($25.3 million) for the second quarter, landing in the black after logging a 25.6 million peso loss in the year-ago period. Revenues slid 6%, meanwhile, to 14.73 billion pesos, in line with the estimate from analysts polled by LSEG. ($1 = 18.7654 pesos at end-June)
