YPF SA (YPF) Q2 2025 Earnings Call Highlights: Navigating Challenges with Strategic Shifts
EBITDA: $1.12 billion, a 10% sequential decrease.
Net Profit: $58 million, compared to a loss of $10 million in the previous quarter.
Net Debt: $8.8 billion, with a net leverage ratio of 1.9 times.
Free Cash Flow: Negative $355 million in Q2.
Oil Production: 248,000 barrels per day, an 8% sequential decrease.
Shale Oil Production: 165,000 barrels per day in July.
Natural Gas Production: 40 million cubic meters per day, a 6% sequential increase.
Lifting Cost: $12.3 per barrel of oil equivalent, a 19% sequential reduction.
Crude Oil Price: $59.5 per barrel, 12% lower sequentially.
Investment: $1.16 billion in Q2, with 71% allocated to unconventional assets.
Oil Exports: 44,000 barrels per day, a 20% sequential increase.
Fuel Sales Volume: 3.5 million cubic meters, a 4% sequential increase.
Market Share: Maintained leading market share of 55% in fuel sales.
Warning! GuruFocus has detected 7 Warning Signs with YPF.
Release Date: August 08, 2025
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
Positive Points
YPF SA achieved record high production of approximately 165,000 barrels per day in July, demonstrating significant progress in their 4 by 4 plan.
The company secured a $2 billion syndicated loan for the construction of the Demos pipeline, reopening the international finance market for Argentina.
YPF SA's shale oil production has increased significantly, with a 28% expansion in shale output fully offsetting the decrease in mature fields.
The company has successfully divested 28 out of 30 mature blocks, reducing lifting costs by 24% annually.
YPF SA's innovative micro-pricing and self-fuel projects have led to a 30% increase in gas station sales volume during nighttime hours.
Negative Points
The realization price of oil decreased by 12% sequentially due to international price volatility.
YPF SA recorded a negative free cash flow of $355 million in Q2, primarily due to the negative impact from mature fields.
The company's net debt rose to $8.8 billion, with a net leverage ratio of 1.9 times.
Crude oil production decreased by 8% sequentially, primarily driven by lower mature fields.
YPF SA's refining and marketing margins declined by 17% sequentially due to lower prices and higher maintenance costs.
Q & A Highlights
Q: Can you provide an update on the development plans following the recent acquisition of a new block, and how does this impact the current production plan? A: The acquired block is one of the best fields in the north of Vaca Muerta, with higher profitability potential. This acquisition will not negatively impact our current production plan; instead, it will enhance profitability. We plan to accelerate development in this area due to its promising potential. (Horacio Daniel Marin, CEO)
Q: Could you provide details on the timing and expectations for the Andes project phases, and is there any discussion with the government regarding reducing export tariffs for oil? A: The first phase of the Andes project is nearing completion, with only one block pending approval. For the second phase, we aim to divest conventional blocks to focus on becoming an unconventional company. Regarding export tariffs, discussions with the government are ongoing, but no specific updates are available at this time. (Margarita Chun, Director - Investor Relations)
Q: Are there any plans to adjust the CapEx guidance given the current Brent price volatility? A: We do not plan to change our CapEx guidance of $5.0 to $5.2 billion, which is based on a Brent price of $72 per barrel. We remain committed to our budget and strategic plans. (Horacio Daniel Marin, CEO)
Q: Can you provide an update on the equity contributions to the Vaca Muerta EUR for the upcoming years? A: Following the financial close of the Demos project, our share of the equity will be around $230 million, with $75 to $76 million already contributed. The remaining $155 million will be disbursed mainly in 2026. (Federico Barroetavena, CFO)
Q: What are the expectations for proceeds from the divestment of conventional assets, and how do you view the competitive M&A landscape in Vaca Muerta? A: While we cannot disclose specific expectations for proceeds, we anticipate favorable outcomes from the divestment of high-quality assets. Regarding the M&A landscape, we do not foresee significant changes or additional sales in Vaca Muerta this year. (Horacio Daniel Marin, CEO)
For the complete transcript of the earnings call, please refer to the full earnings call transcript.
This article first appeared on GuruFocus.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Yahoo
25 minutes ago
- Yahoo
Ray Dalio's Strategic Moves: Exiting Alibaba Group Holding Ltd with a -3.47% Impact
Exploring the Latest 13F Filing of Bridgewater Associates Ray Dalio (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. Ray Dalio (Trades, Portfolio) is the Founder, Co-Chairman, and Co-Chief Investment Officer of Bridgewater Associates. The guru started Bridgewater out of his two-bedroom apartment in New York in 1975. Under his leadership, the firm has grown into the fifth most important private company in the US according to Fortune Magazine. For his and Bridgewater's industry-changing innovations as well as his work advising policymakers around the world, Ray has been called the Steve Jobs of Investing by aiCIO Magazine and Wired Magazine, and named one of the 100 Most Influential People by TIME Magazine. Dalio is also the author of The New York Times #1 Bestseller "Principles," which outlines his work and life principles, the foundation of Bridgewater's distinctive culture and the cornerstone of his and Bridgewaters success. Ray and Bridgewater also recently published "Principles for Navigating Big Debt Crises," the first public dissemination of their research on these economic events, which enabled them to anticipate the 2008 Financial Crisis. Dalio built Bridgewater using a principled-based approach, applying standard ways to deal with situations that occur over and over. With the goal of creating an idea meritocracy, he wrote a set of principles that became the framework for the firm's management philosophy. Chief among them is employing radical truth and radical transparency encouraging open and honest dialogue and allowing the best thinking to prevail. His principles were captured in a TED Talk and published in a bestselling book in 2017. As a global macro-investment manager, Bridgewater takes a diversified approach spanning more than 150 different markets. With deep expertise in portfolio construction and risk management, the firm develops insights and design strategies to deliver value to its clients through any economic environment. Warning! GuruFocus has detected 5 Warning Signs with NVDA. Summary of New Buy Ray Dalio (Trades, Portfolio) added a total of 85 stocks, among them: The most significant addition was ARM Holdings PLC (NASDAQ:ARM), with 473,725 shares, accounting for 0.31% of the portfolio and a total value of $76.62 million. The second largest addition to the portfolio was EQT Corp (NYSE:EQT), consisting of 787,156 shares, representing approximately 0.19% of the portfolio, with a total value of $45.91 million. The third largest addition was Intuit Inc (NASDAQ:INTU), with 58,838 shares, accounting for 0.19% of the portfolio and a total value of $46.34 million. Key Position Increases Ray Dalio (Trades, Portfolio) also increased stakes in a total of 206 stocks, among them: The most notable increase was NVIDIA Corp (NASDAQ:NVDA), with an additional 4,387,154 shares, bringing the total to 7,229,134 shares. This adjustment represents a significant 154.37% increase in share count, a 2.8% impact on the current portfolio, with a total value of $1,142,130,880. The second largest increase was Alphabet Inc (NASDAQ:GOOGL), with an additional 2,558,097 shares, bringing the total to 5,600,424. This adjustment represents a significant 84.08% increase in share count, with a total value of $986,962,720. Summary of Sold Out Ray Dalio (Trades, Portfolio) completely exited 164 holdings in the second quarter of 2025, as detailed below: Alibaba Group Holding Ltd (NYSE:BABA): Ray Dalio (Trades, Portfolio) sold all 5,660,258 shares, resulting in a -3.47% impact on the portfolio. PDD Holdings Inc (NASDAQ:PDD): Ray Dalio (Trades, Portfolio) liquidated all 1,742,717 shares, causing a -0.96% impact on the portfolio. Key Position Reduces Ray Dalio (Trades, Portfolio) also reduced positions in 287 stocks. The most significant changes include: Reduced SPDR S&P 500 ETF Trust (SPY) by 731,882 shares, resulting in a -21.9% decrease in shares and a -1.9% impact on the portfolio. The stock traded at an average price of $571.44 during the quarter and has returned 10.22% over the past 3 months and 10.69% year-to-date. Reduced Constellation Energy Corp (NASDAQ:CEG) by 796,656 shares, resulting in a -84.6% reduction in shares and a -0.74% impact on the portfolio. The stock traded at an average price of $263.62 during the quarter and has returned 12.54% over the past 3 months and 46.93% year-to-date. Portfolio Overview At the second quarter of 2025, Ray Dalio (Trades, Portfolio)'s portfolio included 586 stocks, with top holdings including 6.51% in SPDR S&P 500 ETF Trust (SPY), 5.78% in iShares Core S&P 500 ETF (IVV), 4.61% in NVIDIA Corp (NASDAQ:NVDA), 4.16% in iShares Core MSCI Emerging Markets ETF (IEMG), and 3.98% in Alphabet Inc (NASDAQ:GOOGL). The holdings are mainly concentrated in all 11 industries: Technology, Communication Services, Financial Services, Healthcare, Consumer Cyclical, Industrials, Consumer Defensive, Energy, Utilities, Basic Materials, and Real Estate. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25 minutes ago
- Yahoo
Howard Marks Reduces Stake in Garrett Motion Inc, Impacting Portfolio by -1.4%
Insightful Moves in the Second Quarter of 2025 Howard Marks (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. As the Chairman of Oaktree Capital Management LP, Marks has been instrumental in steering the firm since its inception in 1995. He ensures adherence to Oaktree's core investment philosophy, focusing on less efficient markets and alternative investments. The firm is known for its significant investments in debt, preferred stocks, and convertible bonds, making it a key player in the financial landscape. Warning! GuruFocus has detected 6 Warning Signs with AER. Summary of New Buy Howard Marks (Trades, Portfolio) added a total of 8 stocks, among them: The most significant addition was Bausch & Lomb Corp (NYSE:BLCO), with 2,521,245 shares, accounting for 0.7% of the portfolio and a total value of $32.8 million. The second largest addition to the portfolio was Full Truck Alliance Co Ltd (NYSE:YMM), consisting of 1,842,337 shares, representing approximately 0.46% of the portfolio, with a total value of $21.76 million. The third largest addition was Liberty Latin America Ltd (NASDAQ:LILAK), with 2,328,516 shares, accounting for 0.31% of the portfolio and a total value of $14.48 million. Key Position Increases Howard Marks (Trades, Portfolio) also increased stakes in a total of 10 stocks, among them: The most notable increase was Itau Unibanco Holding SA (NYSE:ITUB), with an additional 4,063,482 shares, bringing the total to 11,004,494 shares. This adjustment represents a significant 58.54% increase in share count, a 0.58% impact on the current portfolio, with a total value of $74.72 million. The second largest increase was Barrick Mining Corp (NYSE:B), with an additional 641,028 shares, bringing the total to 3,157,686. This adjustment represents a significant 25.47% increase in share count, with a total value of $65.74 million. Summary of Sold Out Howard Marks (Trades, Portfolio) completely exited 9 holdings in the second quarter of 2025, as detailed below: H World Group Ltd (NASDAQ:HTHT): Howard Marks (Trades, Portfolio) sold all 1,229,399 shares, resulting in a -1.06% impact on the portfolio. Inc (NASDAQ:JD): Howard Marks (Trades, Portfolio) liquidated all 960,796 shares, causing a -0.92% impact on the portfolio. Key Position Reduces Howard Marks (Trades, Portfolio) also reduced positions in 16 stocks. The most significant changes include: Reduced Garrett Motion Inc (NASDAQ:GTX) by 7,188,000 shares, resulting in a -16.31% decrease in shares and a -1.4% impact on the portfolio. The stock traded at an average price of $10.04 during the quarter and has returned 6.88% over the past 3 months and 42.35% year-to-date. Reduced Expand Energy Corp (NASDAQ:EXE) by 500,000 shares, resulting in a -8.99% reduction in shares and a -1.3% impact on the portfolio. The stock traded at an average price of $111.58 during the quarter and has returned -14.28% over the past 3 months and -2.04% year-to-date. Portfolio Overview At the second quarter of 2025, Howard Marks (Trades, Portfolio)'s portfolio included 56 stocks. The top holdings included 14.45% in TORM PLC (NASDAQ:TRMD), 12.55% in Expand Energy Corp (NASDAQ:EXE), 8.22% in Garrett Motion Inc (NASDAQ:GTX), 5.04% in Sitio Royalties Corp (NYSE:STR), and 4.78% in Anglogold Ashanti PLC (NYSE:AU). The holdings are mainly concentrated in 11 industries: Energy, Basic Materials, Consumer Cyclical, Healthcare, Financial Services, Technology, Real Estate, Communication Services, Consumer Defensive, Utilities, and Industrials. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Yahoo
25 minutes ago
- Yahoo
Mario Gabelli's Strategic Moves: iShares Core S&P 500 ETF Takes Center Stage
Exploring the Latest 13F Filing for Q2 2025 Introduction to Mario Gabelli (Trades, Portfolio) Warning! GuruFocus has detected 5 Warning Sign with CR. Mario Gabelli (Trades, Portfolio) recently submitted the 13F filing for the second quarter of 2025, providing insights into his investment moves during this period. Mario J. Gabelli is the Chairman and Chief Executive Officer of GAMCO Investors Inc., the firm he founded in 1977. A 1965 summa cum laude graduate of Fordham University's College of Business Administration, he also holds an M.B.A. from Columbia University Graduate School of Business and honorary doctorates from Fordham University and Roger Williams University. Gabelli serves on the Boards of Boston College, Roger Williams University, Columbia University Graduate School of Business, the American-Italian Cancer Foundation, the Foundation for Italian Art & Culture and is a Trustee of the Winston Churchill Foundation of the United States and of the E.L. Wiegand Foundation. He was Morningstar's Portfolio Manager of the Year in 1997. He was named Money Manager of the Year by Institutional Investor for 2011 and is a member of Barron's All Star Century Team. Gabelli's GAMCO Asset Management is credited by the academic community with establishing the Private Market Value with a Catalyst investment philosophy and applying this to the analysis of public equity securities. The fund's investment approach utilizes fundamental, bottom-up research to identify securities selling below their intrinsic value. GAMCO seeks to identify mispriced companies with strong businesses and the presence of a catalyst that will create value. Summary of New Buy Mario Gabelli (Trades, Portfolio) added a total of 221 stocks, among them: The most significant addition was iShares Core S&P 500 ETF (IVV), with 74,230 shares, accounting for 0.46% of the portfolio and a total value of $46,089,490. The second largest addition to the portfolio was Vanguard Total Stock Market ETF (VTI), consisting of 54,566 shares, representing approximately 0.16% of the portfolio, with a total value of $16,584,120. The third largest addition was Skechers USA Inc (NYSE:SKX), with 126,000 shares, accounting for 0.08% of the portfolio and a total value of $7,950,600. Key Position Increases Mario Gabelli (Trades, Portfolio) also increased stakes in a total of 316 stocks, among them: The most notable increase was SPDR S&P 500 ETF Trust (SPY), with an additional 18,124 shares, bringing the total to 36,434 shares. This adjustment represents a significant 98.98% increase in share count, a 0.11% impact on the current portfolio, with a total value of $22,511,030. The second largest increase was Energizer Holdings Inc (NYSE:ENR), with an additional 491,794 shares, bringing the total to 1,899,587. This adjustment represents a significant 34.93% increase in share count, with a total value of $38,295,670. Summary of Sold Out Mario Gabelli (Trades, Portfolio) completely exited 32 holdings in the second quarter of 2025, as detailed below: Sandy Spring Bancorp Inc (SASR): Mario Gabelli (Trades, Portfolio) sold all 220,206 shares, resulting in a -0.07% impact on the portfolio. Intra-Cellular Therapies Inc (ITCI): Mario Gabelli (Trades, Portfolio) liquidated all 38,100 shares, causing a -0.06% impact on the portfolio. Key Position Reduces Mario Gabelli (Trades, Portfolio) also reduced positions in 342 stocks. The most significant changes include: Reduced JPMorgan Chase & Co (NYSE:JPM) by 28,053 shares, resulting in a -13.57% decrease in shares and a -0.08% impact on the portfolio. The stock traded at an average price of $255.03 during the quarter and has returned 11.00% over the past 3 months and 23.17% year-to-date. Reduced Rollins Inc (NYSE:ROL) by 129,875 shares, resulting in a -7.63% reduction in shares and a -0.08% impact on the portfolio. The stock traded at an average price of $56.07 during the quarter and has returned 6.26% over the past 3 months and 26.52% year-to-date. Portfolio Overview At the second quarter of 2025, Mario Gabelli (Trades, Portfolio)'s portfolio included 1,019 stocks, with top holdings including 2.16% in Crane Co (NYSE:CR), 2.04% in Mueller Industries Inc (NYSE:MLI), 1.95% in GATX Corp (NYSE:GATX), 1.5% in Sony Group Corp (NYSE:SONY), and 1.48% in American Express Co (NYSE:AXP). The holdings are mainly concentrated in all 11 industries: Industrials, Consumer Cyclical, Communication Services, Financial Services, Technology, Consumer Defensive, Basic Materials, Healthcare, Energy, Utilities, and Real Estate. This article, generated by GuruFocus, is designed to provide general insights and is not tailored financial advice. Our commentary is rooted in historical data and analyst projections, utilizing an impartial methodology, and is not intended to serve as specific investment guidance. It does not formulate a recommendation to purchase or divest any stock and does not consider individual investment objectives or financial circumstances. Our objective is to deliver long-term, fundamental data-driven analysis. Be aware that our analysis might not incorporate the most recent, price-sensitive company announcements or qualitative information. GuruFocus holds no position in the stocks mentioned herein. This article first appeared on GuruFocus.
