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Argentina's YPF sees Q2 net income surge 454% YOY despite production dip

YPF Sociedad Anonima reported second-quarter net income of 1.5 billion Argentine pesos, up 454.4% from the 272 million pesos reported during the same period in 2017.

Total revenues for the quarter were pegged at 93 billion pesos, 54.6% higher than the 60.2 billion pesos noted during the corresponding period in 2017. On the other hand, operating income was down 49.6% at 1.7 billion pesos compared to 3.5 billion pesos in the same period in 2017.

CapEX for the quarter was reported at 19.3 billion pesos, 48.4% higher than the 13 billion pesos noted during the corresponding quarter in 2017.

Total production for the quarter took a small dip at 49.55 million barrels of oil equivalent compared to 50.05 MMboe in the corresponding period in 2017.

In an Aug. 8 earnings webcast, the company decreased its capital expenditures budget for the year to $3.5 billion, citing the devaluation of the Argentine peso.

As of Aug. 7, US$1 was equivalent to 27.25 Argentine pesos.