YPF Q2 Earnings & Revenues Miss Estimates on Lower Crude Production

Core Insights - YPF Sociedad Anónima reported second-quarter 2025 earnings of 13 cents per share, missing the Zacks Consensus Estimate of 56 cents, and a decline from $1.32 in the same quarter last year [1][8] - Total quarterly revenues were $4.64 billion, below the Zacks Consensus Estimate of $4.84 billion, and down from $4.94 billion year-over-year [1][8] - The weak performance was primarily due to lower crude oil production and a decrease in oil prices [1] Operational Performance - Total hydrocarbon production in Q2 was 545.7 thousand barrels of oil equivalent per day (Mboe/d), a 1% increase from 539 Mboe/d in Q2 2024 [2] - Crude oil production averaged 247.9 thousand barrels per day (MBbl/D), slightly down from 248.8 MBbl/D a year ago, attributed to lower conventional output [2] - Natural gas production increased by 2.3% year-over-year to 39.7 million cubic meters per day, supported by higher shale gas output [3] Price Realizations - Average price realization for crude oil decreased by 16% year-over-year to $59.5 per barrel [4] - Average natural gas price realizations increased by 1.9% year-over-year to $4.1 per million British thermal units (MMBTU) [4] - Adjusted EBITDA from upstream activities fell by 5.5% year-over-year to $771 million due to lower oil prices [4] Midstream & Downstream - Processed crude volumes reached 301.4 MBbl/D, slightly higher than 299.2 MBbl/D in the prior-year quarter [5] - Refineries' utilization rate improved to 89.2% from 88.5% in the previous year [5] - Adjusted EBITDA from the Midstream & Downstream segment was $439 million, up 12.6% year-over-year, aided by lower crude oil purchase costs and increased oil exports [5] Operating Expenses - Total operating expenses for the quarter were $1,529 million, a 17% decline from $1,842 million reported in the year-ago quarter, primarily due to reduced exposure to mature fields [6] Cash Flow - Net cash flow from operating activities totaled $1,146 million, while the company reported a negative free cash flow of $365 million for the quarter [9] Balance Sheet - As of June 30, 2025, YPF had cash and short-term investments of $1 billion and total debt of $9.8 billion [10]