YPF: Record shale output, strong cash flow, guidance maintained

Transcript intelligence

What changed

The current quarter added record shale production, a 32% adjusted EBITDA margin, $871 million of free cash flow and 1.57x net leverage. Management also highlighted its first electric-fracturing deployment outside the U.S., a five-year Halliburton contract, expanded pipeline plans and an upward revision of Argentina LNG total investment to $24 billion.

Guidance delta

2026 guidance was maintained; management plans to accelerate capital deployment later in the year toward upstream, midstream and LNG priorities.

Key takeaways

• Record shale production reached 205,000 barrels per day, or 76% of total output, supporting the 215,000 bpd yearly target.
• Adjusted EBITDA margin reached 32% and free cash flow was $871 million, including $500 million of M&A proceeds; net leverage fell to 1.57x.
• Management highlighted electric fracturing, expanded pipeline capacity and progress toward a year-end FID for the Argentina LNG project.

Management priorities

• Continue scaling Vaca Muerta production toward a 250,000 barrels-per-day exit rate by December 2026.
• Accelerate capital deployment in the second half of 2026 and expand VMOS capacity.
• Advance the Argentina LNG project toward a year-end final investment decision.